Published on 6/4/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $749,000 contingent coupon autocallable notes on three stocks
By Sarah Lizee
Olympia, Wash., June 4 – Citigroup Global Markets Holdings Inc. priced $749,000 of autocallable contingent coupon equity-linked securities due June 3, 2022 tied to the common of Nvidia Corp., American Airlines Group Inc. and Square, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 9.5% per year, payable monthly if each stock closes above its coupon barrier, 50% of its initial level, on the observation date for that period.
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 autocall date.
If the notes are not called and the final price of each stock is at least 50% of its initial price, the payout at maturity will be par. Otherwise, investors will receive a fixed number of underlying shares of the worst performing underlying on the final valuation date equal to its equity ratio, or 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 stocks: | Nvidia Corp., American Airlines Group Inc. and Square, Inc.
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Amount: | $749,000
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Maturity: | June 3, 2022
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Coupon: | 9.5%, payable monthly if stocks close above coupon barrier on observation date
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Price: | Par
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Payout at maturity: | Par if each stock’s final price is at least 50% of initial price; otherwise, a fixed number of underlying shares of the worst performing underlying on the final valuation date equal to its equity ratio, or the cash value of those shares
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Call: | At par plus interest if the worst-performing stock closes at or above initial price on any quarterly autocall date
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Initial prices: | $143.33 for Nvidia, $28.73 for American, $65.82 for Square
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Coupon barriers: | $71.665 for Nvidia, $14.365 for American, $32.910 for Square; 50% of initial levels
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Equity ratios: | 6.97691 for Nvidia, 34.80682 for American, 15.19295 for Square
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Pricing date: | May 28
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Settlement date: | May 31
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Agent: | Citigroup Global Markets Inc.
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Fees: | 3.25%
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Cusip: | 17324XNL0
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