Published on 4/8/2016 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $2.34 million contingent coupon autocallables linked to Netflix
By Tali Rackner
Norfolk, Va., April 8 – Citigroup Inc. priced $2.34 million of autocallable contingent coupon equity-linked securities due April 4, 2018 linked to the common stock of Netflix, 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 18.2% if Netflix stock closes at or above the coupon barrier level, 80% of the initial level, on the valuation date for that quarter.
The notes will be called at par plus the contingent coupon if Netflix shares close at or above the initial share price on any quarterly valuation date beginning in March 2017.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below the 80% trigger level, in which case investors receive a number of Netflix 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: | Netflix, Inc. (Nasdaq: NFLX)
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| Amount: | $2,342,000
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| Maturity: | April 4, 2018
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| Coupon: | 18.2% per year, payable quarterly if Netflix 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, 9.60338 Netflix shares or, at issuer's option, amount in cash equal to value of those shares
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| Call: | Beginning March, 2017, automatically at par plus contingent coupon if Netflix shares close at or above initial share price on any quarterly valuation date other than final one
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| Initial share price: | $104.13
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| Barrier price: | $83.304, 80% of initial share price
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| Pricing date: | March 29
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| Settlement date: | April 1
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17298CD88
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