Published on 11/2/2018 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.5 million contingent coupon autocalls on S&P, Russell, Stoxx
By Sarah Lizee
Olympia, Wash., Nov. 2 – Citigroup Global Markets Holdings Inc. priced $1.5 million of market-linked securities – autocallable with contingent coupon and contingent downside due Oct. 27, 2022 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, 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 7.5% if each index closes at or above the 65% threshold on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly review date from April 2019 to July 2022.
The payout at maturity will be par unless any index falls below the 65% threshold, in which case investors will be fully exposed to any decline of the worst performing index.
Citigroup Global Markets Inc. and Wells Fargo Securities LLC are the agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Global Markets Inc.
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| Issue: | Market-linked securities – autocallable with contingent coupon and contingent downside
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Euro Stoxx 50 index
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| Amount: | $1.5 million
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| Maturity: | Oct. 27, 2022
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| Coupon: | 7.5% annualized, payable quarterly if each index closes at or above 65% coupon barrier on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each index closes above 65% trigger, par; otherwise, 1% loss for each 1% decline of worse performing index
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| Call: | At par if each index closes at or above its initial level on any quarterly review date from April 2019 to July 2022
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| Initial levels: | 2,682.63 for S&P, 1,506.637 for Russell, 3,147.13 for Stoxx
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| Coupon barriers: | 1,743.7095 for S&P, 979.31405 for Russell, 2,045.6345 for Stoxx, 65% of initial levels
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| Trigger levels: | 1,743.7095 for S&P, 979.31405 for Russell, 2,045.6345 for Stoxx, 65% of initial levels
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| Pricing date: | Oct. 30
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| Settlement date: | Nov. 2
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2.5%
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| Cusip: | 17326Y7D2
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