Published on 5/16/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $665,000 autocallable contingent coupon equity notes on four stocks
Chicago, May 16 – Citigroup Global Markets Holdings Inc. priced $665,000 of autocallable contingent coupon equity-linked securities due Oct. 11, 2024 linked to the worst performing of the stocks of DraftKings Inc., Las Vegas Sands Corp., Square, Inc. and Teladoc Health, Inc., 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 23% 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 plus the coupon if each stock closes at or above 90% of its initial share price on any quarterly valuation date.
If the notes are not called and each stock finishes at or above its final barrier price, 50% of its initial share price, the payout at maturity will be par plus the final coupon. 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: | DraftKings Inc., Las Vegas Sands Corp., Square, Inc. and Teladoc Health, Inc.
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| Amount: | $665,000
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| Maturity: | Oct. 11, 2024
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| Coupon: | 23% 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 plus final coupon if each stock finishes at or above final barrier price; otherwise, investors will be fully exposed to the losses of the worst performer
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| Call: | Automatically at par plus coupon if each stock closes at or above 90% of initial level on any quarterly valuation date
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| Initial share prices: | $47.91 for DraftKings, $38.22 for Las Vegas, $238.49 for Square, $131.55 for Teladoc
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| Coupon barrier values: | $28.746 for DraftKings, $22.932 for Las Vegas, $143.094 for Square, $78.93 for Teladoc; 60% of initial share prices
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| Final barrier prices: | $23.955 for DraftKings, $19.11 for Las Vegas, $119.245 for Square, $65.775 for Teladoc; 50% of initial share prices
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| Pricing date: | Oct. 8, 2021
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| Settlement date: | Oct. 14, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3%
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| Cusip: | 17329UJN2
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