Published on 8/27/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $651,000 contingent coupon autocallables on three stocks
By Sarah Lizee
Olympia, Wash., Aug. 27 – Citigroup Global Markets Holdings Inc. priced $651,000 of autocallable contingent coupon equity-linked securities due Aug. 28, 2025 linked to the least performing of the common stocks of Fastly, Inc., SolarEdge Technologies, Inc. and Southwest Airlines Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at the rate of 26% per year if the least-performing stock closes at or above its coupon barrier value, 60% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if the least-performing stock closes at or above 90% of its initial price on any monthly autocall date after six months.
The payout at maturity will be par unless the least-performing stock finishes below its final barrier value, 50% of its initial share price, in which case investors will be exposed to the decline of the least performing stock.
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: | Fastly, Inc., SolarEdge Technologies, Inc. and Southwest Airlines Co.
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| Amount: | $651,000
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| Maturity: | Aug. 28, 2025
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| Coupon: | 26% per year, payable each month if least-performing 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 least-performing stock finishes below final barrier value, in which case investors will be exposed to the decline of the least performing stock
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| Call: | Automatically at par if least-performing stock closes at or above 90% of initial share price on any monthly valuation date after six months
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| Initial share prices: | $90.38 for Fastly, $213.16 for SolarEdge, $37.06 for Southwest
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| Coupon barriers: | $54.228 for Fastly, $127.896 for SolarEdge, $22.236 for Southwest, or 60% of initial share prices
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| Final barriers: | $45.19 for Fastly, $106.58 for SolarEdge, $18.53 for Southwest, or 50% of initial share prices
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| Pricing date: | Aug. 25
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| Settlement date: | Aug. 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.25%
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| Cusip: | 17328W7E2
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