Published on 3/14/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2.32 million contingent coupon autocalls on three stocks
By Marisa Wong
Morgantown, W.Va., March 14 – Citigroup Global Markets Holdings Inc. priced $2.32 million of autocallable contingent coupon equity linked securities due March 4, 2021 linked to the worst performing of the shares of Chipotle Mexican Grill, Inc., Netflix, Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Global Markets Inc.
Each quarter, the notes will pay a contingent coupon at an annual rate of 15.6% if each stock closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes are called at par if each stock closes at or above its initial level on any quarterly determination date after six months.
The payout at maturity will be par plus the contingent coupon unless any stock finishes below its 60% barrier level, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, the cash value of those shares.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Global Markets Inc.
|
| Issue: | Autocallable contingent coupon equity linked securities
|
| Underlying stocks: | Chipotle Mexican Grill, Inc. (Symbol: CMG), Netflix, Inc. (Symbol: NFLX) and Microsoft Corp. (Symbol: MSFT)
|
| Amount: | $2,324,000
|
| Maturity: | March 4, 2021
|
| Coupon: | 15.6% annualized, payable each quarter that each stock closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus the contingent coupon unless any stock finishes below its final barrier value, in which case a number of shares of the worst performing stock equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, the cash value of those shares
|
| Call: | At par if each stock closes at or above its initial price on any quarterly determination date after six months
|
| Initial prices: | $607.53 for Chipotle, $358.10 for Netflix, $112.03 for Microsoft
|
| Coupon barriers: | $364.518 for Chipotle, $214.860 for Netflix, $67.218 for Microsoft; 60% of initial prices
|
| Final barrier values: | $364.518 for Chipotle, $214.860 for Netflix, $67.218 for Microsoft; 60% of initial prices
|
| Equity ratios: | 1.64601 for Chipotle, 2.79252 for Netflix, 8.92618 for Microsoft
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 5
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 2%
|
| Cusip: | 17326YKG0
|
|
|
© 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.
