Published on 6/5/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $565,000 autocallable equity-linked securities on two stocks
By Kiku Steinfeld
Chicago, June 6 – Citigroup Global Markets Holdings Inc. priced $565,000 of 4% autocallable equity-linked securities due Nov. 21, 2022 tied to the worst performing of the shares of JPMorgan Chase & Co. and salesforce.com, inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Interest is payable quarterly.
The notes may be called quarterly at par plus coupon if both stocks finish at or above their initial levels on a related potential redemption date.
If the securities have not been called, the payout at maturity will be par unless either stock closes below its trigger value during the life of the notes and either stock finishes below its initial level, in which case investors will lose 1% for every 1% that the lesser-performing stock finishes below its initial level, paid in shares of the laggard stock 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: | JPMorgan Chase & Co. and salesforce.com, inc.
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| Amount: | $565,000
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| Maturity: | Nov. 21, 2022
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| Coupon: | 4%, payable quarterly
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| Price: | Par
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| Call: | Callable quarterly at par plus coupon if both stocks finish at or above initial levels on related redemption date
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| Payout at maturity: | Par unless either stock closes below its trigger value during the life of the notes and either stock finishes below its initial level, in which case investors will lose 1% for every 1% that the lesser-performing stock finishes below its initial level, paid in shares or cash at the issuer’s option
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| Initial stock levels: | $166.56 for JPM, $305.49 for salesforce
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| Trigger levels: | $83.280 for JPM, $152.745 for salesforce; 50% of initial levels
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| Equity levels: | 6.00384 for JPM, 3.27343 for salesforce; values per security
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| Pricing date: | Nov. 16, 2021
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| Settlement date: | Nov. 19, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.25%
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| Cusip: | 17328NV54
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