Published on 8/24/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $280,000 autocallable contingent coupon equity notes on three stocks
By Kiku Steinfeld
Chicago, Aug. 24 – Citigroup Global Markets Holdings Inc. priced $280,000 of autocallable contingent coupon equity-linked securities due Jan. 24, 2025 linked to the worst performing of the stocks of Moderna, Inc., PayPal Holdings, Inc. and salesforce.com, inc., 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 16.2% if each stock closes at or above its coupon barrier price, 60% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par if each stock closes at or above 90% of its initial share price on any quarterly valuation date after six months.
If the notes are not called and each stock finishes at or above its final barrier price, 60% of its initial share price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the losses of the worst performer.
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: | Moderna, Inc., PayPal Holdings, Inc. and salesforce.com, inc.
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Amount: | $280,000
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Maturity: | Jan. 24, 2025
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Coupon: | 16.2% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period
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Price: | Par
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Payout at maturity: | Par if each stock finishes at or above final barrier price; otherwise, investors will be fully exposed to losses of worst performer
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Call: | Automatically at par if each stock closes at or above 90% of initial level on any quarterly valuation date after six months
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Initial share prices: | $186.61 for Moderna, $174.46 for PayPal, $226.06 for salesforce
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Coupon barrier prices: | $111.966 for Moderna, $104.676 for PayPal, $135.636 for salesforce; 60% of initial share prices
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Final barrier prices: | $111.966 for Moderna, $104.676 for PayPal, $135.636 for salesforce; 60% of initial share prices
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Pricing date: | Jan. 18, 2022
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Settlement date: | Jan. 21, 2022
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 3%
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Cusip: | 17329UUC3
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