Published on 3/26/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $505,000 autocallable contingent coupon equity notes on five tech stocks
By Kiku Steinfeld
Chicago, March 28 – Citigroup Global Markets Holdings Inc. priced $505,000 of autocallable contingent coupon equity-linked securities due June 24, 2022 linked to the worst performing of the stocks of Alphabet Inc., Amazon.com, Inc., Apple Inc., Facebook, Inc. and Nvidia Corp., 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 15.15% if each stock closes at or above its coupon barrier price, 70% 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 either Dec. 21, 2021 or March 21, 2022.
If the notes are not called and each stock finishes at or above its final barrier price, 70% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline 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: | Alphabet Inc., Amazon.com, Apple Inc., Facebook, Inc. and Nvidia Corp.
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| Amount: | $505,000
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| Maturity: | June 24, 2022
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| Coupon: | 15.15% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock finishes at or above final barrier price; otherwise, investors will be fully exposed to the decline of the least performing stock
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on either Dec. 21, 2021 or March 21, 2022
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| Initial share prices: | $2,829.27 for Alphabet, $3,462.52 for Amazon, $146.06 for Apple, $364.72 for Facebook, $219 for Nvidia
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| Coupon barrier prices: | $1,980.489 for Alphabet, $2,423.764 for Amazon, $102.242 for Apple, $255.304 for Facebook, $153.30 for Nvidia; 70% of initial share prices
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| Final barrier prices: | $1,980.489 for Alphabet, $2,423.764 for Amazon, $102.242 for Apple, $255.304 for Facebook, $153.30 for Nvidia; 70% of initial share prices
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| Pricing date: | Sept. 21
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| Settlement date: | Sept. 24
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.45%
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| Cusip: | 17329QRY8
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