Published on 8/26/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.05 million contingent coupon autocallables linked to China index, ETF
By Wendy Van Sickle
Columbus, Ohio, Aug. 26 – Citigroup Global Markets Holdings Inc. priced $1.05 million of autocallable contingent coupon equity-linked securities due Aug. 26, 2024 linked to the least performing of the Hang Seng China Enterprises index and the iShares China Large-Cap exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 7.6% per year if the least-performing underlier closes at or above its coupon barrier value, 85% of its initial share price, on the valuation date for that month.
Beginning in August 2020, the notes will be automatically called at par if the least-performing underlier closes at or above its initial level on any monthly observation date.
The payout at maturity will be par unless the least-performing underlier finishes below its final buffer value, 85% of its initial level, in which case investors will lose 1% for every 1% that the least-performing underlier declines by more than 15%.
The notes are guaranteed by Citigroup Inc.
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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| Underliers: | Hang Seng China Enterprises index, iShares China Large-Cap ETF
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| Amount: | $1.05 million
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| Maturity: | Aug. 26, 2024
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| Coupon: | 7.6% per year, payable monthly if least-performing underlier closes at or above coupon barrier value on valuation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless least-performing underlier finishes below final buffer value, in which case 1% loss for every 1% that least-performing underlier declines beyond buffer
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| Call: | Beginning in August 2020, automatically at par if least-performing share price closes at or above initial level on any monthly observation date
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| Initial levels: | 10,177.29 for index, $39.35 for ETF
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| Coupon barriers: | 8,650.697 for index, $33.448 for ETF, or 85% of initial levels
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| Final buffers: | 8,650.697 for index, $33.448 for ETF, or 85% of initial levels
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| Pricing date: | Aug. 21
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| Settlement date: | Aug. 26
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.5%
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| Cusip: | 17327TJH0
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