Published on 10/28/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $3.07 million autocallable contingent coupon equity notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 28 – Citigroup Global Markets Holdings Inc. priced $3.07 million of autocallable contingent coupon equity-linked securities due Oct. 15, 2024 linked to the worst performing of the stocks of Apple Inc., Alphabet Inc., Microsoft Corp. and Amazon.com, 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 semiannual coupon at an annual rate of 8.25% 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 if each stock closes at or above its initial share price on any semiannual 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. 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: | Apple Inc., Alphabet Inc., Microsoft Corp. and Amazon.com, Inc.
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| Amount: | $3,065,000
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| Maturity: | Oct. 15, 2024
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| Coupon: | 8.25% annualized rate, payable semiannually 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 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 issuer’s option
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| Call: | Automatically at par if each stock closes at or above initial level on any semiannual valuation date
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| Initial share prices: | $139.14 for Apple, $2,675.30 for Alphabet, $283.11 for Microsoft and $3,189.78 for Amazon
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| Coupon barrier prices: | $83.84 for Apple, $1,605.18 for Alphabet, $169.866 for Microsoft and $1,913.868 for Amazon; 60% of initial share prices
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| Final barrier prices: | $83.84 for Apple, $1,605.18 for Alphabet, $169.866 for Microsoft and $1,913.868 for Amazon; 60% of initial share prices
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| Equity ratios: | 7.18701 for Apple, 0.37379 for Alphabet, 3.5322 for Microsoft and 0.3135 for Amazon
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| Pricing date: | Oct. 5
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| Settlement date: | Oct. 13
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17328ND39
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