Published on 4/21/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.92 million autocallable contingent coupon equity notes on four stocks
By Kiku Steinfeld
Chicago, April 21 – Citigroup Global Markets Holdings Inc. priced $1.92 million of autocallable contingent coupon equity-linked securities due April 3, 2024 linked to the worst performing of the stocks of Advanced Micro Devices, Inc., Shopify Inc., Zillow Group, Inc. and Zoom Video Communications, 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 28.25% if each stock closes at or above its coupon barrier price, 60% 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.
If the notes are not called and each stock finishes at or above its final barrier price, 60% 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, payable in shares or cash at the issuer’s option.
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: | Advanced Micro Devices, Inc., Shopify Inc., Zillow Group, Inc. and Zoom Video Communications, Inc.
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| Amount: | $1,921,000
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| Maturity: | April 3, 2024
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| Coupon: | 28.25% annualized rate, payable quarterly 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 losses of worst performer, payable in either shares or cash at the issuer’s option
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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: | $77.14 for Advanced, $1,039.91 for Shopify, $119.63 for Zillow and $308.39 for Zoom
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| Coupon barrier prices: | $46.284 for Advanced, $623.946 for Shopify, $71.778 for Zillow and $185.034 for Zoom; 60% of initial share prices
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| Final barrier prices: | $46.284 for Advanced, $623.946 for Shopify, $71.778 for Zillow and $185.034 for Zoom; 60% of initial share prices
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| Equity ratios: | 12.96344 for Advanced, 0.96162 for Shopify, 8.35911 for Zillow and 3.24265 for Zoom
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| Pricing date: | March 29
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| Settlement date: | March 31
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17328NLW6
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