Published on 8/6/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $800,000 contingent coupon autocallables on two stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 6 – Citigroup Global Markets Holdings Inc. priced $800,000 of autocallable contingent coupon equity-linked securities due Feb. 1, 2023 linked to the least performing of the common stocks of Chewy, Inc. and Five Below, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 17% per year if the lesser-performing stock closes at or above its coupon barrier value, 60% of its initial share price, on the valuation date for that quarter.
The notes will be automatically called at par if the lesser-performing stock closes at or above 85% of its initial share price on any quarterly valuation date.
The payout at maturity will be par unless the lesser-performing stock finishes below its final barrier value, 60% of its initial share price, in which case investors will be exposed to the decline of the lesser-performing stock from its initial share price.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Chewy, Inc. and Five Below, Inc.
|
| Amount: | $800,000
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| Maturity: | Feb. 1, 2023
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| Coupon: | 17% per year, payable quarterly if lesser-performing stock closes at or above coupon barrier value on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless lesser-performing stock finishes below final barrier value, in which case investors will be exposed to lesser-performing stock’s decline from initial share price
|
| Call: | Automatically at par if lesser-performing stock closes at or above autocall barrier value on any quarterly valuation date
|
| Initial share prices: | $46.73 for Chewy, $111.60 for Five Below
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| Coupon barriers: | $28.038 for Chewy, $66.96 for Five Below, or 60% of initial share prices
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| Final barrier values: | $28.038 for Chewy, $66.96 for Five Below, or 60% of initial share prices
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| Autocall barrier values: | $39.721 for Chewy, $94.86 for Five Below, or 85% of initial share prices
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| Pricing date: | July 27
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| Settlement date: | July 30
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| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.25%
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| Cusip: | 17328WAT5
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