Published on 7/13/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $2.86 million autocallable contingent coupon equity notes on four stocks
By William Gullotti
Buffalo, N.Y., July 13 – Citigroup Global Markets Holdings Inc. priced $2.86 million of autocallable contingent coupon equity-linked securities due May 30, 2024 linked to the worst performing of the stocks of Apple Inc., Facebook, Inc., FedEx Corp. and General Motors Co., 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 10% 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 quarterly autocall date.
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 receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, the cash equivalent.
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: | Apple Inc., Facebook, Inc., FedEx Corp., General Motors Co.
|
| Amount: | $2,863,000
|
| Maturity: | May 30, 2024
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| Coupon: | 10% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if each stock closes at or above final barrier price; otherwise, investors will receive shares of the worst performer equal to that stock’s equity ratio or cash equivalent at the issuer’s option
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date
|
| Initial share prices: | $126.85 for Apple, $327.66 for Facebook, $310.75 for FedEx, $58.08 for GM
|
| Coupon barrier prices: | $76.11 for Apple, $196.596 for Facebook, $186.45 for FedEx, $34.848 for GM; 60% of initial share prices
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| Final barrier prices: | $76.11 for Apple, $196.596 for Facebook, $186.45 for FedEx, $34.848 for GM; 60% of initial share prices
|
| Equity ratio: | 7.88333 for Apple, 3.05194 for Facebook, 3.21802 for FedEx, 17.21763 for GM; total per security
|
| Pricing date: | May 26
|
| Settlement date: | May 28
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| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.25%
|
| Cusip: | 17328NUT3
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