Published on 5/22/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.72 million contingent coupon autocallables on three ETFs
By Wendy Van Sickle
Columbus, Ohio, May 22 – Citigroup Global Markets Holdings Inc. priced $1.72 million of autocallable contingent coupon equity-linked securities due May 22, 2025 linked to the least performing of the iShares MSCI EAFE ETF, the iShares Russell 2000 ETF and the SPDR S&P 500 trust, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 12% per year if the least-performing ETF closes at or above its coupon barrier value, 80% of its initial share price, on the valuation date for that month.
The notes will be automatically called at par if the least-performing ETF closes at or above its initial price on any monthly valuation date after six months.
The payout at maturity will be par unless the least-performing ETF finishes below its final barrier value, 60% of its initial share price, in which case investors will be fully exposed to the decline of the lesser-performing ETF.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying ETFs: | iShares MSCI EAFE ETF, iShares Russell 2000 ETF and the SPDR S&P 500 ETF trust
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| Amount: | $1,718,000
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| Maturity: | May 22, 2025
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| Coupon: | 12% per year, payable monthly if least-performing ETF closes at or above coupon barrier value on valuation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless least-performing ETF finishes below final barrier value, in which full exposure to decline of lesser-performing ETF
|
| Call: | Automatically at par if the least-performing ETF closes at or above its initial price on any monthly valuation date after six months
|
| Initial share prices: | $55.15 for EAFE, $125.08 for Russell, $286.28 for S&P
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| Coupon barriers: | $44.128 for EAFE, $100.064 for Russell, $229.024 for S&P, or 80% of initial share prices
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| Barrier values: | $33.096 for EAFE, $75.048 for Russell, $171.768 for S&P, or 60% of initial share prices
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| Pricing date: | May 18
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| Settlement date: | May 21
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328VWL0
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