Published on 6/17/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $10 million step-down trigger autocalls on two stocks, index
By Wendy Van Sickle
Columbus, Ohio, June 17 – Citigroup Global Markets Holdings Inc. priced $10 million of 0% step-down trigger autocallable notes due June 13, 2023 linked to the Euro Stoxx Banks index and the common stocks of Amazon.com, Inc. and Starbucks Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
After one year, the notes will be automatically called at par of $10 plus 16.4% per year if each asset closes at or above its initial level on any annual observation date, except the final one when the call threshold will be the 60% downside threshold level.
If the notes are not subject to an automatic call, that means the final level of at least one asset will be less than its downside threshold, 60% of its initial level, and investors will be exposed to the decline of the lesser-performing asset from its initial level.
UBS Financial Services Inc. and Citigroup Global Markets Inc. the agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Step-down trigger autocallable notes
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| Underlying indexes: | Euro Stoxx Banks index, Amazon.com, Inc. and Starbucks Corp.
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| Amount: | $10 million
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| Maturity: | June 13, 2023
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| Coupon: | 0%
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| Price: | Par of $10
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| Call: | After one year, at par plus 16.4% per year if each asset closes at or above its initial level on any annual observation date except the final one, when the call level will be the downside threshold
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| Payout at maturity: | Full exposure to decline of lesser-performing asset from initial level
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| Initial levels: | 70.45 for Euro Stoxx Banks, $2,534.06 for Amazon, $83.56 for Starbucks
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| Downside thresholds: | 42.27 for Euro Stoxx Banks, $1,514.44 for Amazon, $50.14 for Starbucks, 60% of initial levels
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| Pricing date: | June 9
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| Settlement date: | June 12
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| Agents: | UBS Financial Services Inc. and Citigroup Global Markets Inc.
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| Fees: | 0.9%
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| Cusip: | 17327Y642
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