Published on 11/1/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.75 million autocallable contingent coupon equity notes on Amazon
By Taylor Fox
New York, Nov. 2 – Citigroup Global Markets Holdings Inc. priced $1.75 million of autocallable contingent coupon equity-linked securities due Oct. 13, 2021 linked to the common stock of Amazon.com, 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 plus any previously unpaid coupons at an annual rate of 10% if the stock closes at or above the coupon barrier price, 68% of the initial price, on the valuation date for that quarter.
The notes will be automatically called at par plus the coupon and any previously unpaid coupons if the stock closes at or above its initial price, on any quarterly potential autocall date.
If the notes are not called and the stock finishes at or above final barrier price, 68% of its initial level, the payout at maturity will be par plus the final coupon and any previously unpaid coupons. Otherwise, investors will receive shares of the stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent of those shares.
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 stock: | Amazon.com, Inc.
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| Amount: | $1,745,000
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| Maturity: | Oct. 13, 2021
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| Coupon: | 10% annualized rate, payable quarterly if each stock closes at or above coupon barrier price, on valuation date for that quarter; includes previously unpaid coupons
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| Price: | Par of $5,000
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| Payout at maturity: | Par plus contingent coupon if each stock closes at or above final barrier; otherwise, number of shares of the equal to the principal amount divided by initial share price or, at issuer’s option, cash equivalent
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| Call: | Automatically at par plus coupon if the stock closes at or above initial level on any quarterly valuation date
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| Initial level: | $3,195.69 for Amazon
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| Coupon barrier level: | $2,173.069 for Amazon, 68% of initial levels
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| Final barrier level: | $2,173.069 for Amazon, 68% of initial levels
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| Equity ratio: | 1.56461 for Amazon
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| Pricing date: | Oct. 7
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| Settlement date: | Oct. 13
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17324X3A6
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