Published on 5/1/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.22 million 8% single observation ELKS on Netflix
By Wendy Van Sickle
Columbus, Ohio, May 1 – Citigroup Inc. priced $1.22 million of 8% single observation Equity LinKed Securities due April 30, 2020 linked to Netflix, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par in cash unless the stock finishes below the downside threshold level, 68% of the initial share price, in which case the payout will be a number of Netflix shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Inc.
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Issue: | Single observation Equity LinKed Securities
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Underlying stock: | Netflix, Inc. (Nasdaq: NFLX)
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Amount: | $1,221,000
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Maturity: | April 30, 2020
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Coupon: | 8%, payable monthly
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Price: | Par
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Payout at maturity: | If stock finishes below downside threshold price, 2.71496 Netflix shares; otherwise, par in cash
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Initial level: | $368.33
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Downside threshold: | $250.464, 68% of initial price
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Pricing date: | April 25
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Settlement date: | April 30
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.25%
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Cusip: | 17324XMU1
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