Published on 6/21/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.2 million autocallable contingent coupon equity notes on four stocks
By Kiku Steinfeld
Chicago, June 21 – Citigroup Global Markets Holdings Inc. priced $1.2 million of autocallable contingent coupon equity linked securities due Nov. 27, 2024 linked to Meta Platforms, Inc., Palantir Technologies Inc., PayPal Holdings, Inc. and SoFi Technologies, Inc. shares, 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 annualized rate of 22.5% if each stock closes at or above the barrier price, 60% of the initial price, on the valuation date for that period.
The notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly redemption date.
If the notes are not called and the final share price of each stock is greater than or equal to the barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be fully exposed to the decline in the share price of the least performing stock, payable in shares of the laggard stock or cash at the option’s issuers.
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: | Meta Platforms, Inc., Palantir Technologies Inc., PayPal Holdings, Inc. and SoFi Technologies, Inc.
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| Amount: | $1,199,000
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| Maturity: | Nov. 27, 2024
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| Coupon: | 22.5% per year, payable quarterly if closing price of each stock is greater than or equal to barrier price on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier price, in which case full exposure to loss of least-performing stock, payable in shares of that stock or cash at the option’s issuers
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| Call: | At par plus contingent coupon if closing share price of each stock is greater than or equal to initial share price on any quarterly redemption date
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| Initial share prices: | $310.60 for Meta, $19.38 for Palantir, $179.32 for PayPal, $16.39 for SoFi
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| Barrier prices: | $186.360 for Meta, $11.628 for Palantir, $107.592 for PayPal, $9.834 for SoFi; 60% of initial share prices
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| Equity ratios: | 3.21958 for Meta, 51.59959 for Palantir, 5.57662 for PayPal, 61.01281 for SoFi
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| Pricing date: | Dec. 1, 2021
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| Settlement date: | Dec. 3, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17328NL48
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