Published on 5/19/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.04 million autocallable contingent coupon equity notes on three stocks
Chicago, April 19 – Citigroup Global Markets Holdings Inc. priced $1.04 million of autocallable contingent coupon equity-linked securities due Oct. 29, 2026 linked to the worst performing of the stocks of Atlassian Corp. plc, ServiceNow, Inc. and Twilio 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 quarterly coupon at an annual rate of 14% if each stock closes at or above its coupon barrier price, 75% 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 call barrier on any quarterly autocall date after six months. The barrier starts at 110% and then declines 1.5% each quarter.
If the notes are not called and each stock finishes at or above its final barrier price, 60% 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 stock.
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: | Atlassian Corp. plc, ServiceNow, Inc. and Twilio Inc.
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| Amount: | $1,042,000
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| Maturity: | Oct. 29, 2026
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| Coupon: | 14% annualized rate, payable quarterly 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 finishes at or above final barrier price; otherwise, investors 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 call barrier level on any quarterly valuation date after six months; autocall barrier starts at 110% and declines 1.5% each quarter
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| Initial share prices: | $424.52 for Atlassian, $676.71 for ServiceNow, $353.92 for Twilio
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| Coupon barrier prices: | $318.39 for Atlassian, $507.533 for ServiceNow, $265.44 for Twilio; 75% of initial share prices
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| Final barrier prices: | $254.712 for Atlassian, $406.026 for ServiceNow, $212.352 for Twilio; 60% of initial share prices
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| Pricing date: | Oct. 26, 2021
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| Settlement date: | Oct. 29, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.85%
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| Cusip: | 17329UJD4
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