Published on 10/28/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.46 million autocallable contingent coupon equity notes on three stocks
By Taylor Fox
New York, Oct. 28 – Citigroup Global Markets Holdings Inc. priced $1.46 million of autocallable contingent coupon equity-linked securities due Oct. 4, 2023 linked to the common stocks of Amazon.com, Inc., Facebook, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annualized rate of 28.75% if the worst performing stock closes at or above the barrier price, 80% of the initial price, on the valuation date for that period.
The notes will be automatically called at par plus the contingent coupon if the shares of each stock close at or above the initial share prices on any valuation date after six months.
If the notes are not called, the payout at maturity will be par unless the worst performing stock finish below the 80% final barrier level, in which case investors will be fully exposed to the losses of the worst performer.
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., Facebook, Inc. and Netflix, Inc.
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| Amount: | $1,462,000
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| Maturity: | Oct. 4, 2023
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| Coupon: | 28.75% per year, payable quarterly if worst performing stock is greater than or equal to barrier price on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless at least one stock finish below final barrier level, in which case, full exposure to losses of worst performer
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| Call: | At par plus contingent coupon if closing share price is greater than or equal to initial share price on any quarterly valuation date after six months
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| Initial share prices: | $3,144.88 for Amazon, $261.79 for Facebook and $493.48 for Netflix
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| Coupon barrier levels: | $2,515.904 for Amazon, $209.432 for Facebook and $394.784 for Netflix, 80% of initial share price
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| Barrier prices: | $2,515.904 for Amazon, $209.432 for Facebook and $394.784 for Netflix, 80% of initial share price
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| Pricing date: | Sept. 29
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| Settlement date: | Oct. 2
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17328WUR7
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