Published on 10/23/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $782,000 autocallable equity notes on three stocks
By Kiku Steinfeld
Chicago, Oct. 25 – Citigroup Global Markets Holdings Inc. priced $782,000 of 20.0524% autocallable equity-linked notes due Oct. 13, 2022 linked to the worst performing of the stocks of Affirm Holdings, Inc., Palantir Technologies Inc. and SoFi Technologies, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Interest is payable monthly.
After six months, if all three stocks close at or above their initial levels on any monthly potential autocall date, the notes will be automatically called at par plus the coupon due.
If the worst-performing stock finishes at or above its barrier level, 65% of initial level, the payout will be par.
If the worst-performing stock finishes below its barrier level, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
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 equity-linked securities
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| Underlying stocks: | Affirm Holdings, Inc., Palantir Technologies Inc. and SoFi Technologies, Inc.
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| Amount: | $782,000
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| Maturity: | Oct. 13, 2022
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| Coupon: | 20.0524% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | If worst-performing stock finishes at or above barrier level, par; if worst-performing stock finishes below barrier level, number of shares of worst performer equal to $1,000 divided by that stock’s initial price or, at issuer’s option, cash equivalent
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| Call: | Automatically at par if all stocks close above their initial value on any monthly autocall date after three months
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| Initial levels: | $141.19 for Affirm, $23.50 for Palantir and $16.21 for SoFi
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| Barrier levels: | $91.774 for Affirm, $15.275 for Palantir and $10.537 for SoFi, 65% of initial levels
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| Equity ratios: | 7.08265 for Affirm, 42.55319 for Palantir and 61.69031 for SoFi
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| Pricing date: | Oct. 8
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| Settlement date: | Oct. 14
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.875%
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| Cusip: | 17328NC71
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