By Taylor Fox
New York, March 30 – Citigroup Global Markets Holdings Inc. priced $1 million of autocallable contingent coupon equity-linked securities due March 21, 2024 linked to the worst performing of the stocks of Snowflake Inc., Lemonade, Inc. and Zoom Video Communications, 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 annualized rate of 29.75% if the worst performing stock closes at or above the barrier price, 60% of the initial price, on the valuation date for that period.
Beginning Sept. 20, 2021, the notes will be automatically called at par plus the contingent coupon if the shares of each stock closes at or above 60% of the initial share prices on any quarterly valuation date.
If the notes are not called, the payout at maturity will be par plus any coupon due unless the worst performer finishes below its 60% final barrier value, in which case investors will be 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: | Snowflake Inc., Lemonade, Inc. and Zoom Video Communications, Inc.
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| Amount: | $1 million
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| Maturity: | March 21, 2024
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| Coupon: | 29.75% per year, payable monthly if worst performing stock is greater than or equal to coupon barrier price on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus any coupon due unless worst performer finishes below final barrier value, in which case exposure to losses of worst performer
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| Call: | Beginning Sept. 20, 2021, at par plus contingent coupon if each stock’s closing share price is greater than or equal to initial share price on any quarterly valuation date
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| Initial share prices: | $216.70 for Snowflake, $96.25 for Lemonade and $316.32 for Zoom
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| Coupon barrier levels: | $130.02 for Snowflake, $57.75 for Lemonade and $189.792 for Zoom, 60% of initial share prices
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| Final barrier levels: | $130.02 for Snowflake, $57.75 for Lemonade and $189.792 for Zoom, 60% of initial share prices
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| Pricing date: | March 18
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| Settlement date: | March 23
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.75%
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| Cusip: | 17329FC85
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