Published on 1/4/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $3.21 million autocallable contingent coupon equity notes on four stocks
By William Gullotti
Buffalo, N.Y., Jan. 4 – Citigroup Global Markets Holdings Inc. priced $3.21 million of autocallable contingent coupon equity-linked securities due Dec. 27, 2024 linked to the worst performing of the stocks of Nvidia Corp., Amazon.com, Inc., Bank of America Corp. 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 13% 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 receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, the cash equivalent.
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: | Nvidia Corp., Amazon.com, Inc., Bank of America Corp., Starbucks Corp.
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| Amount: | $3,214,000
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| Maturity: | Dec. 27, 2024
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| Coupon: | 13% 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, investors will receive a number of shares of worst performer equal to that stock’s equity ratio or, at the issuer’s option, the cash equivalent
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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: | $300.01 for Nvidia, $3,384.02 for Amazon, $44.63 for BofA, $116.38 for Starbucks
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| Coupon barrier prices: | $180.006 for Nvidia, $2,030.412 for Amazon, $26.778 for BofA, $69.828 for Starbucks; 60% of initial share prices
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| Final barrier prices: | $180.006 for Nvidia, $2,030.412 for Amazon, $26.778 for BofA, $69.828 for Starbucks; 60% of initial share prices
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| Equity ratio: | 3.33322 for Nvidia, 0.29551 for Amazon, 22.40645 for BofA, 8.59254 for Starbucks; total per security
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| Pricing date: | Dec. 29
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| Settlement date: | Dec. 31
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17328NL55
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