Published on 5/31/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $800,000 autocallable contingent coupon equity notes on three bank stocks
Chicago, May 31 – Citigroup Global Markets Holdings Inc. priced $800,000 of autocallable contingent coupon equity-linked securities due May 17, 2023 linked to the worst performing of the stocks of Bank of America Corp., JPMorgan Chase & Co. and U.S. Bancorp, 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 7.3% 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 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 monthly autocall date after six months.
If the notes are not called and each stock finishes at or above its final barrier price, 85% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be exposed to the losses of the worst performer beyond the 15% buffer.
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., JPMorgan Chase & Co. and U.S. Bancorp
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| Amount: | $800,000
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| Maturity: | May 17, 2023
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| Coupon: | 7.3% annualized rate, payable monthly if each stock closes at or above coupon barrier price on valuation date for that period; previously unpaid coupons will also be paid
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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, exposure to losses of worst performer beyond buffer
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| Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any monthly autocall date after six months
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| Initial share prices: | $46.91 for BofA, $166.86 for JPM, $60.50 for U.S. Bancorp
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| Coupon barrier prices: | $37.528 for BofA, $133.488 for JPM, $48.4 for U.S. Bancorp; 80% of initial share prices
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| Final barrier prices: | $39.874 for BofA, $141.831 for JPM, $51.425 for U.S. Bancorp; 85% of initial share prices
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| Pricing date: | Nov. 12, 2021
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| Settlement date: | Nov. 17, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.55%
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| Cusip: | 17329UFE6
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