Published on 4/28/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $10 million autocallable contingent coupon notes on stocks
By Wendy Van Sickle
Columbus, Ohio, April 28 – Citigroup Global Markets Holdings Inc. priced $10 million of autocallable contingent coupon notes due April 27, 2023 linked to the stocks of Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com, Inc., Apple Inc., Facebook, Inc. and Microsoft 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 annualized rate of 35.38% if each stock closes at or above its barrier, 70% of its initial level, on the valuation date for that quarter.
If each stock closes at or above its final level on any valuation date after six months other than the final one, the notes will be automatically called at par plus the contingent coupon.
If the notes are not called and each stock closes at or above its 70% final barrier level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for each 1% that the lowest-performing stock declines.
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: | Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com, Inc., Apple Inc., Facebook, Inc. and Microsoft Corp.
|
| Amount: | $10 million
|
| Maturity: | April 27, 2023
|
| Coupon: | 35.38% per year, payable quarterly if each stock closes at or above barrier level on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above barrier level, par plus final coupon; otherwise, 1% loss for each 1% decline of least performing stock
|
| Call: | Automatically at par plus final coupon if each stock closes at or above initial level on any quarterly valuation date after six months other than final one
|
| Initial levels: | $204.36 for Alibaba, $1,276.60 for Alphabet, $2,410.22 for Amazon.com, $282.97 for Apple, $190.07 for Facebook, $174.55 for Microsoft
|
| Barrier levels: | $143.052 for Alibaba, $893.62 for Alphabet, $1,687.154 for Amazon.com, $198.079 for Apple, $133.049 for Facebook, $122.185 for Microsoft, 70% of initial levels
|
| Pricing date: | April 24
|
| Settlement date: | April 29
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.5%
|
| Cusip: | 17324XC81
|
|
|
© 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.
