By Kiku Steinfeld
Chicago, Oct. 4 – Citigroup Global Markets Holdings Inc. priced $4.58 million of memory coupon barrier step-down autocall securities due July 13, 2023 tied to the stocks of Expedia Group, Inc. and PayPal Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
The notes will pay a quarterly contingent coupon at an annualized rate of 12.25% if each stock closes at or above its coupon barrier, 70% of its initial level, on the related observation date, plus any previously unpaid coupon.
The notes will be called at par plus any coupon due if each stock closes at or above its autocall level on any quarterly observation date. The autocall level starts at 100% of the initial level and steps down to 90% after one year.
If the notes are not called and each stock finishes at or above its barrier level, 70% of the initial level, the payout will be par.
Otherwise, investors will receive shares of the least-performing stock or, at the issuer’s option, cash.
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: | Memory coupon barrier step-down autocall securities
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| Underlying stocks: | Expedia Group, Inc. and PayPal Holdings, Inc.
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| Amount: | $4,576,000
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| Maturity: | July 13, 2023
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| Coupon: | 12.25% annualized, payable quarterly if each stock closes above barrier level on observation date, plus any previously unpaid coupon
|
| Price: | Par
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| Payout at maturity: | If each stock finishes at or above barrier level, par; otherwise, shares of worst performing stock equal to equity ratio or cash at issuer’s option
|
| Call: | At par plus any coupon due if each stock closes at or above autocall level on any quarterly observation date; autocall level starts at 100% of initial level and steps down to 90% after one year
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| Initial levels: | $167.74 for Expedia, $300.21 for PayPal
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| Barriers: | $117.418 for Expedia, $210.147 for PayPal; 70% of initial levels
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| Equity ratios: | 5.96161 for Expedia, 3.33100 for PayPal
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| Pricing date: | July 9
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| Settlement date: | July 14
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17328NSS8
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