Published on 12/7/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.77 million autocallable contingent coupon equity notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 7 – Citigroup Global Markets Holdings Inc. priced $1.77 million of autocallable contingent coupon equity-linked securities due Aug. 22, 2024 linked to the worst performing of the stocks of Applied Materials, Inc., Western Digital Corp. and Lam Research 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 13.3% 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 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 lose 1% for every 1% that the least performing stock declines.
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: | Applied Materials, Inc., Western Digital Corp., Lam Research Corp.
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Amount: | $1,765,000
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Maturity: | Aug. 22, 2024
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Coupon: | 13.3% 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, lose 1% for every 1% decline of the worst performer from its initial level
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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: | $128.80 for Applied Materials, $61.14 for Western, $578.99 for Lam
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Coupon barrier prices: | $77.28 for Applied Materials, $36.684 for Western, $347.394 for Lam; 60% of initial share prices
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Final barrier prices: | $77.28 for Applied Materials, $36.684 for Western, $347.394 for Lam; 60% of initial share prices
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Pricing date: | Aug. 17
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Settlement date: | Aug. 20
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2.35%
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Cusip: | 17329QES5
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