Published on 10/4/2019 in the Prospect News Structured Products Daily.
New Issue: Citi prices $2.12 million autocallable contingent coupon equity notes on UnitedHealth, Cigna
By Kiku Steinfeld
Chicago, Oct. 4 – Citigroup Global Markets Holdings Inc. priced $2.12 million of autocallable contingent coupon equity-linked securities due Sept. 14, 2022 linked to the stocks of UnitedHealth Group Inc. and Cigna Corp., 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 10.25% if each stock closes at or above the coupon barrier price, 70% of the initial price, on the valuation date for that quarter.
The notes will be automatically called at par plus the coupon if each stock closes at or above its autocall level, 95% of its initial price, on any quarterly valuation date other than the final one.
If the notes are not called and each stock finishes at or above final barrier price, 70% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to the decline of the worse performing stock.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying stocks: | UnitedHealth Group Inc. and Cigna Corp.
|
| Amount: | $2,119,000
|
| Maturity: | Sept. 14, 2022
|
| Coupon: | 10.25% annualized rate, payable quarterly if each stock closes at or above coupon barrier price, on the valuation date for that quarter.
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon if each stock closes at or above final barrier price; otherwise, full exposure to decline of worse performing stock.
|
| Call: | Automatically at par plus coupon if each stock closes at or above autocall level on any quarterly valuation date other than the final one
|
| Initial share prices: | $230.68 for UnitedHealth, $162.16 for Cigna
|
| Coupon barrier prices: | $161.476 for UnitedHealth, $113.512 for Cigna, 70% of initial levels
|
| Final barrier prices: | $161.476 for UnitedHealth, $113.512 for Cigna, 70% of initial levels
|
| Autocall level: | $219.146 for UnitedHealth, $154.052 for Cigna, 95% of initial levels
|
| Pricing date: | Sept. 9
|
| Settlement date: | Sept. 12
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3%
|
| Cusip: | 17327TSN7
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
