Published on 9/8/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1 million autocallable contingent coupon equity notes on four stocks
By William Gullotti
Buffalo, N.Y., Sept. 8 – Citigroup Global Markets Holdings Inc. priced $1 million of autocallable contingent coupon equity-linked securities due July 2, 2024 linked to the worst performing of the stocks of Amazon.com, Inc., Bank of America Corp., Qualcomm Inc. and Starbucks 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 8.25% 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.
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 receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or the cash equivalent at the issuer’s option.
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: | Amazon.com, Inc., Bank of America Corp., Qualcomm Inc., Starbucks Corp.
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| Amount: | $1,000,000
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| Maturity: | July 2, 2024
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| Coupon: | 8.25% 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 the final coupon if each stock closes at or above final barrier price; otherwise, investors will receive shares of worst performer equal to that stock’s equity ratio or the cash equivalent at the issuer’s option
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date
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| Initial share prices: | $3,443.89 for Amazon, $41.56 for BofA, $139.72 for Qualcomm, $112.24 for Starbucks
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| Coupon barrier prices: | $2,066.334 for Amazon, $24.936 for BofA, $83.832 for Qualcomm, $67.344 for Starbucks; 60% of initial share prices
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| Final barrier prices: | $2,066.334 for Amazon, $24.936 for BofA, $83.832 for Qualcomm, $67.344 for Starbucks; 60% of initial share prices
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| Equity ratio: | 0.29037 for Amazon, 24.0616 for BofA, 7.15717 for Qualcomm, 8.90948 for Starbucks; shares per security
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| Pricing date: | June 28
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| Settlement date: | June 30
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17328NQT8
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