Published on 2/14/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.68 million contingent coupon autocallables linked to index, ETFs
By Sarah Lizee
Olympia, Wash., Feb. 14 – Citigroup Global Markets Holdings Inc. priced $1.68 million of autocallable contingent coupon equity-linked securities due Aug. 9, 2021 linked to the least performing of the S&P 500 index, the Financial Select Sector SPDR fund and the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 7% per year if the least-performing underlier closes at or above its coupon barrier value, 70% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if the least-performing underlier closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par unless the any underlier ever closes below 65% of its initial level on any trading day during the life of the notes and any underlier finishes below its initial level, in which case investors will lose 1% for every 1% that the least-performing underlier declines.
The notes are guaranteed by Citigroup Inc.
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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| Underliers: | S&P 500 index, Financial Select Sector SPDR fund and Energy Select Sector SPDR fund
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| Amount: | $1,677,000
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| Maturity: | Aug. 9, 2021
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| Coupon: | 7% per year, payable quarterly if least-performing underlier closes at or above coupon barrier value on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless the any underlier ever closes below knock-in level on any trading day during the life of the notes and any underlier finishes below its initial level, in which case investors will lose 1% for every 1% that the least-performing underlier declines
|
| Call: | Automatically at par plus the coupon if the least-performing underlier closes at or above its initial level on any quarterly call observation date
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| Initial levels: | $52.93 for energy ETF, $30.46 for financial ETF, 3,297.59 for index
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| Coupon barriers: | $37.051 for energy ETF, $21.322 for financial ETF, 2,308.313 for index, 70% of initial levels
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| Knock-in levels: | $34.405 for energy ETF, $19.799 for financial ETF, 2,143.434 for index, 65% of initial levels
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| Pricing date: | Feb. 4
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| Settlement date: | Feb. 7
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.375%
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| Cusip: | 17327TK70
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