Published on 2/9/2018 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $572,000 autocallable equity-linked notes tied to pharma stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 9 – Citigroup Global Markets Holdings Inc. priced $572,000 of autocallable equity-linked securities due Feb. 7, 2019 tied to the common stocks of Regeneron Pharmaceuticals, Inc., Gilead Sciences, Inc. and Incyte Corp. and the ordinary shares of Allergan plc, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 12.45% per year, payable monthly.
The notes will be automatically redeemed at par plus interest if the worst-performing stock closes at or above its initial price on any monthly observation date beginning in May 2018.
If the notes are not called and the final price each stock is at least 65% of its initial price, the payout at maturity will be par. Otherwise, the payout will be the final share price of the worst-performing stock multiplied by its equity ratio.
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 equity-linked securities
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| Underlying stocks: | Regeneron Pharmaceuticals, Inc., Gilead Sciences, Inc., Incyte Corp. and Allergan plc
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| Amount: | $572,000
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| Maturity: | Feb. 7, 2019
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| Coupon: | 12.45%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par if each stock’s final price is at least 65% of initial price; otherwise, final share price of the worst-performing stock multiplied by its equity ratio
|
| Call: | At par plus interest if the worst-performing stock closes at or above initial price on any monthly observation date beginning in May 2018
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| Initial prices: | $347.86 for Regeneron, $81.73 for Gilead, $172.51 for Allergan, $85.92 for Incyte
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| Downside thresholds: | $226.109 for Regeneron, $53.125 for Gilead, $112.132 for Allergan, $55.848 for Incyte 65% of initial prices
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| Equity ratios: | 2.87472 for Regeneron, 12.23541 for Gilead, 5.79677 for Allergan, 11.63873 for Incyte
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| Pricing date: | Feb. 2
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| Settlement date: | Feb. 7
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2.875%
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| Cusip: | 17324XDN7
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