Published on 8/24/2022 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $4.1 million contingent coupon autocalls on stock basket
By Kiku Steinfeld
Chicago, Aug. 24 – Citigroup Global Markets Holdings Inc. priced $4.1million of autocallable contingent coupon equity-linked securities due Oct. 23, 2024 linked to an equally weighted basket containing the stocks of Lucid Group, Inc., Blink Charging Co., Tesla, Inc. and ChargePoint Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Global Markets Inc.
The notes will pay a contingent monthly coupon at an annualized rate of 14% if the basket closes at or above its 70% coupon barrier on the related review date.
The notes will be called at par if the basket closes at or above its initial value on a monthly call date after six months.
The payout at maturity will be par unless the basket finishes below its 60% barrier level, in which case investors be fully exposed to the basket decline.
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 basket: | Blink Charging Co., Tesla, Inc., ChargePoint Holdings, Inc. and Lucid Group, Inc.; equal weights
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Amount: | $4.1 million
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Maturity: | Oct. 23, 2024
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Coupon: | 14% annualized, payable monthly if basket closes at or above coupon barrier on related review date
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Price: | Par
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Payout at maturity: | Par unless basket finishes below final barrier, in which case full exposure to basket decline
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Call: | At par if basket closes at or above its initial value on a monthly call date after six months
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Initial price: | $24.85 for Blink, $14.30 for ChargePoint, $39.21 for Lucid, $1,030.51 for Tesla
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Coupon barrier: | 70% of initial level
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Final barrier: | 60% of initial level
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Pricing date: | Jan. 18, 2022
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Settlement date: | Jan. 21, 2022
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 3.25%
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Cusip: | 17329UTU5
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