Published on 3/20/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $500,000 autocallable contingent coupon notes on four stocks
By Kiku Steinfeld
Chicago, March 20 – Citigroup Global Markets Holdings Inc. priced $500,000 of autocallable contingent coupon equity-linked securities due March 7, 2022 linked to the worst performing of the common stocks of Alphabet Inc., Comcast Corp., NIKE, Inc. and UnitedHealth Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent monthly coupon at an annual rate of 15.75% if all stocks close at or above the coupon barrier level, 55% of their initial levels, on the valuation date for that month.
The notes will be called at par plus the contingent coupon if all stocks close at or above their initial share prices on any monthly valuation date after six months.
The payout at maturity will be par plus the contingent coupon, unless any stock finishes below the 55% barrier value, in which case investors will be fully exposed to the loss of the worst performing stock.
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 stocks: | Alphabet Inc., Comcast Corp., NIKE, Inc. and UnitedHealth Group Inc.
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| Amount: | $500,000
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| Maturity: | March 7, 2022
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| Coupon: | 15.75% per year, payable monthly if all stocks close at or above coupon barrier level on valuation date for that month
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| Price: | Par
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| Payout at maturity: | If final price of each stock is greater than or equal to barrier level, par plus final coupon; otherwise, full exposure to losses of worst performing stock
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| Call: | At par plus contingent coupon if all stocks close at or above initial share price on any monthly valuation date after six months
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| Initial share prices: | $1,339.25 for Alphabet, $40.43 for Comcast, $89.38 for NIKE and $254.96 UnitedHealth
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| Coupon barrier levels: | $736.588 for Alphabet, $22.237 for Comcast, $49.159 for NIKE and $140.228 UnitedHealth, 55% of initial share prices
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| Final barrier levels: | $736.588 for Alphabet, $22.237 for Comcast, $49.159 for NIKE and $140.228 UnitedHealth, 55% of initial share prices
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| Pricing date: | March 2
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| Settlement date: | March 5
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.4%
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| Cusip: | 17328VFZ8
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