Published on 5/2/2017 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $48.3 million trigger autocallable contingent yield note on indexes
By Wendy Van Sickle
Columbus, Ohio, May 2 – Citigroup Global Markets Holdings Inc. priced $48.3 million of 0% trigger autocallable contingent yield notes due April 30, 2027 linked to the S&P 500 index and the Euro Stoxx 50 index, 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 at an annual rate of 7% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date beginning on April 26, 2018.
The payout at maturity will be par plus the final coupon, if any, unless either index finishes below the downside threshold level, 50% of its initial level, in which case investors will lose 1% for every 1% loss of the worse performing index.
Citigroup Global Markets Inc. and UBS Financial Services Inc. are the agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | Euro Stoxx 50, S&P 500
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| Amount: | $48,303,530
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| Maturity: | April 30, 2027
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| Coupon: | 7%, payable quarterly if each index closes at or above coupon barrier on quarterly observation date
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| Price: | Par of $10
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| Call: | At par if each index closes at or above its initial level on any quarterly observation date after one year
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| Payout at maturity: | Par plus final coupon unless either index finishes below downside threshold level, in which case 1% loss for every 1% decline of the worse performing index
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| Initial levels: | 2,387.45 for S&P, 3,578.71 for Stoxx
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| Coupon barriers: | 1,671.215 for S&P, 2,505.097 for Stoxx; 70% of initial levels
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| Downside thresholds: | 1,193.725 for S&P, 1,789.355 for Stoxx; 50% of initial levels
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| Pricing date: | April 26
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| Settlement date: | April 28
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| Underwriters: | UBS Financial Services Inc. and Citigroup Global Markets Inc
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| Fees: | 3.5%
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| Cusip: | 17325E861
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