Published on 3/8/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $849,000 autocallable contingent coupon securities on five stocks
By Kiku Steinfeld
Chicago, March 9 – Citigroup Global Markets Holdings Inc. priced $849,000 of autocallable contingent coupon equity-linked securities due March 2, 2023 linked to the common stocks of Alphabet Inc., Amazon.com, Inc., Apple Inc., Facebook, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent monthly coupon at an annual rate of 9.55% if all the stocks close at or above the barrier level, 70% of the initial level, on the valuation date for that month.
The notes will be called at par plus the contingent coupon if each stock closes at or above the initial share price on any quarterly redemption date after six months.
The payout at maturity will be par plus the contingent coupon unless any stock finishes below the 70% barrier level, in which case investors will lose 1% for each 1% decline of the worst 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: | Alphabet Inc., Amazon.com, Inc., Apple Inc., Facebook, Inc. and Netflix, Inc.
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| Amount: | $849,000
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| Maturity: | March 2, 2023
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| Coupon: | 9.55% per year, payable monthly if all stocks close at or above barrier level on valuation date for that month
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| Price: | Par
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| Payout at maturity: | If final price of each stock is greater than or equal to barrier level, par plus final coupon; otherwise, 1% loss for each 1% decline of worst-performing stock
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| Call: | At par plus contingent coupon if each stock closes at or above initial share price on any quarterly valuation date after six months
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| Initial share prices: | $1,314.95 for Alphabet, $1,884.30 for Amazon, $273.52 for Apple, $189.75 for Facebook, $371.71 for Netflix
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| Barrier levels: | $920.465 for Alphabet, $1,319.010 for Amazon, $191.464 for Apple, $1,314.95 for Facebook, $260.197 for Netflix, 70% of initial share prices
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| Pricing date: | Feb. 27
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| Settlement date: | March 3
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.5%
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| Cusip: | 17324XXG0
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