Published on 7/7/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $891,000 contingent coupon autocallable notes on stocks
By Wendy Van Sickle
Columbus, Ohio, July 7 – Citigroup Global Markets Holdings Inc. priced $891,000 of autocallable contingent coupon equity-linked securities due June 28, 2023 tied to the worst performing of the common stocks of Las Vegas Sands Corp., Marriott International, Inc., Netflix, Inc. and Walt Disney Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 23.25% per year, payable quarterly if each asset closes above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be automatically redeemed at par if the worst-performing asset closes at or above its initial level on any quarterly autocall date.
If the notes are not called and each asset closes at or above its 60% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the loss of the least performing asset.
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 assets: | Las Vegas Sands Corp., Marriott International, Inc., Netflix, Inc. and Walt Disney Co.
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| Amount: | $891,000
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| Maturity: | June 28, 2023
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| Coupon: | 23.25%, payable quarterly if assets close above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par if each asset closes at or above barrier level; otherwise, full exposure to loss of least performing asset
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| Call: | At par if worst-performing asset closes at or above initial level on any quarterly autocall date
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| Initial stock levels: | $43.33 for Las Vegas, $80.94 for Marriott, $443.40 for Netflix, $109.10 for Disney
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| Coupon barrier levels: | $25.998 for Las Vegas, $48.564 for Marriott, $266.04 for Netflix, $65.46 for Disney, 60% of initial levels
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| Barrier levels: | $25.998 for Las Vegas, $48.564 for Marriott, $266.04 for Netflix, $65.46 for Disney, 60% of initial levels
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| Pricing date: | June 25
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| Settlement date: | June 30
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17324XM31
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