Published on 10/4/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $2.6 million callable contingent coupon equity notes on tech stocks
By Kiku Steinfeld
Chicago, Oct. 4 – Citigroup Global Markets Holdings Inc. priced $2.6 million of callable contingent coupon equity-linked securities due July 12, 2024 linked to the stocks of Apple Inc., Amazon.com, Inc., Alphabet Inc. and Facebook, 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 12.75% if each stock closes at or above its barrier price, 70% of its initial price, on the determination date for that period.
The notes may be called at par plus any coupon on any quarterly potential redemption date after six months at the option of the issuer.
If the notes are not called and the final share price of each stock is greater than or equal to its final barrier price, 60% 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: | Callable contingent coupon equity-linked securities
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| Underlying stocks: | Apple Inc., Amazon.com, Inc., Alphabet Inc. and Facebook, Inc.
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| Amount: | $2.6 million
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| Maturity: | July 12, 2024
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| Coupon: | 12.75% per year, payable monthly if each stock closes at or above its coupon barrier price on the determination date for that period
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| Price: | Par
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| Payout at maturity: | Par if each stock finishes at or above 60% of its initial share price; otherwise, full exposure to decline of least performing stock
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| Call: | At par plus any coupon on any quarterly potential redemption date after six months
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| Initial share prices: | $2,510.37 for Alphabet, $3,719.34 for Amazon, $145.11 for Apple and $350.42 for Facebook
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| Coupon barrier prices: | $1,757.259 for Alphabet, $2,603.538 for Amazon, $101.577 for Apple and $245.294 for Facebook; 70% of initial levels
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| Final barrier prices: | $1,506.222 for Alphabet, $2,231.604 for Amazon, $87.066 for Apple and $210.252 for Facebook; 60% 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: | 0.6%
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| Cusip: | 17329Q4U1
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