Published on 11/7/2018 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $339,000 autocallables on SDPR Dow ETF, Invesco QQQ
By Marisa Wong
Morgantown, W.Va., Nov. 7 – Citigroup Global Markets Holdings Inc. priced $339,000 of 0% autocallable securities due Nov. 5, 2021 linked to the worst performing of the SPDR Dow Jones Industrial Average ETF Trust and the Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
After one year, if each ETF closes at or above its initial value on any quarterly valuation date prior to the final valuation date, the notes will be called at par plus a premium of 7.5% per year.
If the notes are not called and each ETF finishes at or above 77% of its initial value, the payout will be par plus 22.5%.
If the worst performing ETF finishes below its 77% trigger value, investors will receive a number of shares of the worst performing ETF equal to $1,000 divided by that ETF’s initial value or, at the issuer’s option, the cash value of those shares.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable securities
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| Underlying ETFs: | SPDR Dow Jones Industrial Average ETF Trust and the Invesco QQQ Trust, Series 1
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| Amount: | $339,000
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| Maturity: | Nov. 5, 2021
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each ETF finishes at or above its trigger value, par plus 22.5%; otherwise, a number of shares of the worst performing ETF equal to $1,000 divided by that ETF’s initial value or, at the issuer’s option, cash equivalent
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| Call: | Automatically at par plus annualized premium of 7.5% if each ETF closes at or above its initial value on any quarterly valuation date other than the final one, beginning Nov. 4, 2019
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| Initial values: | $244.47 for SPDR Dow, $163.23 for Invesco
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| Trigger values: | $188.242 for SPDR Dow, $125.687 for Invesco; 77% of initial values
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| Equity ratios: | 4.09048 for SPDR Dow, 6.12632 for Invesco
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| Pricing date: | Oct. 29
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| Settlement date: | Nov. 1
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17324XDZ0
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