Published on 7/16/2018 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $868,000 contingent coupon autocallables on tech stocks
By Wendy Van Sickle
Columbus, Ohio, July 16 – Citigroup Global Markets Holdings Inc. priced $868,000 of autocallable contingent coupon equity-linked securities due July 1, 2021 tied to the class A common stocks of Facebook, Inc. and Alphabet Inc. and the common stocks of Apple 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 quarterly coupon at an annual rate of 14% if each stock closes at or above its 65% coupon barrier price on the review date for that quarter.
The notes will be automatically redeemed at par plus interest if each stock closes at or above its initial price on any quarterly redemption date.
If the notes are not called and the final price of each stock is at least 65% of its initial price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-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: | Apple Inc. (Symbol: AAPL), Facebook, Inc. (Symbol: FB), Alphabet, Inc. (Symbol: GOOG) and Netflix, Inc. (Symbol: NFLX)
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| Amount: | $868,000
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| Maturity: | July 1, 2021
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| Coupon: | 14% annualized, payable quarterly if each stock closes at or above coupon barrier price on review date for that quarter
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| Price: | Par
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| Payout at maturity: | Par if each stock’s final price is at least 65% of initial price; otherwise, full exposure to decline of least-performing stock
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| Call: | At par plus interest if each stock closes at or above initial price on any quarterly redemption date
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| Initial levels: | $184.43 for Apple, $199.00 for Facebook, $1,118.46 for Alphabet and $399.39 for Netflix
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| Coupon barriers/final barriers: | $119.88 for Apple, $129.35 for Facebook, $736.203 for Alphabet and $259.604 for Netflix, 65% of initial levels
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| Pricing date: | June 26
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| Settlement date: | June 29
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17324CWA0
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