Published on 12/7/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $2.94 million autocallable contingent coupon equity notes on four stocks
By William Gullotti
Buffalo, N.Y., Dec. 7 – Citigroup Global Markets Holdings Inc. priced $2.94 million of autocallable contingent coupon equity-linked securities due Dec. 4, 2025 linked to the worst performing of the stocks of JPMorgan Chase & Co., Tesla, Inc., Bank of America Corp. and Truist Financial 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 monthly coupon at an annual rate of 15.4% if each stock closes at or above its coupon barrier price, 80% of its initial share price, on the valuation date for that period. Previously unpaid coupons, if any, will be automatically included whenever a contingent payment is made.
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 valuation date after six months.
If the notes are not called and each stock finishes at or above its coupon barrier price, the payout at maturity will be par plus the final coupon and any previously unpaid coupons.
If the worst performer finishes below its coupon barrier but at or above its final barrier price, 60% of its initial share price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial share price.
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: | JPMorgan Chase & Co., Tesla, Inc., Bank of America Corp., Truist Financial Corp.
|
| Amount: | $2,936,000
|
| Maturity: | Dec. 4, 2025
|
| Coupon: | 15.4% annualized rate, payable monthly if each stock closes at or above coupon barrier price on valuation date for that period; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if each stock finishes at or above its coupon barrier; if worst performer finishes below its coupon barrier but not below final barrier price, par; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial share price
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly valuation date after six months
|
| Initial share prices: | $157.89 for JPM, $1,095.00 for Tesla, $43.84 for BofA, $58.35 for Truist
|
| Coupon barrier prices: | $126.312 for JPM, $876.00 for Tesla, $35.072 for BofA, $46.68 for Truist; 80% of initial share prices
|
| Final barrier prices: | $94.734 for JPM, $657.00 for Tesla, $26.304 for BofA, $35.01 for Truist; 60% of initial share prices
|
| Pricing date: | Dec. 1
|
| Settlement date: | Dec. 6
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.25%
|
| Cusip: | 17329UW23
|
|
|
|
|
© 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.
