Published on 3/16/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $250,000 autocallable contingent coupon equity notes on four stocks
By Taylor Fox
New York, March 16 – Citigroup Global Markets Holdings Inc. priced $250,000 of autocallable contingent coupon equity-linked securities due March 8, 2023 linked to the worst performing of 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 monthly coupon at an annual rate of 12.8% if each stock closes at or above its coupon barrier price, 60% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any monthly valuation date after three months.
If the notes are not called and each stock finishes at or above its final barrier price, 60% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the losses of the worst performer, payable in shares or cash at the issuer’s option.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Alphabet Inc., Apple Inc., Facebook, Inc. and Netflix, Inc.
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| Amount: | $250,000
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| Maturity: | March 8, 2023
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| Coupon: | 12.8% annualized rate, payable monthly if each stock closes at or above coupon barrier price on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each stock closes at or above final barrier price; otherwise, full exposure to losses of worst performer, payable in either shares or cash at the issuer’s option
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any monthly valuation date after three months
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| Initial share prices: | $2,075.84 for Alphabet, $125.12 for Apple, $259 for Facebook and $547.82 for Netflix
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| Coupon barrier prices: | $1,245.504 for Alphabet, $75.072 for Apple, $155.4 for Facebook and $328.692 for Netflix; 60% of initial share prices
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| Final barrier prices: | $1,245.504 for Alphabet, $75.072 for Apple, $155.4 for Facebook and $328.692 for Netflix; 60% of initial share prices
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| Pricing date: | March 3
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| Settlement date: | March 8
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.4%
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| Cusip: | 17328YQX5
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