Published on 7/13/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $895,000 contingent coupon autocallable notes on stocks
By Sarah Lizee
Olympia, Wash., July 13 – Citigroup Global Markets Holdings Inc. priced $895,000 of autocallable contingent coupon equity-linked securities due Oct. 5, 2023 tied to the worst performing of 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 carry a coupon of 11.3% per year, payable monthly if each asset closes above its coupon barrier, 50% of its initial level, on the observation date for that period.
The notes will be automatically redeemed at par if the worst-performing asset closes at or above its initial level on any quarterly autocall date starting July 1, 2022.
If the notes are not called and each asset closes at or above its 50% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the loss of the least performing asset.
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 assets: | Alphabet Inc., Amazon.com, Inc., Apple Inc., Facebook, Inc. and Netflix, Inc.
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| Amount: | $895,000
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| Maturity: | Oct. 5, 2023
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| Coupon: | 11.3%, payable monthly if all assets close above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par if each asset closes at or above barrier level; otherwise, full exposure to loss of least performing asset
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| Call: | At par if worst-performing asset closes at or above initial level on any quarterly autocall date starting July 1, 2022
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| Initial stock levels: | $1,418.05 for Alphabet, $2,758.82 for Amazon, $364.80 for Apple, $227.07 for Facebook, $455.04 for Netflix
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| Coupon barrier levels: | $709.025 for Alphabet, $1,379.4 for Amazon, $182.40 for Apple, $113.535 for Facebook, $227.52 for Netflix, 50% of initial levels
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| Barrier levels: | $709.025 for Alphabet, $1,379.4 for Amazon, $182.40 for Apple, $113.535 for Facebook, $227.52 for Netflix, 50% of initial levels
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| Pricing date: | July 1
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| Settlement date: | July 7
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.6%
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| Cusip: | 17328W4N5
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