Published on 10/30/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $10.04 million contingent coupon autocalls on Amazon
By Marisa Wong
Los Angeles, Oct. 30 – Citigroup Global Markets Holdings Inc. priced $10.04 million of autocallable contingent coupon equity-linked securities due Nov. 2, 2021 linked to Amazon.com Inc. shares, 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 quarterly coupon at an annualized rate of 12% if the stock closes at or above its 71% coupon barrier on the related quarterly review date, plus any previously unpaid coupon.
The notes will be called at par of $5,000 if the stock closes at or above its initial value on a quarterly call date.
The payout at maturity will be par unless the stock finishes below its 71% barrier level, in which case investors will receive 1.58089 Amazon.com shares per note or, at the issuer’s option, the cash 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 contingent coupon equity-linked securities
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| Underlying stock: | Amazon.com, Inc. (Symbol: AMZN)
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| Amount: | $10.04 million
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| Maturity: | Nov. 2, 2021
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| Coupon: | 12% annualized, payable quarterly if stock closes at or above coupon barrier on related quarterly review date, plus any previously unpaid coupons
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| Price: | Par of $5,000
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| Payout at maturity: | Par unless stock finishes below final barrier, in which case 1.58089 Amazon.com shares or, at the issuer’s option, the cash equivalent
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| Call: | At par if stock closes at or above its initial value on a quarterly call date
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| Initial price: | $3,162.78
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| Coupon barrier: | $2,245.574, 71% of initial price
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| Final barrier: | $2,245.574, 71% of initial price
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| Pricing date: | Oct. 28
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| Settlement date: | Nov. 2
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17324X4K3
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