Published on 7/3/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $2.74 million autocallable contingent coupon equity notes on three stocks
By Kiku Steinfeld
Chicago, July 6 – Citigroup Global Markets Holdings Inc. priced $2.74 million of autocallable contingent coupon equity-linked securities due Jan. 3, 2023 linked to the stocks of Apple Inc., Goldman Sachs Group, Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
If each stock closes at or above its coupon barrier price, 66% of its initial price, on the valuation date for that quarter, the notes will pay a contingent quarterly coupon at an annual rate of 8% plus any previously unpaid contingent coupon payments.
The notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly valuation date other than the final one.
If the notes are not called and each stock finishes at or above final barrier price, 66% of its initial level, the payout at maturity will be par plus the final contingent coupon.
Otherwise, investors will receive stock of the worst performer equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent of those shares.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying stocks: | Apple Inc., Goldman Sachs Group, Inc. and Microsoft Corp.
|
| Amount: | $2,742,000
|
| Maturity: | Jan. 3, 2023
|
| Coupon: | Payable quarterly at an annual rate of 8% plus any previously unpaid contingent coupon payments if each stock closes at or above its coupon barrier on valuation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final contingent coupon if each stock closes at or above final barrier; otherwise a number of shares of worst performer equal to principal amount divided by initial share price of worst performing stock or, at issuer’s option, cash equivalent
|
| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial level on any quarterly valuation date other than final one
|
| Initial share prices: | $134.78 for Apple, $368.71 for Goldman, $268.72 for Microsoft
|
| Coupon barrier prices: | $88.955 for Apple, $243.349 for Goldman, $134.78 for Microsoft, 66% of initial levels
|
| Final barrier prices: | $88.955 for Apple, $243.349 for Goldman, $134.78 for Microsoft, 66% of initial levels
|
| Equity ratios: | 7.41950 for Apple, 2.71216 for Goldman, 3.72135 for Microsoft
|
| Pricing date: | June 28
|
| Settlement date: | July 1
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.25%
|
| Cusip: | 17328NTV0
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
