Published on 3/28/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $328,000 autocallable contingent coupon equity notes on three stocks
Chicago, March 28 – Citigroup Global Markets Holdings Inc. priced $328,000 of autocallable contingent coupon equity-linked securities due May 2, 2024 linked to the worst performing of the stocks of Chipotle Mexican Grill, Inc., Discover Financial Services 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 11.75% if each stock closes at or above its coupon barrier price, 60% 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 any quarterly autocall date after six months.
If the notes are not called and each stock finishes at or above its final barrier price, 60% 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.
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: | Chipotle Mexican Grill, Inc., Discover Financial Services and Facebook, Inc.
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Amount: | $328,000
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Maturity: | May 2, 2024
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Coupon: | 11.75% annualized rate, payable monthly 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 contingent coupon if each stock closes at or above final barrier price; otherwise, full exposure to losses of worst performer
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Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly autocall date after six months
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Initial share prices: | $1,468.87 for Chipotle, $107.76 for Discover, $303.57 for Facebook
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Coupon barrier prices: | $881.322 for Chipotle, $64.656 for Discover, $182.142 for Facebook; 60% of initial share prices
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Final barrier prices: | 881.322 for Chipotle, $64.656 for Discover, $182.142 for Facebook; 60% of initial share prices
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Pricing date: | April 27, 2021
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Settlement date: | April 30, 2021
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2.8%
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Cusip: | 17329FB78
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