Published on 5/31/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $605,000 autocallable equity-linked notes on Appian, Coinbase, SoFi
Chicago, May 31 – Citigroup Global Markets Holdings Inc. priced $605,000 of autocallable equity-linked securities due Nov. 17, 2022 tied to the worst performing of Appian Corp., Coinbase Global, Inc. and SoFi Technologies, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 19% per year, payable monthly.
After six months, the notes will be automatically redeemed at par plus interest if the worst-performing stock closes greater than or equal to its initial price on any monthly observation date after three months.
If the notes are not called and the final price of each stock is at least 65% of its initial price, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performing stock, 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 equity-linked securities
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| Underlying stocks: | Appian Corp., Coinbase Global, Inc. and SoFi Technologies, Inc.
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| Amount: | $605,000
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| Maturity: | Nov. 17, 2022
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| Coupon: | 19% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par if each stock’s final price is greater than or equal to final barrier level; otherwise, 1% loss for each 1% decline of the worst performer
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| Call: | After three months, par plus interest if the worst-performing stock closes at or above its initial price on any monthly observation date
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| Initial prices: | $89.68 for Appian, $342.98 for Coinbase, $22.76 for SoFi
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| Final barrier values: | $58.292 for Appian, $222.937 for Coinbase, $14.794 for SoFi; 65% of initial prices
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| Equity ratios: | 11.15076 for Appian, 2.91579 for Coinbase, 43.93673 for SoFi
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| Pricing date: | Nov. 12, 2021
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| Settlement date: | Nov. 17, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.875%
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| Cusip: | 17328NT81
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