Published on 10/4/2019 in the Prospect News Structured Products Daily.
New Issue: Citi prices $554,000 10.1% autocallable equity-linked notes on four stocks
By Kiku Steinfeld
Chicago, Oct. 4 – Citigroup Global Markets Holdings Inc. priced $554,000 million of autocallable equity-linked securities due Sept. 14, 2021 linked to the stocks of Nvidia Corp., Marvell Technology Group Ltd., Seagate Technology plc and Fortinet, 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 10.1% per year, payable monthly.
The notes will be automatically redeemed at par plus any interest if each stock closes at or above its initial price on any monthly observation date.
If the notes are not called and the final price of each stock is at least 50% of its initial price, the payout at maturity will be par. Otherwise, the payout will be the final share price of the worse performing stock multiplied by its equity ratio or, at the issuer’s option, the cash equivalent.
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 equity-linked securities
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| Underlying stocks: | Nvidia Corp., Marvell Technology Group, Ltd., Seagate Technology plc and Fortinet Inc.
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| Amount: | $554,000
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| Maturity: | Sept. 14, 2021
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| Coupon: | 10.1% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par if each stock closes at or above 50% of downside threshold; otherwise final share price of the worse performing stock multiplied by its equity ratio or, at issuer’s option, cash equivalent
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| Call: | At par plus interest if each stock closes at or above initial level on any month
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| Initial share prices: | $180.50 for Nvidia, $25.00 for Marvell, $54.78 for Seagate, $79.01 for Fortinet
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| Downside thresholds: | $90.250 for Nvidia, $12.500 for Marvell, $27.390 for Seagate, $39.505 for Fortinet, 50% of initial levels
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| Equity ratios: | 5.54017 for Nvidia, 40 for Marvell, 18.25484 for Seagate, 12.65663 for Fortinet
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| Pricing date: | Sept. 9
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| Settlement date: | Sept. 12
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.875%
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| Cusip: | 17324XSW1
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