Published on 9/9/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $3.39 million contingent coupon autocalls on two stocks
By Kiku Steinfeld
Chicago, Sept. 9 – Citigroup Global Markets Holdings Inc. priced $3.39 million of autocallable contingent coupon equity-linked securities due July 7, 2022 linked to the least performing of the stocks of Expedia Group, Inc. and the TripAdvisor, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 10% per year if the least-performing index closes at or above its coupon barrier value, 60% of its initial share price, on the valuation date for that quarter, plus any previously unpaid coupon.
The notes will be automatically called at par if the least-performing index closes at or above its initial price on any quarterly valuation date.
The payout at maturity will be par unless the least-performing index finishes below its final barrier value, 60% of its initial share price, in which case investors will receive a number of shares of the least performing index equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying indexes: | Expedia Group, Inc. and the TripAdvisor, Inc.
|
| Amount: | $3,392,000
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| Maturity: | July 7, 2022
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| Coupon: | 10% per year, payable quarterly if least-performing index closes at or above coupon barrier value on valuation date for that quarter, plus any previously unpaid coupon
|
| Price: | Par
|
| Payout at maturity: | Par unless least-performing index finishes below final barrier value, in which case investors will receive a number of shares of the least performing index equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
|
| Call: | Automatically at par if the least-performing index closes at or above its initial price on any quarterly valuation date
|
| Initial share prices: | $159.90 for Expedia, $40 for TripAdvisor
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| Coupon barriers: | $95.940 for Expedia, $24 for TripAdvisor, or 60% of initial share prices
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| Final barrier values: | $25.566 for Expedia, $24 for TripAdvisor, or 60% of initial share prices
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| Equity ratios: | 6.25391 for Expedia, 25.00000 for TripAdvisor
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| Pricing date: | June 29
|
| Settlement date: | July 7
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
|
| Cusip: | 17328NRR1
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