Published on 6/13/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.86 million autocallable contingent coupon notes on stocks
By Kiku Steinfeld
Chicago, June 13 – Citigroup Global Markets Holdings Inc. priced $1.86 million of autocallable contingent coupon equity-linked securities due May 26, 2022 linked to the worst performing of the common stocks of Procter & Gamble Co., United Continental Holdings, Inc., Caterpillar, Inc., and Norwegian Cruise Line Holdings Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent monthly coupon at an annual rate of 12.5% if all stocks close at or above the coupon barrier level, 55% of their initial levels, on the valuation date for that month.
The notes will be called at par plus the contingent coupon if all stocks close at or above their 95% autocall values on any quarterly valuation date from November to February 2022.
The payout at maturity will be par plus the contingent coupon, unless any stock finishes below the 55% barrier value, in which case investors will be fully exposed to the loss of the worst performing stock.
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 contingent coupon equity-linked securities
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| Underlying stocks: | Procter & Gamble Co., United Continental Holdings, Inc., Caterpillar, Inc., and Norwegian Cruise Line Holdings Ltd.
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| Amount: | $1,855,000
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| Maturity: | May 26, 2022
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| Coupon: | 12.5% per year, payable monthly if all stocks close at or above coupon barrier level on the valuation date for month
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| Price: | Par
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| Payout at maturity: | If final price of each stock is greater than or equal to barrier level, par plus final coupon; otherwise, full exposure to losses of worst performing stock
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| Call: | At par plus contingent coupon if all stocks close at or above autocall values on any quarterly valuation date from November to February 2022
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| Initial share prices: | $106.76 for Procter & Gamble, $80.91 for United Continental, $122.26 for Caterpillar and $55.55 for Norwegian Cruise Lines
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| Coupon barrier levels: | $58.718 for Procter & Gamble, $44.501 for United Continental, $67.243 for Caterpillar and $30.553 for Norwegian Cruise Lines, 55 % of initial share prices
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| Final barrier levels: | $58.718 for Procter & Gamble, $44.501 for United Continental, $67.243 for Caterpillar and $30.553 for Norwegian Cruise Lines, 55 % of initial share prices
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| Autocall values: | $101.422 for Procter & Gamble, $76.865 for United Continental, $116.147 for Caterpillar and $52.773 for Norwegian Cruise Lines, 95% of initial share prices
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| Pricing date: | May 23
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| Settlement date: | May 26
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.3%
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| Cusip: | 17326YTN6
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