Published on 8/22/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.19 million autocallable contingent coupon equity notes on stocks, index
By Kiku Steinfeld
Chicago, Aug. 22 – Citigroup Global Markets Holdings Inc. priced $1.19 million of autocallable contingent coupon equity-linked securities due Jan. 24, 2025 linked to the worst performing of S&P 500 index, Starbucks Corp. and Apple 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, plus any previously unpaid coupons, at an annual rate of 8.27% if each asset closes at or above its coupon barrier level, 60% of its initial level, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if each asset closes at or above its initial share level on any quarterly valuation date after six months.
If the notes are not called and each asset finishes at or above its final barrier level, 60% of its initial share level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the losses of the worst performer.
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 assets: | S&P 500 index, Starbucks Corp. and Apple Inc.
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Amount: | $1,188,000
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Maturity: | Jan. 24, 2025
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Coupon: | 8.27% annualized rate, payable quarterly, plus any previously unpaid coupons, if each asset closes at or above coupon barrier level on valuation date for that period
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Price: | Par
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Payout at maturity: | Par if each asset closes at or above final barrier level; otherwise, full exposure to losses of worst performer
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Call: | Automatically at par plus coupon if each asset closes at or above initial level on any quarterly valuation date after six months
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Initial share levels: | $169.80 for Apple, 4,577.11 for S&P, $97.73 for Starbucks
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Coupon barriers: | $101.880 for Apple, 2,746.266 for S&P, $58.638 for Starbucks, 60% of initial levels
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Final barriers: | $101.880 for Apple, 2,746.266 for S&P, $58.638 for Starbucks, 60% of initial levels
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Pricing date: | Jan. 18, 2022
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Settlement date: | Jan. 21, 2022
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.25%
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Cusip: | 17329UZX2
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