Published on 7/12/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $3.13 million autocallable contingent coupon equity notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, July 12 – Citigroup Global Markets Holdings Inc. priced $3.13 million of autocallable contingent coupon equity-linked securities due May 30, 2024 linked to the stocks of Lyft, Inc., Square, Inc., Twitter, Inc. and Nvidia Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
If each stock closes at or above its coupon barrier price, 60% of its initial price, on the valuation date for that quarter, the notes will pay a contingent quarterly coupon at an annual rate of 19.5%.
The notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly valuation date other than the final one.
If the notes are not called and each stock finishes at or above final barrier price, 60% of its initial level, the payout at maturity will be par plus the final contingent coupon.
Otherwise, investors will receive stock of the worst performer equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent of those shares.
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: | Lyft, Inc., Square, Inc., Twitter, Inc. and Nvidia Corp.
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| Amount: | $3,127,000
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| Maturity: | May 30, 2024
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| Coupon: | Payable quarterly at an annual rate of 19.5% if each stock closes at or above its coupon barrier on valuation date
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| Price: | Par
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| Payout at maturity: | Par plus final contingent coupon if each stock closes at or above final barrier; otherwise a number of shares of worst performer equal to principal amount divided by initial share price of worst performing stock or, at issuer’s option, cash equivalent
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial level on any quarterly valuation date other than final one
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| Initial share prices: | $54.92 for Lyft, $222.34 for Square, $57.85 for Twitter, $628.00 for Nvidia
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| Coupon barrier prices: | $32.952 for Lyft, $133.404 for Square, $34.71 for Twitter, 376.80 for Nvidia, 60% of initial levels
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| Final barrier prices: | $32.952 for Lyft, $133.404 for Square, $34.71 for Twitter, 376.80 for Nvidia, 60% of initial levels
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| Equity ratios: | 18.2083 for Lyft, 4.49762 for Square, 17.28608 for Twitter, 1.59236 for Nvidia
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| Pricing date: | May 26
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| Settlement date: | May 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17328NQR2
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