Published on 10/19/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $500,000 autocallable securities on three stocks
By William Gullotti
Buffalo, N.Y., Oct. 19 – Citigroup Global Markets Holdings Inc. priced $500,000 of 0% autocallable securities due Aug. 1, 2024 linked to the lowest performing of the stocks of Cigna Corp., Intel Corp. and Qualcomm Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
The notes will be automatically called at par plus an annualized call premium of 4% if each stock closes at or above its call level on any quarterly observation date after six months. Call level starts at the initial level and will decrease by 4% with each subsequent observation date.
If the notes are not called and each stock finishes at or above its 60% barrier level, the payout at maturity will be par plus 36.15%.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, the cash equivalent.
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 securities
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Underlying stocks: | Cigna Corp., Intel Corp., Qualcomm Inc.
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Amount: | $500,000
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Maturity: | Aug. 1, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If each stock finishes at or above barrier level, par plus 36.15%; otherwise, investors will receive a number of shares of the worst performer equal to that stock’s equity ratio, or the cash equivalent at the issuer’s option
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Call: | Automatically at par plus an annualized call premium of 12.05% if each stock closes at or above its call level on any quarterly observation date after six months; call level starts at the initial level and decreases by 4% with each subsequent observation
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Initial levels: | $228.44 for Cigna, $54.31 for Intel, $143.50 for Qualcomm
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Barrier levels: | $137.064 for Cigna, $32.586 for Intel, $86.10 for Qualcomm; 60% of initial levels
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Equity ratio: | 4.37752 for Cigna, 18.41282 for Intel, 6.96864 for Qualcomm; shares per security
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Strike date: | July 26
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Pricing date: | July 27
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Settlement date: | July 30
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.75%
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Cusip: | 17328NXA1
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