Published on 9/28/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $775,000 contingent coupon autocalls on three stocks
By Kiku Steinfeld
Chicago, Sept. 28 – Citigroup Global Markets Holdings Inc. priced $775,000 of autocallable contingent coupon equity-linked securities due Sept. 18, 2025 linked to the least performing of the common stocks of 3M Co., Quest Diagnostics Inc. and Walgreens Boots Alliance, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon plus any previously unpaid coupons at the rate of 11% per year if the least-performing stock closes at or above its coupon barrier value, 75% 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, 60% of its initial share price, in which case investors will be exposed to the decline of the least performing stock, payable in shares of that stock or the cash equivalent at the discretion of the issuer.
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: | 3M Co., Quest Diagnostics Inc. and Walgreens Boots Alliance, Inc.
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| Amount: | $775,000
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| Maturity: | Sept. 18, 2025
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| Coupon: | 11% per year, payable each month plus any previously unpaid coupons 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 decline of least performing stock, payable in shares of that stock or cash equivalent
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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: | $184.19 for 3M, $155.79 for Quest, $50.12 for Walgreens Boots
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| Coupon barriers: | $138.143 for 3M, $116.843 for Quest, $37.590 for Walgreens Boots; 75% of initial share prices
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| Final barriers: | $110.514 for 3M, $93.474 for Quest, $30.072 for Walgreens Boots; 60% of initial share prices
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| Equity ratios: | 5.42918 for 3M, 6.41890 for Quest, 19.95211 for Walgreens Boots
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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: | 0.75%
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| Cusip: | 17328NF78
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