Published on 7/15/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.49 million contingent coupon autocalls tied to Advanced Micro, Cisco
By Wendy Van Sickle
Columbus, Ohio, July 15 – Citigroup Global Markets Holdings Inc. priced $1.49 million of autocallable contingent coupon equity-linked securities due Jan. 12, 2023 linked to the common stocks of Advanced Micro Devices, Inc. and Cisco Systems, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 16% per year if the laggard stock closes at or above its coupon barrier value, 65% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if each stock closes at or above 90% of its initial share price on any quarterly valuation date.
If the final share price is greater than or equal to the 65% barrier level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the laggard stock.
The notes will be 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: | Advanced Micro Devices, Inc. and Cisco Systems, Inc.
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| Amount: | $1,485,000
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| Maturity: | Jan. 12, 2023
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| Coupon: | 16% per year, payable each quarter if laggard 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 final share price of laggard stock is less than barrier level, in which case full exposure to loss of laggard stock
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| Call: | Automatically at par plus coupon if laggard stock closes at or above 90% of initial share price on any quarterly valuation date
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| Initial share prices: | $53.43 for Advanced Micro, $45.81 for Cisco
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| Coupon/final barriers: | $34.73 for Advanced Micro, $29.777 for Cisco, 65% of initial share prices
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| Autocall barrier values: | $48.087 for Advanced Micro, $41.229 for Cisco, 90% of initial share prices
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| Pricing date: | July 8
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| Settlement date: | July 13
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17328W3N6
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