Published on 1/27/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $2.03 million contingent coupon autocallables on three stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 27 – Citigroup Global Markets Holdings Inc. priced $2.03 million of autocallable contingent coupon equity-linked securities due Oct. 29, 2021 linked to the least performing of the common stocks of Amgen Inc., Norfolk Southern Corp. and UBS Group AG, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 6.55% per year if the least-performing stock closes at or above its coupon barrier value, 55% of its initial share price, on the valuation date for that month.
The notes will be automatically called at par if the least-performing stock closes at or above its call price on any monthly valuation date starting May 22. The call price will be 100% of the initial level until July 22, 2020, then will step down to 95% and then to 90% on April 22, 2021.
The payout at maturity will be par unless the least-performing stock finishes below its final barrier value, 55% of its initial share price, in which case investors will have full exposure to loss of least-performing stock.
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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| Underlying stocks: | Amgen Inc., Norfolk Southern Corp. and UBS Group AG
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| Amount: | $2,027,000
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| Maturity: | Oct. 29, 2021
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| Coupon: | 6.55% per year, payable monthly if least-performing stock 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 stock finishes below final barrier value, in which case full exposure to loss of least-performing stock
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| Call: | Automatically at par if least-performing stock closes at or above initial share price on any monthly valuation date starting May 22; call price will be 100% of initial level until July 22, 2020, then will step down to 95% and then to 90% on April 22, 2021
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| Initial share prices: | $204.62 for Norfolk, $237.60 for Amgen, CHF 12.39 for UBS
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| Coupon barriers: | $112.541 for Norfolk, $130.68 for Amgen, CHF 6.815 for UBS, or 55% of initial share prices
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| Barrier values: | $112.541 for Norfolk, $130.68 for Amgen, CHF 6.815 for UBS, or 55% of initial share prices
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| Pricing date: | Jan. 22
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| Settlement date: | Jan. 29
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.7%
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| Cusip: | 17327TT55
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