Published on 2/14/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $6.67 million autocallable contingent coupon equity notes on Amazon, Facebook
Chicago, Feb. 14 – Citigroup Global Markets Holdings Inc. priced $6.67 million of autocallable contingent coupon equity-linked securities due Oct. 25, 2022 linked to the worst performing of the stocks of Amazon.com, 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 quarterly coupon at an annual rate of 10% if each stock closes at or above its coupon barrier price, 75% of its initial share price, on the valuation date for that quarter. Previously unpaid coupons will also be paid.
The notes will be automatically called at par of $5,000 plus the coupon if each stock closes at or above its initial share price on any quarterly valuation date.
If the notes are not called and each stock finishes at or above its final barrier price, 75% 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.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Amazon.com, Inc. and Facebook, Inc.
|
| Amount: | $6,665,000
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| Maturity: | Oct. 25, 2022
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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 quarter; previously unpaid coupons will also be paid
|
| Price: | Par of $5,000
|
| 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
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date
|
| Initial share prices: | $3,334.69 for Amazon and $302.65 for Facebook
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| Coupon barrier prices: | $2,501.018 for Amazon and $226.988 for Facebook, 75% of initial share prices
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| Final barrier prices: | $2,501.018 for Amazon and $226.988 for Facebook, 75% of initial share prices
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| Pricing date: | April 20, 2021
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| Settlement date: | April 23, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.25%
|
| Cusip: | 17328NNP9
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