Published on 6/8/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $300,000 autocallable equity-linked securities on ETFs
By Kiku Steinfeld
Chicago, June 8 – Citigroup Global Markets Holdings Inc. priced $300,000 of autocallable equity-linked securities due June 3, 2021 tied to shares of SPDR S&P 500 ETF trust, Industrial Select Sector SPDR fund and Invesco QQQ Trust, series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 9.65% per year, payable quarterly.
The notes will be automatically redeemed at par plus interest if the worst-performing stock closes at or above its initial price on any quarterly observation date.
If the notes are not called and the final price each stock is at least 75% of its initial price, the payout at maturity will be par. Otherwise, the payout will be the final share price of the worst-performing stock multiplied by its equity ratio, $1,000 divided by the initial share price.
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 equity-linked securities
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| Underlying stocks: | SPDR S&P 500 ETF trust, Industrial Select Sector SPDR fund and Invesco QQQ Trust, series 1
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| Amount: | $300,000
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| Maturity: | June 3, 2021
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| Coupon: | 9.65%, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par if each stock’s final price is at least 75% of initial price; otherwise, exposure to the decline of the worst performing stock
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| Call: | At par plus interest if the worst-performing stock closes at or above initial price on any quarterly observation date
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| Initial prices: | $63.84 for Industrial Select, $229.66 for Invesco, $295.44 for ETF trust
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| Downside thresholds: | $47.880 for Industrial Select, $172.245 for Invesco, $221.580 for ETF trust; 75% of initial prices
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| Equity ratios: | 15.66416 for Industrial Select, 4.35426 for Invesco, 3.38478 for ETF trust
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| Pricing date: | May 26
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| Settlement date: | June 2
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2.25%
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| Cusip: | 17324XZN3
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