Published on 11/8/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.23 million autocallable jump notes linked to S&P
By Angela McDaniels
Tacoma, Wash., Nov. 8 – Citigroup Global Markets Holdings Inc. priced $1.23 million of 0% jump securities with autocallable feature due Nov. 5, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par of $10 plus a call premium of 8.05% per year if the index closes at or above its initial level on any of four annual determination dates.
If the notes are not called and the final index level is greater than or equal to the initial index level, the payout at maturity will be par plus 40.25%. If the final index level is less than the initial index level but greater than or equal to the trigger level, 90% of the initial index level, the payout will be par. If the final index level is less than the trigger level, investors will lose 1% for every 1% that the index declines from its initial level.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Jump securities with autocallable feature
|
| Underlying index: | S&P 500
|
| Amount: | $1,227,250
|
| Maturity: | Nov. 5, 2024
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If final index level is greater than or equal to initial index level, par plus 40.25%; if final index level is less than initial index level but greater than or equal to trigger level, par; if final index level is less than trigger level, 1% loss for every 1% that index declines from initial level
|
| Call: | Automatically at par plus call premium of 8.05% per year if index closes at or above initial level on Nov. 6, 2020, Nov. 1, 2021, Oct. 31, 2022 or Oct. 31, 2023
|
| Initial level: | 3,037.56
|
| Trigger level: | 2,733.804, or 90% of initial level
|
| Pricing date: | Oct. 31
|
| Settlement date: | Nov. 5
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 3.5%
|
| Cusip: | 17327P831
|
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