Published on 7/8/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.66 million contingent coupon autocallable notes on stocks
By Wendy Van Sickle
Columbus, Ohio, July 8 – Citigroup Global Markets Holdings Inc. priced $1.66 million of autocallable contingent coupon equity-linked securities due June 28, 2023 tied to the worst performing of the common stocks of FedEx Corp., Goldman Sachs Group, Inc., Micron Technology, Inc. and Visa 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 17.75% per year, payable quarterly if each asset closes above its coupon barrier, 60% 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.
If the notes are not called and each asset closes at or above its 60% 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.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying assets: | FedEx Corp., Goldman Sachs Group, Inc., Micron Technology, Inc. and Visa, Inc.
|
| Amount: | $1,655,000
|
| Maturity: | June 28, 2023
|
| Coupon: | 17.75%, payable quarterly if all assets close above coupon barrier on observation date
|
| Price: | Par
|
| Payout at maturity: | Par if each asset closes at or above barrier level; otherwise, full exposure to loss of least performing asset
|
| Call: | At par if worst-performing asset closes at or above initial level on any quarterly autocall date
|
| Initial stock levels: | $130.08 for FedEx, $189.19 for Goldman Sachs, $48.49 for Micron, $189.27 for Visa
|
| Coupon barrier levels: | $78.048 for FedEx, $113.514 for Goldman Sachs, $29.094 for Micron, $113.562 for Visa, 60% of initial levels
|
| Barrier levels: | $78.048 for FedEx, $113.514 for Goldman Sachs, $29.094 for Micron, $113.562 for Visa, 60% of initial levels
|
| Pricing date: | June 26
|
| Settlement date: | June 30
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.25%
|
| Cusip: | 17324XL65
|
|
|
© 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.
