Published on 6/14/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $391,000 contingent coupon autocallable notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, June 14 – Citigroup Global Markets Holdings Inc. priced $391,000 of autocallable contingent coupon equity-linked securities due Dec. 17, 2020 tied to the common stocks of Caterpillar Inc., Starbucks Corp. and Nike, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 9.5% per year, payable semiannually if each stock 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 plus interest if the worst-performing stock closes at or above its initial price on any semiannual autocall date.
If the notes are not called and the final price of each stock is at least 60% of its initial price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least performing stock.
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 stocks: | Caterpillar Inc., Starbucks Corp. and Nike, Inc.
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Amount: | $391,000
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Maturity: | Dec. 17, 2020
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Coupon: | 9.5%, payable semiannually if stocks close above coupon barrier on observation date
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Price: | Par
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Payout at maturity: | Par if each stock’s final price is at least 60% of initial price; otherwise, full exposure to decline of least performing stock
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Call: | At par plus interest if the worst-performing stock closes at or above initial price on any semiannual autocall date
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Initial prices: | $125.74 for Caterpillar, $81.93 for Starbucks, $82.58 for Nike
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Coupon barriers: | $75.444 for Caterpillar, $49.158 for Starbucks, $49.548 for Nike; 60% of initial levels
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Equity ratios: | 19.47799 for Caterpillar, 12.20554 for Starbucks, 12.10947 for Nike
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Pricing date: | June 11
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Settlement date: | June 17
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Agent: | Citigroup Global Markets Inc.
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Fees: | 2.5%
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Cusip: | 17324XNH9
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