Published on 6/25/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $606,000 contingent coupon autocallable notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, June 25 – Citigroup Global Markets Holdings Inc. priced $606,000 of autocallable contingent coupon equity-linked securities due June 25, 2025 tied to the common stocks of Halliburton Co., AbbVie Inc. and Dropbox, 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 18% per year, payable monthly if each stock closes above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be automatically redeemed at par plus interest if the worst-performing stock closes at or above its initial price on any observation date after three months.
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, investors will be fully exposed to the decline of the least performing stock.
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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Underlying stocks: | Halliburton Co., AbbVie Inc. and Dropbox, Inc.
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Amount: | $606,000
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Maturity: | June 25, 2025
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Coupon: | 18%, payable monthly if stocks close above coupon barrier on observation date
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Price: | Par
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Payout at maturity: | Par if each stock’s final price is at least 50% of initial price; otherwise, full exposure to decline of least performing stock
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Call: | At par plus interest if the worst-performing stock closes at or above initial price on any observation date after three months
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Initial prices: | $22.88 for Halliburton, $24.52 for Dropbox, $78.34 for AbbVie
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Coupon barriers: | $13.728 for Halliburton, $14.712 for Dropbox, $47.004 for AbbVie; 60% of initial levels
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Final barriers: | $11.44 for Halliburton, $12.26 for Dropbox, $39.17 for AbbVie; 50% of initial levels
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Pricing date: | June 20
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Settlement date: | June 25
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Agent: | Citigroup Global Markets Inc.
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Fees: | 0.25%
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Cusip: | 17326Y5G7
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