Published on 1/28/2016 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.52 million contingent coupon autocallables linked to Apple
By Tali Rackner
Norfolk, Va., Jan. 28 – Citigroup Inc. priced $1.52 million of autocallable contingent coupon equity-linked securities due Jan. 25, 2018 linked to the common stock of Apple, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.25% if Apple stock closes at or above the coupon barrier level, 80% of the initial price, on the valuation date for that quarter.
The notes will be called at par plus the contingent coupon if Apple shares close at or above the initial share price on any quarterly valuation date beginning Jan. 23, 2017.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below the 80% barrier price, in which case investors receive a number of Apple shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stock: | Apple Inc. (Nasdaq: AAPL)
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| Amount: | $1,518,000
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| Maturity: | Jan. 25, 2018
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| Coupon: | 8.25% per year, payable quarterly if Apple stock closes at or above barrier price on valuation date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | If final share price is greater than or equal to barrier price, par plus contingent coupon; otherwise, 9.85999 Apple shares or, at issuer's option, amount in cash equal to value of those shares
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| Call: | Beginning Jan. 23, 2017, automatically at par plus contingent coupon if Apple shares close at or above initial share price on any quarterly valuation date other than final one
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| Initial share price: | $101.42
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| Barrier price: | $81.136, 80% of initial share price
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| Pricing date: | Jan. 22
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| Settlement date: | Jan. 27
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17298C5R5
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