Published on 5/28/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $751,000 autocallable contingent coupon equity notes on three stocks
By Kiku Steinfeld
Chicago, May 31 – Citigroup Global Markets Holdings Inc. priced $751,000 of autocallable contingent coupon equity-linked securities due Nov. 1, 2024 linked to the worst performing of the stocks of Boston Beer Co., Inc., Shake Shack Inc. and YETI Holdings, 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 11.5% 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 monthly autocall date after three months.
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 any 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: | Boston Beer Co., Inc., Shake Shack Inc. and YETI Holdings, Inc.
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| Amount: | $751,000
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| Maturity: | Nov. 1, 2024
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| Coupon: | 11.5% 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 any contingent coupon if each stock closes at or above final barrier price; otherwise, full exposure to losses of worst performer
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| Call: | Automatically at par plus coupon if each stock closes at or above 90% of its initial level on any monthly autocall date after three months
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| Initial share prices: | $492.48 for Boston Beer, $69.17 for Shake Shack, $98.33 for YETI
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| Coupon barrier prices: | $295.488 for Boston Beer, $41.502 for Shake Shack, $58.998 for YETI; 60% of initial share prices
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| Final barrier prices: | $246.24 for Boston Beer, $34.585 for Shake Shack, $49.165 for YETI; 50% of initial share prices
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| Pricing date: | Oct. 29, 2021
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| Settlement date: | Nov. 3, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.75%
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| Cusip: | 17329U5C1
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