Published on 2/10/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $4.25 million contingent coupon autocalls on four tech stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 10 – Citigroup Global Markets Holdings Inc. priced $4.25 million of autocallable contingent coupon equity-linked securities due Jan. 31, 2024 linked to the stocks of Alphabet Inc., Apple Inc., Facebook, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 11.5% if each stock closes at or above its coupon barrier level, 60% of its initial level, on the determination date for that period.
The notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly call observation date.
If the notes are not called and the worst performing stock finishes below its 60% barrier level, the payout will be a number of shares of the worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying stocks: | Alphabet Inc., Apple Inc., Facebook, Inc. and Netflix, Inc.
|
| Amount: | $4,253,000
|
| Maturity: | Jan. 31, 2024
|
| Coupon: | 11.5% annualized rate, payable quarterly if each stock closes at or above coupon barrier on determination date for period
|
| Price: | Par
|
| Payout at maturity: | Par if each stock finishes at or above barrier level; otherwise, number of shares of worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, amount in cash equal to value of those shares
|
| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial level on any quarterly call observation date
|
| Initial levels: | $1,818.94 for Alphabet, $142.06 for Apple, $272.14 for Facebook, $523.28 for Netflix
|
| Coupon barrier levels: | $1,091.364 for Alphabet, $85.236 for Apple, $163.284 for Facebook, $313.968 for Netflix; 60% of initial levels
|
| Barrier levels: | $1,091.364 for Alphabet, $85.236 for Apple, $163.284 for Facebook, $313.968 for Netflix; 60% of initial levels
|
| Pricing date: | Jan. 27
|
| Settlement date: | Jan. 29
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.25%
|
| Cusip: | 17328NFL7
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
