Published on 7/22/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $3.3 million autocallable contingent coupon equity notes on three stocks
By William Gullotti
Buffalo, N.Y., July 22 – Citigroup Global Markets Holdings Inc. priced $3.3 million of autocallable contingent coupon equity-linked securities due July 20, 2023 linked to the worst performing of the stocks of Bank of America Corp., Procter & Gamble Co. and Walt Disney Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 10.15% if each stock closes at or above its coupon barrier price, 75% of its initial share price, on the valuation date for that period. Any previously unpaid coupons will also be paid.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any quarterly autocall date.
If the notes are not called and each stock finishes at or above its final barrier price, 75% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price.
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: | Bank of America Corp., Procter & Gamble Co., Walt Disney Co.
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| Amount: | $3,303,000
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| Maturity: | July 20, 2023
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| Coupon: | 10.15% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period; payment includes previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each stock closes at or above final barrier price; otherwise, investors will receive shares of worst performer
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date
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| Initial share prices: | $38.83 for BofA, $139.16 for P&G, $184.15 for Disney
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| Coupon barrier prices: | $29.123 for BofA, $104.37 for P&G, $138.113 for Disney; 75% of initial share prices
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| Final barrier prices: | $29.123 for BofA, $104.37 for P&G, $138.113 for Disney; 75% of initial share prices
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| Equity ratio: | 25.75328 for BofA, 7.18597 for P&G, 5.43036 for Disney; total per security
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| Pricing date: | July 15
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| Settlement date: | July 20
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17328NUU0
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