Published on 6/4/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.85 million contingent coupon autocallables linked to S&P, Russell
By Sarah Lizee
Olympia, Wash., June 4 – Citigroup Global Markets Holdings Inc. priced $1.85 million of autocallable contingent coupon equity-linked securities due Dec. 3, 2020 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each quarter, the notes pay a contingent coupon at the rate of 6.05% per year if the lesser-performing index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that quarter.
After six months, the notes will be automatically called at par if the lesser-performing index closes at or above its initial level on any quarterly potential redemption date.
The payout at maturity will be par unless either index finishes below its initial level and either index has ever closed below its barrier level, 70% of its initial level, during the life of the notes, in which case investors will lose 1% for every 1% that the lesser-performing index declines from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $1,846,000
|
| Maturity: | Dec. 3, 2020
|
| Coupon: | 6.05% per year, payable quarterly if lesser-performing index closes at or above coupon barrier level on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below its initial level and either index has ever closed below its barrier level during the life of the notes, in which case investors will lose 1% for every 1% that the lesser-performing index declines from its initial level
|
| Call: | After six months, notes will be automatically called at par if lesser-performing index closes at or above initial level on any quarterly potential redemption date
|
| Initial levels: | 2,802.39 for S&P 500 and 1,504.019 for Russell 2000
|
| Coupon barrier levels: | 1,961.673 for S&P 500 and 1,052.813 for Russell 2000, or 70% of initial levels
|
| Barrier levels: | 1,961.673 for S&P 500 and 1,052.813 for Russell 2000, or 70% of initial levels
|
| Pricing date: | May 28
|
| Settlement date: | May 31
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2.375%
|
| Cusip: | 17326YS23
|
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