Published on 10/4/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.8 million autocallable contingent coupon equity notes on tech stocks
By Kiku Steinfeld
Chicago, Oct. 4 – Citigroup Global Markets Holdings Inc. priced $1.8 million of autocallable contingent coupon equity-linked securities due July 12, 2024 linked to the stocks of Amazon.com. 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 18% if each stock closes at or above the barrier price, 80% of the initial price, 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 share price on any quarterly potential autocall date.
If the notes are not called and the final share price of each stock is greater than or equal to its final barrier price, 80% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the share price of the least performing stock.
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: | Amazon.com. Inc., Facebook, Inc. and Netflix, Inc.
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| Amount: | $1,801,000
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| Maturity: | July 12, 2024
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| Coupon: | 18% quarterly rate if each stock closes at or above the barrier price, 80% of the initial price, on the quarterly determination date for that period
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| Price: | Par
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| Payout at maturity: | Par if each stock closes at or above 80% of its initial share price; otherwise, full exposure to decline of least performing stock
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above its initial level on any quarterly call observation date
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| Initial share prices: | $3,719.34 for Amazon, $350.42 for Facebook and $535.98 for Netflix
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| Coupon barrier prices: | $2,975.472 for Amazon, $280.336 for Facebook and $428.784 for Netflix; 80% of initial levels
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| Final barrier prices: | $2,975.472 for Amazon, $280.336 for Facebook and $428.784 for Netflix; 80% of initial levels
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| Pricing date: | July 9
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| Settlement date: | July 14
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17329Q4J6
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