Published on 5/20/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $655,000 autocallable contingent coupon equity notes on three stocks
Chicago, May 20 – Citigroup Global Markets Holdings Inc. priced $655,000 of autocallable contingent coupon equity-linked securities due Aug. 1, 2022 linked to the worst performing of the stocks Wells Fargo & Co., Apple Inc. and Intel 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 6.15% 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 95% of 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 be fully exposed to the losses of the worst performer.
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: | Wells Fargo & Co., Apple Inc. and Intel Corp.
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| Amount: | $655,000
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| Maturity: | Aug. 1, 2022
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| Coupon: | 6.15% 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 contingent coupon if each stock closes at or above final barrier price; otherwise, full exposure to losses of worst performer
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| Call: | Automatically at par plus coupon if each stock closes at or above 95% of its initial level on any quarterly autocall date
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| Initial share prices: | $149.32 for Apple, $48.28 for Intel, $50.63 for Wells
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| Coupon barrier prices: | $89.592 for Apple, $28.968 for Intel, $30.378 for Wells; 60% of initial share prices
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| Autocall barrier prices: | $141.854 for Apple, $45.866 for Intel, $48.099 for Wells; 95% of initial share prices
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| Strike date: | Oct. 26, 2021
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| Pricing date: | Oct. 27, 2021
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| Settlement date: | Nov. 1, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.75%
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| Cusip: | 17329ULB5
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