Published on 3/2/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $4.5 million autocallable contingent coupon equity notes on three stocks
By Kiku Steinfeld
Chicago, March 2 – Citigroup Global Markets Holdings Inc. priced $4.5 million of autocallable contingent coupon equity-linked securities due Feb. 28, 2024 linked to the worst performing of the stocks of Advanced Micro Devices, Inc., Nike, Inc. and Target Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent monthly coupon at an annualized rate of 12.75% if the worst performing stock closes at or above the barrier price, 60% of the initial price, on the valuation date for that period.
The notes will be automatically called at par plus the contingent coupon if the shares of each stock close at or above the initial share prices on any quarterly valuation date after six months.
If the notes are not called, the payout at maturity will be par unless the worst performing stock finish below the 60% final barrier level, in which case 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: | Advanced Micro Devices, Inc., Nike, Inc. and Target Corp.
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| Amount: | $4,496,000
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| Maturity: | Feb. 28, 2024
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| Coupon: | 12.75% per year, payable monthly if worst performing stock is greater than or equal to barrier price on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless at least one stock finishes below final barrier level, in which case, full exposure to losses of worst performer
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| Call: | At par plus contingent coupon if closing share price is greater than or equal to initial share price on any quarterly valuation date after six months
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| Initial share prices: | $84.74 for Advanced Micro, $136.13 for Nike and $186.36 for Target
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| Coupon barrier levels: | $50.844 for Advanced Micro, $81.678 for Nike and $111.816 for Target, 60% of initial share prices
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| Barrier prices: | $50.844 for Advanced Micro, $81.678 for Nike and $111.816 for Target, 60% of initial share prices
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| Pricing date: | Feb. 24
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| Settlement date: | Feb. 26
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.5%
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| Cusip: | 17328YJC9
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