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.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable securities
|
| Underlying stocks: | Cigna Corp., Intel Corp., Qualcomm Inc.
|
| Amount: | $500,000
|
| Maturity: | Aug. 1, 2024
|
| Coupon: | 0%
|
| Price: | Par
|
| 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
|
| 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
|
| Initial levels: | $228.44 for Cigna, $54.31 for Intel, $143.50 for Qualcomm
|
| Barrier levels: | $137.064 for Cigna, $32.586 for Intel, $86.10 for Qualcomm; 60% of initial levels
|
| Equity ratio: | 4.37752 for Cigna, 18.41282 for Intel, 6.96864 for Qualcomm; shares per security
|
| Strike date: | July 26
|
| Pricing date: | July 27
|
| Settlement date: | July 30
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.75%
|
| Cusip: | 17328NXA1
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
