Published on 4/15/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $595,000 autocallable equity-linked notes on three stocks
By Kiku Steinfeld
Chicago, April 15 – Citigroup Global Markets Holdings Inc. priced $595,000 of autocallable equity-linked securities due March 29, 2022 tied to Netflix, Inc., Nvidia Corp. and Square, 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 15.05% 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 70% of its initial price, the payout at maturity will be par. Otherwise, the payout will be a number of shares of the worst-performer equal to its equity ratio or, at the issuer’s option, an amount in cash equal to the value of those shares, $1,000 divided by the initial share price.
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: | Netflix, Inc., Nvidia Corp. and Square, Inc.
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| Amount: | $595,000
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| Maturity: | March 29, 2022
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| Coupon: | 15.05% 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 greater than or equal to final barrier level; otherwise, number of shares of the worst-performer equal to its equity ratio or, at the issuer’s option, an amount in cash equal to the value of those shares
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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: | $520.81 for Netflix, $505.72 for Nvidia, $213.51for Square
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| Final barrier values: | $364.567 for Netflix, $354.004 for Nvidia, $149.457 for Square; 70% of initial prices
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| Equity ratios: | 1.92009 for Netflix, 1.97738 for Nvidia, 4.68362 for Square
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| Pricing date: | March 24
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| Settlement date: | March 29
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.875%
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| Cusip: | 17328NMP0
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