Published on 3/23/2017 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.2 million contingent coupon autocallable notes tied to Harley, Nike
By Wendy Van Sickle
Columbus, Ohio, March 23 – Citigroup Global Markets Holdings Inc. priced $1.2 million of autocallable contingent coupon equity-linked securities due March 23, 2018 linked to the worse performing of the common stock of Harley-Davidson, Inc. and the class B common stock of Nike, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annualized rate of 10% if each stock closes at or above the coupon barrier, 75% of the initial price, on the valuation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial share price on any valuation date.
The payout at maturity will be par plus the contingent coupon unless either stock finishes below its 75% barrier level, in which case investors will be fully exposed to any losses of the worse 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: | Harley-Davidson, Inc. and Nike, Inc.,
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| Amount: | $1,203,000
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| Maturity: | March 23, 2018
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| Coupon: | 10% per year, payable quarterly if closing price of each stock is greater than or equal to barrier price on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either stock finishes below barrier price, in which case investors receive a number of shares or lesser-performing stock equal to $1,000 divided by the initial share price or the cash equivalent
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| Call: | At par plus contingent coupon if closing share price of each stock is greater than or equal to initial share price on any valuation date
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| Initial share prices: | $61.85 for Harley, $58.75 for Nike
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| Barrier prices: | $46.388 for Harley, $44.063 for Nike, 75% of initial share prices
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| Pricing date: | March 20
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| Settlement date: | March 23
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.25%
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| Cusip: | 17324XBN9
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