Published on 10/30/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $2.37 million autocallable contingent coupon equity notes on four stocks
By Kiku Steinfeld
Chicago, Nov. 1 – Citigroup Global Markets Holdings Inc. priced $2.37 million of autocallable contingent coupon equity-linked securities due Sept. 27, 2024 linked to the worst performing of the stocks of Nvidia Corp., Amazon.com, Inc., Bank of America Corp. and Starbucks 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 quarterly coupon at an annual rate of 11.5% if each stock closes at or above its coupon barrier price, 60% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par 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, 60% of its initial share price, the payout at maturity will be par. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or, at the option of the issuer, the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying stocks: | Nvidia Corp., Amazon.com, Inc., Bank of America Corp. and Starbucks Corp.
|
| Amount: | $2,367,000
|
| Maturity: | Sept. 27, 2024
|
| Coupon: | 11.5% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par if each stock closes at or above final barrier price; otherwise, investors will receive shares of worst performer equal to that stock’s equity ratio or cash at issuer’s option
|
| Call: | Automatically at par if each stock closes at or above initial level on any quarterly valuation date
|
| Initial share prices: | $3,315.96 for Amazon, $43.16 for BofA, $206.99 for Nvidia, $111.71 for Starbucks
|
| Coupon barrier prices: | $1,989.576 for Amazon, $25.896 for BofA, $124.194 for Nvidia, $67.026 for Starbucks; 60% of initial share prices
|
| Final barrier prices: | $1,989.576 for Amazon, $25.896 for BofA, $124.194 for Nvidia, $67.026 for Starbucks; 60% of initial share prices
|
| Equity ratio: | 0.30157 for Amazon, 23.16960 for BofA, 4.83115 for Nvidia, 8.95175 for Starbucks
|
| Pricing date: | Sept. 28
|
| Settlement date: | Sept. 30
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.25%
|
| Cusip: | 17328NH92
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
