Published on 10/5/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $777,000 18.25% autocallable equity-linked securities on four stocks
By William Gullotti
Buffalo, N.Y., Oct. 5 – Citigroup Global Markets Holdings Inc. priced $777,000 of 18.25% autocallable equity-linked securities due July 22, 2022 tied to the stocks of Overstock.com, Inc., Roku, Inc., Shopify Inc. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
Interest is payable monthly.
The notes will be automatically redeemed at par plus the interest payment if each stock closes at or above the initial level on any monthly observation date after three months.
If each stock’s final level is greater than or equal to its final barrier value, 55% of initial value, the payout at maturity will be par plus the final interest payment.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial value or the cash equivalent at the issuer’s option.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable equity-linked securities
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| Underlying stocks: | Overstock.com, Inc., Roku, Inc., Shopify Inc., Tesla, Inc.
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| Amount: | $777,000
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| Maturity: | July 22, 2022
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| Coupon: | 18.25%, payable monthly
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| Price: | Par
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| Payout at maturity: | If each stock’s final level is greater than or equal to its final barrier value, par plus final coupon; otherwise, investors will receive a number of shares equal to the worst performer’s equity ratio or the cash equivalent at the issuer’s option
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| Call: | At par plus coupon if each stock closes at or above its initial level on any monthly observation date after three months
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| Initial values: | $81.41 for Overstock, $407.70 for Roku, $1,472.01 for Shopify, $646.22 for Tesla
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| Final barrier values: | $44.776 for Overstock, $224.235 for Roku, $809.606 for Shopify, $355.421 for Tesla; 55% of initial values
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| Equity ratio: | 12.2835 for Overstock, 2.45278 for Roku, 0.67934 for Shopify, 1.54746 for Tesla; share delivery per security
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| Pricing date: | July 19
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| Settlement date: | July 22
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2.875%
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| Cusip: | 17328NUV8
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