Published on 4/17/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $5.42 million contingent coupon autocallables linked to indexes
By Sarah Lizee
Olympia, Wash., April 17 – Citigroup Global Markets Holdings Inc. priced $5.42 million of autocallable contingent coupon equity-linked securities due April 13, 2023 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 10% per year if the least-performing underlier closes at or above its coupon barrier value, 70% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if the least-performing underlier closes at or above its initial level on any quarterly autocall date after one year.
The payout at maturity will be par unless the least-performing underlier finishes below its final barrier value, 50% of its initial level, in which case investors will lose 1% for every 1% that the least-performing underlier declines from its initial level.
The notes are guaranteed by Citigroup Inc.
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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| Underliers: | Russell 2000 index, S&P 500 index and Dow Jones industrial average
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| Amount: | $5.42 million
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| Maturity: | April 13, 2023
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| Coupon: | 10% per year, payable quarterly if least-performing underlier closes at or above coupon barrier value on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless least-performing underlier finishes below final barrier value, in which case 1% loss for every 1% that least-performing underlier declines from initial level
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| Call: | Automatically at par plus the coupon if the least-performing underlier closes at or above its initial level on any quarterly autocall date after one year
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| Initial levels: | 22,653.86 for Dow, 1,139.170 for Russell, 2,659.41 for S&P
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| Coupon barriers: | 15,857.702 for Dow, 797.419 for Russell, 1,861.587 for S&P, 70% of initial levels
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| Final barriers: | 11,326.930 for Dow, 569.585 for Russell, 1,329.705 for S&P, 50% of initial levels
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| Pricing date: | April 7
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| Settlement date: | April 13
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.75%
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| Cusip: | 17328VAB6
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