Published on 9/21/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $500,000 contingent coupon autocallables on five tech stocks
By Kiku Steinfeld
Chicago, Sept. 21 – Citigroup Global Markets Holdings Inc. priced $500,000 of autocallable contingent coupon equity-linked securities due Sept. 14, 2021 linked to the least performing of the common stocks of Apple Inc., Amazon.com, Inc., Alphabet 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 monthly coupon at an annual rate of 18% if each underlying stock closes at or above its 60% coupon barrier on the related observation date.
The notes will be called at par if each stock closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par unless any underlier finishes below its 60% final barrier value, in which case investors will receive a fixed number of shares of the worst performing underlying equal to its equity ratio or, if the issuer prefers, the cash value of those shares. Each stock’s equity ratio is equal to $1,000 divided by its initial share price.
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: | Apple Inc., Amazon.com, Inc., Alphabet Inc., Microsoft Corp. and Facebook, Inc.
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| Amount: | $500,000
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| Maturity: | Sept. 14, 2021
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| Coupon: | 18% annualized, payable monthly if each stock closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below final barrier, in which case a fixed number of shares of the worst performing underlying equal to its equity ratio or cash value
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| Call: | At par if each stock closes at or above initial level on any quarterly call observation date
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| Initial values: | $1,581.21 for Alphabet, $3,294.62 for Amazon, $120.96 for Apple, $282.73 for Facebook, $214.25 for Microsoft
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| Coupon barriers: | $948.726 for Alphabet, $1,976.772 for Amazon, $72.576 for Apple, $169.638 for Facebook, $128.550 for Microsoft; 60% of initial values
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| Final barrier values: | $948.726 for Alphabet, $1,976.772 for Amazon, $72.576 for Apple, $169.638 for Facebook, $128.550 for Microsoft; 60% of initial values
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| Equity ratios: | 0.63243 for Alphabet, 0.30353 for Amazon, 8.26720 for Apple, 3.53694 for Facebook, 4.66744 for Microsoft
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| Pricing date: | Sept. 9
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| Settlement date: | Sept.14
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.75%
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| Cusip: | 17328WKR8
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