Published on 3/19/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $725,000 contingent coupon autocallables on three ETFs
By Wendy Van Sickle
Columbus, Ohio, March 19 – Citigroup Global Markets Holdings Inc. priced $725,000 of autocallable contingent coupon equity-linked securities due March 16, 2023 linked to the worst performing of the Technology Select Sector SPDR fund, the Financial Select Sector SPDR fund and the Health Care Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a semiannual contingent coupon at the rate of 9% per year if the least-performing ETF closes at or above its coupon barrier value, 60% of its initial share price, on the relevant valuation date.
The notes will be automatically called at par if the least-performing ETF closes at or above 90% of its initial share price on any valuation date.
The payout at maturity will be par unless any ETF finishes below its barrier value, 50% of its initial share price, in which case the payout will be a number of shares of the least-performing ETF equal to $1,000 divided by that ETF's initial share price.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying ETFs: | Technology Select Sector SPDR fund, Financial Select Sector SPDR fund and Health Care Select Sector SPDR fund
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| Amount: | $725,000
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| Maturity: | March 16, 2023
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| Coupon: | 9% per year, payable semiannually if least-performing ETF closes at or above coupon barrier value on valuation date for that period
|
| Price: | Par
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| Payout at maturity: | Par unless any ETF finishes below its barrier value, in which case a number of shares of the least-performing ETF equal to $1,000 divided by its initial share price
|
| Call: | Automatically at par if least-performing ETF closes at or above 90% of initial share price on any valuation date
|
| Initial share prices: | $82.16 for technology ETF, $40.47 for bank ETF, $92.70 for biotech ETF
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| Coupon barriers: | $49.296 for technology ETF, $427.418 for bank ETF, $62.804 for biotech ETF, or 60% of initial share prices
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| Buffer values: | $41.08 for technology ETF, $427.418 for bank ETF, $62.804 for biotech ETF, or 50% of initial share prices
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| Strike date: | March 9
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| Pricing date: | March 10
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| Settlement date: | March 16
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.9%
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| Cusip: | 17324XG53
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