Published on 3/26/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $613,000 autocallable contingent coupon equity notes on three stocks
By Kiku Steinfeld
Chicago, March 28 – Citigroup Global Markets Holdings Inc. priced $613,000 of autocallable contingent coupon equity-linked securities due Sept. 26, 2024 linked to the worst performing of the stocks of Dollar Tree, Inc., FedEx Corp. and Zillow Group, 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 8.95% 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 90% of 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, 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 decline of the worst performer from its initial share price.
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: | Dollar Tree, Inc., FedEx Corp. and Zillow Group, Inc.
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Amount: | $613,000
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Maturity: | Sept. 26, 2024
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Coupon: | 8.95% 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 final coupon if each stock finishes at or above final barrier price; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial share price
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Call: | Automatically at par plus coupon if each stock closes at or above 90% of its initial level on any quarterly valuation date
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Initial share prices: | $86.26 for Dollar, $252.07 for FedEx, $95.34 for Zillow
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Coupon barrier prices: | $51.756 for Dollar, $151.242 for FedEx, $57.204 for Zillow; 60% of initial share prices
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Final barrier prices: | $51.756 for Dollar, $151.242 for FedEx, $57.204 for Zillow; 60% 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: | 3.75%
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Cusip: | 17329QQJ2
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