Published on 11/9/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $983,000 callable contingent coupon equity notes on tech stocks
By Kiku Steinfeld
Chicago, Nov. 9 – Citigroup Global Markets Holdings Inc. priced $983,000 of callable contingent coupon equity-linked securities due Aug. 1, 2024 linked to the stocks of Apple Inc., 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 monthly coupon at an annual rate of 13.85% 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 for redemption on any quarterly 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., Facebook, Inc. and Netflix, Inc.
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| Amount: | $983,000
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| Maturity: | Aug. 1, 2024
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| Coupon: | 13.85% 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 unless 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: | Callable on any quarterly redemption date after six months
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| Initial share prices: | $3,626.39 for Amazon, $146.77 for Apple, $367.81 for Facebook and $518.91 for Netflix
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| Coupon barrier prices: | $2,538.473 for Amazon, $102.739 for Apple, $257.467 for Facebook and $363.23 for Netflix; 70% of initial levels
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| Final barrier prices: | $2,175.834 for Amazon, $88.062 for Apple, $220.686 for Facebook and $311.346 for Netflix; 60% of initial levels
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| Pricing date: | July 27
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| Settlement date: | July 30
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17329QB25
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