Published on 7/5/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.32 million contingent coupon autocallable notes on two stocks
By Sarah Lizee
Olympia, Wash., July 5 – Citigroup Global Markets Holdings Inc. priced $1.32 million of autocallable contingent coupon equity-linked securities due July 2, 2020 tied to the common stocks of Alphabet Inc. and Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 9% per year, payable quarterly if each stock closes above its coupon barrier, 75% of its initial level, on the observation date for that period.
The notes will be automatically redeemed at par plus interest if the worst-performing stock closes at or above its initial price on any quarterly autocall date.
If the notes are not called and the final price each stock is at least 75% of its initial price, the payout at maturity will be par. Otherwise, investors will receive a fixed number of underlying shares of the worst performing underlying on the final valuation date equal to 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 contingent coupon equity-linked securities
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Underlying stocks: | Alphabet Inc. and Amazon.com, Inc.
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Amount: | $1,315,000
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Maturity: | July 2, 2020
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Coupon: | 9%, payable quarterly if stocks close above coupon barrier on observation date
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Price: | Par of $5,000
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Payout at maturity: | Par if each stock’s final price is at least 75% of initial price; otherwise, investors will receive a fixed number of underlying shares of the worst performing underlying on the final valuation date equal to its equity ratio
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Call: | At par plus interest if the worst-performing stock closes at or above initial price on any quarterly autocall date
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Initial prices: | $1,076.63 for Alphabet, $1,904.28 for Amazon
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Coupon barriers: | $807.473 for Alphabet, $1,428.210 for Amazon; 75% of initial prices
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Final barriers: | $807.473 for Alphabet, $1,428.210 for Amazon; 75% of initial prices
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Equity ratios: | 4.64412 for Alphabet, 2.62566 for Amazon
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Pricing date: | June 27
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Settlement date: | July 2
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Agent: | Citigroup Global Markets Inc.
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Fees: | 1%
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Cusip: | 17324XPK0
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