Published on 8/20/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $2.62 million contingent coupon autocallables on two stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 20 – Citigroup Global Markets Holdings Inc. priced $2.62 million of autocallable contingent coupon equity-linked securities due Aug. 23, 2021 linked to the lesser performing of the common stocks of Amazon.com, Inc. and Target Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 10% per year if the lesser-performing stock closes at or above its coupon barrier value, 65% of its initial share price, on the valuation date for that quarter, plus any previously unpaid coupon.
The notes will be automatically called at par if the lesser-performing stock closes at or above its initial share price on any quarterly valuation date.
The payout at maturity will be par unless the lesser-performing stock finishes below its final barrier value, 65% of its initial share price, in which case investors will be exposed to the decline of the lesser-performing stock from its initial share price.
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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| Underlying stocks: | Amazon.com, Inc. and Target Corp.
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| Amount: | $2,615,000
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| Maturity: | Aug. 23, 2021
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| Coupon: | 10% per year, payable quarterly if lesser-performing stock closes at or above coupon barrier value on valuation date for that quarter, plus any previously unpaid coupon
|
| Price: | Par
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| Payout at maturity: | Par unless lesser-performing stock finishes below final barrier value, in which case investors will be exposed to lesser-performing stock’s decline from initial share price
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| Call: | Automatically at par if lesser-performing stock closes at or above initial value on any quarterly valuation date
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| Initial share prices: | $3,312.49 for Amazon, $136.90 for Target
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| Coupon barriers: | $2,153.119 for Amazon, $88.985 for Target, or 65% of initial share prices
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| Final barriers: | $2,153.119 for Amazon, $88.985 for Target, or 65% of initial share prices
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| Pricing date: | Aug. 18
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| Settlement date: | Aug. 21
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17324XV31
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