Published on 5/20/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $300,000 autocallable contingent coupon equity notes on three stocks
Chicago, May 20 – Citigroup Global Markets Holdings Inc. priced $300,000 of autocallable contingent coupon equity-linked securities due May 4, 2023 linked to the worst performing of the stocks Adobe Inc., Apple Inc. and Microsoft Corp., 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 7.2% if each stock closes at or above its coupon barrier price, 70% of its initial share price, on the valuation date for that period. Previously unpaid coupons will also be paid.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any quarterly autocall date.
If the notes are not called and each stock finishes at or above its final barrier price, 70% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the losses of the worst performer, payable in shares 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 contingent coupon equity-linked securities
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| Underlying stocks: | Adobe Inc., Apple Inc. and Microsoft Corp.
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| Amount: | $300,000
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| Maturity: | May 4, 2023
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| Coupon: | 7.2% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period; previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each stock closes at or above final barrier price; otherwise, full exposure to losses of worst performer, payable in shares or cash at the issuer’s option
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly autocall date
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| Initial share prices: | $642.50 for Adobe, $149.32 for Apple, $310.11 for Microsoft
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| Coupon barrier prices: | $449.75 for Adobe, $104.524 for Apple, $217.077 for Microsoft; 70% of initial share prices
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| Final barrier prices: | $449.75 for Adobe, $104.524 for Apple, $217.077 for Microsoft; 70% of initial share prices
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| Equity ratios: | 1.55642 for Adobe, 6.69703 for Apple, 3.22466 for Microsoft
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| Pricing date: | Oct. 26, 2021
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| Settlement date: | Oct. 27, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17328ND62
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