Published on 12/26/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $300,000 autocallable contingent coupon equity notes on four stocks
By Taylor Fox
New York, Dec. 30 – Citigroup Global Markets Holdings Inc. priced $300,000 of autocallable contingent coupon equity-linked securities due Dec. 21, 2022 linked to the worst performing of the stocks of FedEx Corp., Johnson & Johnson, Moderna, Inc. and Pfizer Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent monthly coupon at an annual rate of 20% if each stock closes at or above its coupon barrier price, 50% 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 after one year.
If the notes are not called and each stock finishes at or above its final barrier price, 50% 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: | FedEx Corp., Johnson & Johnson, Moderna, Inc. and Pfizer Inc.
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| Amount: | $300,000
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| Maturity: | Dec. 21, 2022
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| Coupon: | 20% annualized rate, payable monthly if each stock closes at or above coupon barrier price on valuation date for that period
|
| 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 initial level on any quarterly valuation date after one year
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| Initial share prices: | $285.74 for FedEx, $150.57 for Johnson, $147.22 for Moderna and $38.71 for Pfizer
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| Coupon barrier prices: | $142.87 for FedEx, $75.285 for Johnson, $73.61 for Moderna and $19.355 for Pfizer, 50% of initial share prices
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| Final barrier prices: | $142.87 for FedEx, $75.285 for Johnson, $73.61 for Moderna and $19.355 for Pfizer, 50% of initial share prices
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| Pricing date: | Dec. 16
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| Settlement date: | Dec. 21
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.5%
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| Cusip: | 17328YAY0
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