Published on 4/3/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $682,000 contingent coupon autocalls on gold ETFs
By Kiku Steinfeld
Chicago, April 5 – Citigroup Global Markets Holdings Inc. priced March 17, 2022 of autocallable contingent coupon equity-linked securities due Oct. 3, 2022 linked to the least performing of the VanEck Vectors Gold Miners ETF and the VanEck Vectors Junior Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 12% per year if the least-performing ETF closes at or above its coupon barrier value, 69% of its initial share price, on the valuation date for that quarter, plus any previously unpaid coupon.
The notes will be automatically called at par if the least-performing ETF closes at or above its initial price on any quarterly valuation date.
The payout at maturity will be par unless the least-performing ETF finishes below its final barrier value, 69% of its initial share price, in which case investors will receive a number of shares of the least performing ETF equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
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 ETFs: | VanEck Vectors Gold Miners ETF and VanEck Vectors Junior Gold Miners ETF
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| Amount: | $682,000
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| Maturity: | March 17, 2022
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| Coupon: | 12% per year, payable quarterly if least-performing ETF closes at or above coupon barrier value on valuation date for that quarter, plus any previously unpaid coupon
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| Price: | Par
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| Payout at maturity: | Par unless least-performing ETF finishes below final barrier value, in which case investors will receive a number of shares of the least performing ETF equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
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| Call: | Automatically at par if the least-performing ETF closes at or above its initial price on any quarterly valuation date
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| Initial share prices: | $33.08 for Gold Miners, $47.10 for Junior Gold Miners
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| Coupon barriers: | $22.825 for Gold Miners, $32.499 for Junior Gold Miners, or 69% of initial share prices
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| Final barrier values: | $22.825 for Gold Miners, $32.499 for Junior Gold Miners, or 69% of initial share prices
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| Equity ratios: | 30.22975 for Gold Miners, 21.23142 for Junior Gold Miners
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| Pricing date: | March 12
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| Settlement date: | March 17
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328NMQ8
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