Published on 6/23/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $650,000 autocallable equity-linked notes on three stocks
Chicago, June 23 – Citigroup Global Markets Holdings Inc. priced $650,000 of autocallable equity-linked securities due Dec. 15, 2022 tied to the worst performing of the stocks of NIO Inc., QuantumScape Corp. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 20.25% per year, payable monthly.
After three months, the notes will be automatically redeemed at par plus interest if the worst-performing stock closes greater than or equal to its initial price on any monthly observation date.
If the notes are not called and the final price of each stock is at least 60% of its initial price, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performing stock, 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 equity-linked securities
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| Underlying stocks: | NIO Inc., QuantumScape Corp. and Tesla, Inc.
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| Amount: | $650,000
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| Maturity: | Dec. 15, 2022
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| Coupon: | 20.25% per year, payable monthly
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| Price: | Par of $5,000
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| Payout at maturity: | Par if each stock’s final price is greater than or equal to final barrier level; otherwise, 1% loss for each 1% decline of the worst performer, payable in cash or shares at the issuer’s option
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| Call: | After three months, par plus interest if the worst-performing stock closes at or above its initial price on any monthly observation date
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| Initial prices: | $34.26 for NIO, $23.90 for QuantumScape, $1,017.03 for Tesla
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| Final barrier values: | $20.556 for NIO, $14.34 for QuantumScape, $610.218 for Tesla; 50% of initial prices
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| Equity ratios: | 145.94279 for NIO, 209.20502 for QuantumScape, 4.91628 for Tesla
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| Pricing date: | Dec. 10, 2021
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| Settlement date: | Dec. 15, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.875%
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| Cusip: | 17328NW53
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