Published on 6/24/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $890,000 autocallable equity-linked notes on three stocks
By Kiku Steinfeld
Chicago, June 24 – Citigroup Global Markets Holdings Inc. priced $890,000 of autocallable equity-linked securities due June 21, 2022 tied to Chevron Corp., JPMorgan Chase & Co. and RH, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 18.3% per year, payable monthly.
Beginning Sept. 16, the notes will be automatically redeemed at par plus interest if the worst-performing stock closes at or above its initial price on any monthly observation date.
If the notes are not called and the final price of each stock is at least 60% of its initial price, the payout at maturity will be par. Otherwise, the payout will be the final share price of the worst-performing stock multiplied by its equity ratio, $1,000 divided by the initial share price.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable equity-linked securities
|
| Underlying stocks: | Chevron Corp., JPMorgan Chase & Co. and RH
|
| Amount: | $890,000
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| Maturity: | June 21, 2022
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| Coupon: | 18.3% per year, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if each stock’s final price is at least 60% of initial price; otherwise, final share price of the worst-performing stock multiplied by its equity ratio
|
| Call: | Beginning Sept. 16, automatically redeemed at par plus interest if the worst-performing stock closes at or above its initial price on any monthly observation date
|
| Initial prices: | $94.03 for Chevron, $102.06 for JPMorgan & Chase, $254.90 for RH
|
| Downside thresholds: | $56.418 for Chevron, $61.236 for JPMorgan & Chase, $152.940 for RH; 60% of initial prices
|
| Equity ratios: | 10.63490 for Chevron, 9.79816 for JPMorgan & Chase, 3.92311 for RH
|
| Pricing date: | June 16
|
| Settlement date: | June 19
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 2.875%
|
| Cusip: | 17324XZW3
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