Published on 7/7/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $8.82 million autocallable contingent coupon equity notes on three stocks
By William Gullotti
Buffalo, N.Y., July 7 – Citigroup Global Markets Holdings Inc. priced $8.82 million of autocallable contingent coupon equity-linked securities due Dec. 19, 2022 linked to the worst performing of the stocks of Amazon.com, Inc., JPMorgan Chase & Co. and Walmart 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 quarterly coupon at an annual rate of 10.15% if each stock closes at or above its coupon barrier price, 75% of its initial share price, on the valuation date for that period. Any previously unpaid coupons will also be paid
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 after six months.
If the notes are not called and each stock finishes at or above its final barrier price, 75% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will receive a number of shares of the worst performer equal to $5,000 divided by that stock’s initial share price.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying stocks: | Amazon.com, Inc., JPMorgan Chase & Co., Walmart Inc.
|
| Amount: | $8,815,000
|
| Maturity: | Dec. 19, 2022
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| Coupon: | 10.15% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period; previously unpaid coupons will also be paid
|
| Price: | Par of $5,000
|
| Payout at maturity: | Par plus contingent coupon if each stock finishes at or above final barrier price; otherwise, number of shares of worst performer equal to its equity ratio
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date after six months
|
| Initial share prices: | $3,383.87 for Amazon, $157.57 for JPMorgan, $140.56 for Walmart
|
| Coupon barrier prices: | $2,537.903 for Amazon, $118.178 for JPMorgan, $105.42 for Walmart; 75% of initial share prices
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| Final barrier prices: | $2,537.903 for Amazon, $118.178 for JPMorgan, $105.42 for Walmart; 75% of initial share prices
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| Equity ratios: | 1.4776 for Amazon, 31.73193 for JPMorgan, 35.572 for Walmart; total per security
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| Pricing date: | June 14
|
| Settlement date: | June 17
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.5%
|
| Cusip: | 17328NTQ1
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