Published on 5/4/2018 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.96 million contingent coupon autocalls on BofA, Ford, Netflix
By Wendy Van Sickle
Columbus, Ohio, May 4 – Citigroup Global Markets Holdings Inc. priced $1.96 million of autocallable contingent coupon equity-linked securities due April 29, 2021 linked to the worse performing of the common stocks of Bank of America Corp., Ford Motor Co. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12% if each stock closes at or above its 50% coupon barrier on the review date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any review date.
The payout at maturity will be par unless any stock finishes below its 50% barrier level, in which case investors will be fully exposed to any losses of the worse performing stock.
The notes are guaranteed by Citigroup Global Markets Inc.
Citigroup Global Markets Inc. is the agent.
| 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: | Bank of America Corp., Ford Motor Co. and Netflix, Inc.
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| Amount: | $1,955,000
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| Maturity: | April 29, 2021
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| Coupon: | 12% annualized, payable quarterly if each stock closes at or above coupon barrier on review date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless any stock closes below barrier, in which case 1% loss for each 1% decline of worst performing stock
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| Call option: | At par if each stock closes at or above its initial level on any quarterly review date
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| Initial levels: | $30.14 for BofA, $11.11 for Ford and $305.76 for Netflix
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| Coupon barrier/barriers: | $15.07 for BofA, $5.555 for Ford and $152.88 for Netflix, 50% of initial levels
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| Pricing date: | April 25
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| Settlement date: | April 30
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.35%
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| Cusip: | 17324CTY2
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