Published on 12/15/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $670,000 autocallable contingent coupon equity notes on Tesla, Amazon
By William Gullotti
Buffalo, N.Y., Dec. 15 – Citigroup Global Markets Holdings Inc. priced $670,000 of autocallable contingent coupon equity-linked securities due Aug. 22, 2024 linked to the worst performing of the stocks of Tesla, Inc. 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 quarterly coupon at an annual rate of 13% 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 call level, 90% of initial share price, on any quarterly valuation date after six months.
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 decline of the worst performer from its initial share price.
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: | Tesla, Inc., Amazon.com, Inc.
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Amount: | $670,000
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Maturity: | Aug. 22, 2024
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Coupon: | 13% 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 final coupon if each stock finishes at or above final barrier price; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial share price
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Call: | Automatically at par plus coupon if each stock closes at or above call level on any quarterly valuation date after six months
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Initial share prices: | $673.47 for Tesla, $3,187.75 for Amazon
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Call levels: | $606.123 for Tesla, $2,868.975 for Amazon; 90% of initial share prices
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Coupon barrier prices: | $404.082 for Tesla, $1,912.65 for Amazon; 60% of initial share prices
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Final barrier prices: | $404.082 for Tesla, $1,912.65 for Amazon; 60% of initial share prices
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Pricing date: | Aug. 19
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Settlement date: | Aug. 24
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2.75%
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Cusip: | 17329QKK5
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