Published on 6/4/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $537,000 contingent coupon autocallable notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, June 4 – Citigroup Global Markets Holdings Inc. priced $537,000 of autocallable contingent coupon equity-linked securities due June 1, 2023 tied to the worst performing of the common stocks of Micron Technology, Inc., Chevron Corp., Kraft Heinz Co. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 22% per year, payable quarterly if each asset 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 if the worst-performing asset closes at or above its initial level on any quarterly autocall date.
If the notes are not called and each asset closes at or above its 60% final barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the loss of the least performing asset.
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 assets: | Micron Technology, Inc., Chevron Corp., Kraft Heinz Co. and JPMorgan Chase & Co.
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| Amount: | $537,000
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| Maturity: | June 1, 2023
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| Coupon: | 22%, payable quarterly if assets close above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par if each asset closes at or above barrier level; otherwise, full exposure to loss of least performing asset
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| Call: | At par if worst-performing asset closes at or above initial level on any quarterly autocall date
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| Initial index levels: | $101.37 for JPMorgan, $31.03 for Kraft, $49.45 for Micron, $93.90 for Chevron
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| Barrier levels: | $60.8226 for JPMorgan, $18.618 for Kraft, $29.67 for Micron, $47.16 for Chevron, 60% of initial levels
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| Pricing date: | May 27
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| Settlement date: | May 29
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17324XZX1
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