Published on 5/26/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.55 million contingent coupon autocallables linked to Dow, VanEck
By Kiku Steinfeld
Chicago, May 26 – Citigroup Global Markets Holdings Inc. priced $1.55 million of autocallable contingent coupon equity-linked securities due Nov. 18, 2027 linked to the least performing of the Dow Jones industrial average and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 10% per year if the least-performing underlier closes at or above its coupon barrier value, 70% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if the least-performing underlier closes at or above its initial level on any quarterly autocall date after a year.
The payout at maturity will be par unless the least-performing underlier finishes below its final buffer value, 70% of its initial level, in which case investors will lose 1% for every 1% that the least-performing underlier declines beyond 30%.
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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| Underliers: | Dow Jones industrial average, VanEck Vectors Gold Miners ETF
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| Amount: | $1,552,000
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| Maturity: | Nov. 18, 2027
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| Coupon: | 10% per year, payable monthly if least-performing underlier 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 underlier finishes below final barrier value, in which case 1% loss for every 1% that least-performing underlier declines beyond 30%
|
| Call: | Automatically at par plus the coupon if the least-performing underlier closes at or above its initial level on any quarterly autocall date after one year
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| Initial levels: | 23,685.42 for Dow, $36.57 for ETF
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| Coupon barriers: | 16,579.794 for Dow, $25.599 for ETF, 70% of initial levels
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| Final buffers: | 16,579.794 for Dow, $25.599 for ETF, 70% of initial levels
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| Pricing date: | May 15
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| Settlement date: | May 20
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.75%
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| Cusip: | 17328VJX9
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