Published on 12/6/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $194,000 contingent coupon autocallable notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 6 – Citigroup Global Markets Holdings Inc. priced $194,000 of autocallable contingent coupon equity-linked securities due Nov. 30, 2022 tied to the common stocks of Netflix, Inc., Twitter Inc., FedEx Corp. and American Airlines Group 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 19.75% per year, payable quarterly if each stock closes above its coupon barrier, 55% of its initial level, on the observation date for that period.
The notes will be automatically redeemed at par plus interest if the worst-performing stock closes at or above its initial price on any quarterly autocall date.
If the notes are not called and the final price each stock is at least 55% of its initial price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the loss 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: | Netflix, Inc., Twitter Inc., FedEx Corp. and American Airlines Group Inc.
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| Amount: | $194,000
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| Maturity: | Nov. 30, 2022
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| Coupon: | 19.75%, payable quarterly if stocks close above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par if each stock’s final price is at least 55% of initial price; otherwise, full exposure to loss of least performing stock
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| Call: | At par plus interest if the worst-performing stock closes at or above initial price on any quarterly autocall date
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| Initial prices: | $312.49 for Netflix, $30.96 for Twitter, $161.50 for FedEx, $29.05 for American
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| Coupon barriers: | $171.87 for Netflix, $17.028 for Twitter, $88.825 for FedEx, $15.978 for American; 55% of initial prices
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| Final barriers: | $171.87 for Netflix, $17.028 for Twitter, $88.825 for FedEx, $15.978 for American; 55% of initial prices
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| Pricing date: | Nov. 26
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| Settlement date: | Nov. 29
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17324XUN8
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