Published on 6/14/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $261,000 contingent coupon autocallable notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, June 14 – Citigroup Global Markets Holdings Inc. priced $261,000 of autocallable contingent coupon equity-linked securities due Dec. 17, 2020 tied to the common stocks of General Mills, Inc., Electronic Arts Inc. and Colgate-Palmolive Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 10.2% per year, payable semiannually if each stock closes above its coupon barrier, 60% 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 semiannual autocall date.
If the notes are not called and the final price of each stock is at least 60% of its initial price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least performing stock.
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: | General Mills, Inc., Electronic Arts Inc. and Colgate-Palmolive Co.
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| Amount: | $261,000
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| Maturity: | Dec. 17, 2020
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| Coupon: | 10.2%, payable semiannually if stocks close above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par if each stock’s final price is at least 60% of initial price; otherwise, full exposure to decline of least performing stock
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| Call: | At par plus interest if the worst-performing stock closes at or above initial price on any semiannual autocall date
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| Initial prices: | $51.34 for General Mills, $95.51 for Electronic Arts, $73.03 for Colgate-Palmolive
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| Coupon barriers: | $30.804 for General Mills, $57.306 for Electronic Arts, $43.816 for Colgate-Palmolive; 60% of initial levels
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| Equity ratios: | 19.47799 for General Mills, 10.47011 for Electronic Arts, 13.693 for Colgate-Palmolive
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| Pricing date: | June 11
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| Settlement date: | June 17
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2.5%
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| Cusip: | 17324XNU0
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