Published on 3/10/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1 million autocallable contingent coupon equity notes on bank stocks
By Kiku Steinfeld
Chicago, March 10 – Citigroup Global Markets Holdings Inc. priced $1 million of autocallable contingent coupon equity-linked securities due June 17, 2022 linked to the worst performing of the stocks of Bank of America Corp., Morgan Stanley, Goldman Sachs Group, Inc., JPMorgan Chase & Co. and Wells Fargo & 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 monthly coupon at an annual rate of 9.825% if each stock closes at or above its coupon barrier price, 70% 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 monthly valuation date after three months.
If the notes are not called and each stock finishes at or above its final barrier price, 70% of its initial share price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the losses of the worst performer.
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., Morgan Stanley, Goldman Sachs Group, Inc., JPMorgan Chase & Co. and Wells Fargo & Co.
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| Amount: | $1 million
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| Maturity: | June 17, 2022
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| Coupon: | 9.825% annualized rate, payable monthly if each stock closes at or above coupon barrier price on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par if each stock closes at or above final barrier price; otherwise, full exposure to losses of worst performer
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| Call: | Automatically at par if each stock closes at or above initial level on any monthly valuation date after three months
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| Initial share prices: | $40.94 for BofA, $409.26 for Goldman, $159.86 for JPMorgan, $104.40 for Morgan Stanley and $45.76 for Wells
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| Coupon barrier prices: | $28.658 for BofA, $286.482 for Goldman, $111.902 for JPMorgan, $73.080 for Morgan Stanley and $32.032 for Wells; 70% of initial share prices
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| Final barrier prices: | $28.658 for BofA, $286.482 for Goldman, $111.902 for JPMorgan, $73.080 for Morgan Stanley and $32.032 for Wells; 70% of initial share prices
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| Pricing date: | Sept. 14
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| Settlement date: | Sept. 17
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.2%
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| Cusip: | 17329QP87
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