Published on 3/20/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $250,000 contingent coupon autocallables on three stocks
By Wendy Van Sickle
Columbus, Ohio, March 20 – Citigroup Global Markets Holdings Inc. priced $250,000 of autocallable contingent coupon equity-linked securities due March 7, 2022 linked to the least performing of the common stocks of Bank of America Corp., JPMorgan Chase & Co. and Morgan Stanley, according to a 424B2 filing with the Securities and Exchange Commission.
Each six months, the notes pay a contingent coupon at the rate of 33.25% per year if the least-performing stock closes at or above its coupon barrier value, 75% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par if the least-performing stock closes at or above its initial price on Sept. 10, 2020 or March 10, 2021.
The payout at maturity will be par unless the least-performing stock finishes below its final barrier value, 75% of its initial share price, in which case investors will have full exposure to loss of least-performing stock.
The notes are guaranteed by Citigroup Inc.
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: | Bank of America Corp., JPMorgan Chase & Co. and Morgan Stanley
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| Amount: | $250,000
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| Maturity: | March 7, 2022
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| Coupon: | 33.25% per year, payable each six months if least-performing stock closes at or above coupon barrier value on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless least-performing stock finishes below final barrier value, in which case full exposure to loss of least-performing stock
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| Call: | Automatically at par if least-performing stock closes at or above initial share price on any quarterly valuation date on | Sept. 10, 2020 or March 10, 2021
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| Initial share prices: | $21.93 for BofA, $93.44 for JPMorgan, $45.03 for Morgan Stanley
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| Coupon barriers: | $16.448 for BofA, $70.08 for JPMorgan, $28.125 for Morgan Stanley, or 75% of initial share prices
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| Barrier values: | $16.448 for BofA, $70.08 for JPMorgan, $28.125 for Morgan Stanley, or 75% of initial share prices
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| Strike date: | March 9
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| Pricing date: | March 10
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| Settlement date: | March 13
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.3%
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| Cusip: | 17328V4G2
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