Published on 7/16/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $340,000 contingent coupon autocallable notes on four stocks
By Kiku Steinfeld
Chicago, July 16 – Citigroup Global Markets Holdings Inc. priced $340,000 of autocallable contingent coupon equity-linked securities due July 13, 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 16.5% per year, payable quarterly if each asset closes above its coupon barrier, 65% 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 after six months.
The payout at maturity will be par unless any underlying stock finishes below its 65% barrier level, in which case investors will receive a number of shares of the least performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying assets: | Alphabet Inc., Amazon.com, Inc., Apple Inc., Facebook, Inc. and Netflix, Inc.
|
| Amount: | $340,000
|
| Maturity: | July 13, 2023
|
| Coupon: | 16.5%, payable quarterly if all assets close above coupon barrier on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below barrier, in which case a number of shares of the least performing stock equal to $1,000 divided by the initial share price or the cash equivalent
|
| Call: | At par if worst-performing asset closes at or above initial level on any quarterly autocall date starting after six months
|
| Initial stock levels: | $1,503.60 for Alphabet, $3,081.11 for Amazon, $243.58 for Apple, $243.58 for Facebook, $502.78 for Netflix
|
| Coupon barrier levels: | $977.340 for Alphabet, $2,002.722 for Amazon, $158.327 for Apple, 1,503.60 for Facebook, $326.807 for Netflix, 65% of initial levels
|
| Barrier levels: | $977.340 for Alphabet, $2,002.722 for Amazon, $158.327 for Apple, 1,503.60 for Facebook, $326.807 for Netflix, 65% of initial levels
|
| Equity ratios: | 0.66507 for Alphabet, 0.32456 for Amazon, 4.10543 for Apple, 1.98894 for Facebook, 1.98894 for Netflix
|
| Pricing date: | July 9
|
| Settlement date: | July 14
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.55%
|
| Cusip: | 17324XS92
|
|
|
© 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.
