Published on 2/8/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $577,000 contingent coupon autocalls on three stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 8 – Citigroup Global Markets Holdings Inc. priced $577,000 of autocallable contingent coupon equity-linked securities due Jan. 25, 2024 linked to the stocks of Adobe Inc., FedEx Corp. and Visa 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% if each stock closes at or above its coupon barrier level, 75% of its initial level, on the determination date for that period, plus any previously unpaid coupon.
The notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly call observation date after six months.
If the notes are not called and the worst performing stock finishes below its 60% barrier level, investors will lose 1% for each 1% decline of the worst 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: | Adobe Inc., FedEx Corp. and Visa Inc.
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| Amount: | $577,000
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| Maturity: | Jan. 25, 2024
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| Coupon: | 13% annualized rate, payable monthly if each stock closes at or above coupon barrier on determination date for period, plus any previously unpaid coupon
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| Price: | Par
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| Payout at maturity: | Par if each stock finishes at or above barrier level; otherwise, 1% for each 1% decline of least performing stock
|
| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial level on any quarterly call observation date after six months
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| Initial levels: | $472.44 for Adobe, $267.48 for FedEx, $202.02 for Visa
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| Coupon barrier levels: | $354.33 for Adobe, $190.56 for FedEx, $151.515 for Visa; 75% of initial levels
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| Barrier levels: | $283.464 for Adobe, $152.448 for FedEx, $121.212 for Visa; 60% of initial levels
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| Pricing date: | Jan. 22
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| Settlement date: | Jan. 27
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328NDW5
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