Published on 5/4/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.08 million 8% autocallable equity-linked securities on three telecom stocks
By William Gullotti
Buffalo, N.Y., May 4 – Citigroup Global Markets Holdings Inc. priced $1.08 million of 8% autocallable equity-linked securities due April 30, 2025 tied to the stocks of AT&T Inc., Verizon Communications Inc. and T-Mobile US, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
Interest is payable monthly.
The notes will be automatically redeemed at par plus the interest payment if each stock closes at or above the initial level on any quarterly observation date after one year.
If each stock’s final level is greater than or equal to its final barrier value, 65% of initial value, the payout at maturity will be par plus the final interest payment.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial value or the cash equivalent at the issuer’s option.
Citigroup Global Markets Inc. is the agent.
| 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: | AT&T Inc., Verizon Communications Inc., T-Mobile US, Inc.
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| Amount: | $1,075,000
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| Maturity: | April 30, 2025
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| Coupon: | 8%, payable monthly
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| Price: | Par
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| Payout at maturity: | If each stock’s final level is greater than or equal to its final barrier value, par plus final coupon; otherwise, investors will receive a number of shares equal to the worst performer’s equity ratio or the cash equivalent at the issuer’s option
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| Call: | At par plus coupon if each stock closes at or above its initial level on any quarterly observation date after one year
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| Initial values: | $19.51 for AT&T, $50.28 for Verizon, $128.81 for T-Mobile
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| Final barrier values: | $12.682 for AT&T, $32.682 for Verizon, $83.727 for T-Mobile; 65% of initial values
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| Equity ratio: | 51.25577 for AT&T, 19.88862 for Verizon, 7.76337 for T-Mobile; share delivery per security
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| Pricing date: | April 25
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| Settlement date: | April 28
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.5%
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| Cusip: | 17330DAL0
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