Published on 7/8/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1 million contingent coupon autocallable notes on stocks
By Wendy Van Sickle
Columbus, Ohio, July 7 – Citigroup Global Markets Holdings Inc. priced $1 million of autocallable contingent coupon equity-linked securities due July 3, 2023 tied to the worst performing of the common stocks of Amazon.com, Inc., Apple Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 15.5% 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: | Amazon.com, Inc., Apple Inc. and Netflix, Inc.
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Amount: | $1 million
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Maturity: | July 3, 2023
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Coupon: | 15.5%, payable quarterly if all 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: | $2,754.58 for Amazon, $364.84 for Apple, $465.91 for Netflix
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Coupon barrier levels: | $1,652.748 for Amazon, $218.904 for Apple, $279.546 for Netflix, 60% of initial levels
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Barrier levels: | $1,652.748 for Amazon, $218.904 for Apple, $279.546 for Netflix, 60% of initial levels
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Pricing date: | June 26
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Settlement date: | June 30
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2.2%
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Cusip: | 17324XJ27
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