Published on 12/2/2016 in the Prospect News Structured Products Daily.
New Issue: Citi prices $2 million contingent coupon autocallables on three stocks
By Susanna Moon
Chicago, Dec. 2 – Citigroup Global Markets Holdings Inc. priced $2.02 million autocallable contingent coupon equity linked securities due Dec. 3, 2018 based on the common stocks of Staples, Inc., International Business Machines Corp. and Merck & Co., 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 monthly coupon at an annualized rate of about 10% if each stock closes at or above its 50% barrier level on the valuation date for that month.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly redemption date beginning in February 2017.
The payout at maturity will be par plus the contingent coupon unless any stock finishes below its 50% barrier level, in which case investors will be fully exposed to any losses of the worst performing stock.
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: | Staples, Inc. (Symbol: SPLS), International Business Machines Corp. (Symbol: IBM), Merck & Co., Inc. (Symbol: MRK)
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| Amount: | $2,023,000
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| Maturity: | Dec. 3, 2018
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| Coupon: | 10% per year, payable monthly if each stock closes at or above barrier level on valuation date for that month
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| Price: | Par
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| Payout at maturity: | Par plus the contingent coupon unless any stock finishes below its 50% barrier level, in which case full exposure to any losses of the worst performing stock
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| Call: | At par plus contingent coupon if each stock closes at or above its initial level on any quarterly redemption date beginning February 2017
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| Initial levels: | $9.85 for Staples, $163.14 for IBM, $62.21 for Merck
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| Barrier levels: | $4.925 for Staples, $81.57 for IBM, $31.105 for Merck, 50% of initial levels
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| Pricing date: | Nov. 25
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| Settlement date: | Nov. 30
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.35%
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| Cusip: | 17324CCQ7
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