Published on 3/29/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $465,000 contingent coupon autocallables on Home Depot, Lowe’s
Chicago, March 30 – Citigroup Global Markets Holdings Inc. priced $465,000 of autocallable contingent coupon equity-linked securities due March 24, 2021 linked to the least performing of the common stocks of Home Depot, Inc. and Lowe’s Cos., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 20% per year if the least-performing stock closes at or above its coupon barrier value, 40% 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 any quarterly valuation date.
The payout at maturity will be par unless the least-performing stock finishes below its final barrier value, 40% of its initial share price, in which case 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 at the issuer’s election.
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: | Home Depot, Inc. and Lowe’s Cos., Inc.
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| Amount: | $465,000
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| Maturity: | March 24, 2021
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| Coupon: | 20% per year, payable each quarter 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
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| Initial share prices: | $161.13 for Home Depot, $69.87 for Lowe’s
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| Coupon barriers: | $64.452 for Home Depot, $27.948 for Lowe’s, or 40% of initial share prices
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| Barrier values: | $64.452 for Home Depot, $27.948 for Lowe’s, or 40% of initial share prices
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| Equity ratios: | 6.20617 for Home Depot, 14.31229 for Lowe’s
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| Pricing date: | March 19
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| Settlement date: | March 24
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17324XA59
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