Published on 1/24/2019 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.3 million contingent coupon autocalls on index, ETFs
By Sarah Lizee
Olympia, Wash., Jan. 24 – Citigroup Global Markets Holdings Inc. priced $1.3 million of autocallable contingent coupon equity-linked securities due Jan. 26, 2023 linked to the least performing of the Russell 2000 index, the iShares MSCI EAFE ETF and the SPDR S&P Oil & Gas Exploration & Production ETF, 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 9.45% if each asset closes at or above the 60% threshold on the observation date for that quarter.
The notes will be called at par if each asset closes at or above its initial level on any observation date beginning in January 2020 and ending in October 2022.
The payout at maturity will be par unless any asset finishes below its initial level and any asset closes below the 60% threshold during the life of the notes, in which case investors will be fully exposed to any decline of the worst performing asset.
Citigroup Global Markets Inc. is are the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Global Markets Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying assets: | Russell 2000 index, iShares MSCI EAFE ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $1.3 million
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| Maturity: | Jan. 26, 2023
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| Coupon: | 9.45% annualized, payable quarterly if each asset closes at or above 60% coupon barrier on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below its initial level and any asset closes below the 60% threshold during the life of the notes, in which case investors will be fully exposed to any decline of the worst performing asset
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| Call: | At par if each asset closes at or above its initial level on any observation date beginning in January 2020 and ending in October 2022
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| Initial levels: | 1,457.454 for Russell, $30.29 for oil ETF, $61.12 for EAFE ETF
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| Coupon barriers: | 874.472 for Russell, $18.174 for oil ETF, $36.672 for EAFE ETF, $26.416 for Emerging Markets, 60% of initial levels
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| Trigger levels: | 874.472 for Russell, $18.174 for oil ETF, $36.672 for EAFE ETF, $26.416 for Emerging Markets, 60% of initial levels
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| Pricing date: | Jan. 22
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| Settlement date: | Jan. 25
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.975%
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| Cusip: | 17326YQB5
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