Published on 5/31/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $950,000 contingent coupon autocallables on tech stocks
By Kiku Steinfeld
Chicago, June 1 – Citigroup Global Markets Holdings Inc. priced $950,000 of autocallable contingent coupon notes due May 30, 2023 linked to the least performing of the common stocks of Apple Inc., Amazon.com, Inc., Alphabet Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent semiannual coupon at an annual rate of 11% if each underlying stock closes at or above its 60% coupon barrier on the related semiannual observation date.
The notes will be called at par if each stock closes at or above 85% of its initial level on any semiannual call observation date.
The payout at maturity will be par plus the final coupon unless any underlier finishes below its 50% final barrier value, in which case investors will receive a fixed number of shares of the worst performing underlying equal to its equity ratio or, if the issuer prefers, the cash value of those shares. Each stock’s equity ratio is equal to $1,000 divided by its initial share price.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying stocks: | Apple Inc. (Symbol: AAPL), Amazon.com, Inc. (Symbol: AMZN), Alphabet Inc. (Symbol: GOOG), Microsoft Corp. (Symbol: MSFT)
|
| Amount: | $950,000
|
| Maturity: | May 30, 2023
|
| Coupon: | 11% annualized, payable semiannually if each stock closes at or above coupon barrier on related semiannual observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below final barrier, in which case a fixed number of shares of the worst performing underlying equal to its equity ratio or cash value
|
| Call: | At par if each stock closes at or above its call value on any semiannual call observation date
|
| Initial values: | $313.14 for Apple, $2,449.33 for Amazon, $1,374.40 for Alphabet, $183.63 for Microsoft
|
| Coupon barriers: | $187.884 for Apple, $1,469.598 for Amazon, $824.640 for Alphabet, $110.178 for Microsoft; 60% of initial values
|
| Final barrier values: | $156.570 for Apple, $1,224.665 for Amazon, $687.200 for Alphabet, $91.815 for Microsoft; 50% of initial values
|
| Call values: | $266.169 for Apple, $2,081.931 for Amazon, $1,168.24 for Alphabet, $156.086 for Microsoft; 85% of initial values
|
| Equity ratios: | 0.72759 for Alphabet, 0.40827 for Amazon, 3.19346 for Alphabet, 5.44573 for Microsoft
|
| Pricing date: | May 20
|
| Settlement date: | May 28
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.1%
|
| Cusip: | 17324XZH6
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
