Published on 7/19/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1 million autocallable contingent coupon equity notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, July 19 – Citigroup Global Markets Holdings Inc. priced $1 million of autocallable contingent coupon equity-linked securities due May 31, 2024 linked to the worst performing of the stocks of Wayfair, Inc., Lyft, Inc. and Nvidia 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 monthly coupon at an annual rate of 16.25% 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 autocall date.
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 decline of the least-performing stock.
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: | Wayfair, Inc., Lyft, Inc., Nvidia Corp.
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| Amount: | $1,003,000
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| Maturity: | May 31, 2024
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| Coupon: | 16.25% annualized rate, payable monthly 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 decline of least performing stock
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date
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| Initial share prices: | $324.87 for Wayfair, $54.92 for Lyft, $628.00 for Nvidia
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| Coupon barrier prices: | $162.435 for Wayfair, $27.46 for Lyft, $314.00 for Nvidia; 50% of initial share prices
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| Final barrier prices: | $162.435 for Wayfair, $27.46 for Lyft, $314.00 for Nvidia; 50% of initial share prices
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| Pricing date: | May 26
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| Settlement date: | May 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.6%
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| Cusip: | 17329FTV6
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