Published on 1/8/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $500,000 autocallable equity notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 8 – Citigroup Global Markets Holdings Inc. priced $500,000 of 9% autocallable equity-linked notes due Dec. 28, 2021 linked to the worst performing of the common stocks of JPMorgan Chase & Co., Amazon.com, Inc. and Taiwan Semiconductor Manufacturing Co. Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be guaranteed by Citigroup Inc.
If all stocks close at or above their initial levels on any monthly potential autocall date, the notes will be automatically called at par plus the coupon due.
If the notes have not been called and final levels of each stock is greater than or equal to 63% of the initial level, the payout will be par plus the final coupon.
If the worst-performing stock finishes below its barrier level, investors will be fully exposed to losses of the worst performer, payable either in shares or cash.
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: | JPMorgan Chase & Co., Amazon.com, Inc. and Taiwan Semiconductor Manufacturing Co. Ltd.
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| Amount: | $500,000
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| Maturity: | Dec. 28, 2021
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| Coupon: | 9%, payable monthly
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| Price: | Par
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| Payout at maturity: | If the final levels of all three stocks finish above their barrier levels, par plus coupon; otherwise, full exposure to losses of worst performer, payable in cash or shares
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| Call: | Automatically at par plus coupon if all stocks close above their initial value on any monthly potential autocall date
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| Initial levels: | $121.67 for JPMorgan, $3,206.52 for Amazon and $103.94 for Taiwan Semiconductor
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| Barrier levels: | $76.652 for JPMorgan, $2,020.108 for Amazon and $65.482 for Taiwan Semiconductor, 63% of initial levels
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| Equity ratios: | 41.09476 for JPMorgan, 1.55932 for Amazon and 48.10468 for Taiwan Semiconductor
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| Pricing date: | Dec. 22
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| Settlement date: | Dec. 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328NBT4
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