Published on 12/17/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $325,000 autocallable equity-linked notes on five stocks
By Kiku Steinfeld
Chicago, Dec. 17 – Citigroup Global Markets Holdings Inc. priced $325,000 of autocallable equity-linked securities due Dec. 9, 2022 tied to Alphabet Inc., American Express Co., Apple Inc., Diamondback Energy, Inc. 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 20.1% per year, payable monthly.
After one year, the notes will be automatically redeemed at par plus interest if the worst-performing stock closes at or above its initial price on any monthly observation date.
If the notes are not called and the final price of each stock is at least 70% of its initial price, the payout at maturity will be par. Otherwise, investors will be exposed to the loss of the least-performing stock.
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: | Alphabet Inc., American Express Co., Apple Inc., Diamondback Energy, Inc. and Tesla, Inc.
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| Amount: | $325,000
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| Maturity: | Dec. 9, 2022
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| Coupon: | 20.1% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par if each stock’s final price is at least 70% of initial price; otherwise, exposure to loss of worst performing stock
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| Call: | After one year, automatically redeemed at 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: | $1,818.55 for Alphabet, $123.52 for Am Ex, $124.38 for Apple, $46.14 for Diamondback and $649.88 for Tesla
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| Downside thresholds: | $1,272.985 for Alphabet, $86.464 for Am Ex, $87.066 for Apple, $32.298 for Diamondback and $454.916 for Tesla; 70% of initial prices
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| Pricing date: | Dec. 9
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| Settlement date: | Dec. 14
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.4%
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| Cusip: | 17328Y7H1
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