Published on 8/1/2017 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.93 million contingent coupon autocallables on Goodyear, Home Depot
By Marisa Wong
Morgantown, W.Va., Aug. 1 – Citigroup Global Markets Holdings Inc. priced $1.93 million of autocallable contingent coupon equity linked securities due July 30, 2018 linked to the worst performing of the common stocks of Goodyear Tire & Rubber Co. and Home Depot, 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 annual rate of 10% if each stock closes at or above its 80% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial price on any quarterly valuation date after six months.
The payout at maturity will be par plus the contingent coupon unless either stock finishes below its 80% barrier price, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by that stock’s initial price or, at the issuer’s option, the cash value of those shares.
Citigroup Global Markets Holdings 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: | Goodyear Tire & Rubber Co. (Symbol: NKE), Home Depot, Inc. (Symbol: SBUX)
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Amount: | $1,927,000
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Maturity: | July 30, 2018
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Coupon: | 10% per year, payable quarterly if each stock closes at or above coupon barrier on determination date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either stock falls by more than 20%, in which case a number of shares of worst performing stock equal to $1,000 divided by that stock’s initial price or, at issuer’s option, cash equivalent
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Call: | At par if each stock closes at or above its initial level on any quarterly valuation date
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Initial prices: | $35.83 for Goodyear, $146.97 for Home Depot
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Coupon barriers: | $28.664 for Goodyear, $117.576 for Home Depot; 80% of initial prices
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Final barriers: | $28.664 for Goodyear, $117.576 for Home Depot; 80% of initial prices
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Equity ratios: | 27.90957 for Goodyear, 6.80411 for Home Depot
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Pricing date: | July 25
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Settlement date: | July 28
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Underwriter: | Citigroup Global Markets Holdings Inc.
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Fees: | 1.25% Cusip: | 17324XCS7
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