Published on 9/27/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1 million contingent coupon autocallables on four stocks
By Kiku Steinfeld
Chicago, Sept. 27 – Citigroup Global Markets Holdings Inc. priced $1 million of autocallable contingent coupon equity-linked securities due March 20, 2024 linked to the least performing of the stocks of ConocoPhillips, Freeport-McMoRan Inc., Martin Marietta Materials, Inc. and LyondellBasell Industries NV, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 19.45% per year if the least-performing stock closes at or above its coupon barrier value, 70% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if the least-performing stock closes at or above its initial price on any quarterly autocall date.
The payout at maturity will be par unless the least-performing stock finishes below its final barrier value, 70% of its initial share price, in which case investors will be exposed to the decline of the least performing stock.
The notes are guaranteed by Citigroup Inc.
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: | ConocoPhillips, Freeport-McMoRan Inc., Martin Marietta Materials, Inc. and LyondellBasell Industries NV
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| Amount: | $1 million
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| Maturity: | March 20, 2024
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| Coupon: | 19.45% per year, payable each quarter if least-performing stock closes at or above coupon barrier value on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless least-performing stock finishes below final barrier value, in which case investors will be exposed to the decline of the least performing stock
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| Call: | Automatically at par if least-performing stock closes at or above initial share price on any quarterly valuation date
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| Initial share prices: | $59.32 for Conoco, $36.74 for Freeport-McRoran, $94.79 for LyondellBasell, $361.29 for Martin Marietta
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| Coupon barriers: | $41.524 for Conoco, $25.718 for Freeport-McRoran, $66.353 for LyondellBasell, $315.762 for Martin Marietta, or 70% of initial share prices
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| Final barriers: | $41.524 for Conoco, $25.718 for Freeport-McRoran, $66.353 for LyondellBasell, $315.762 for Martin Marietta, or 70% of initial share prices
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| Pricing date: | Sept. 15
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| Settlement date: | Sept. 20
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.1%
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| Cusip: | 17329QSC5
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