By Wendy Van Sickle
Columbus, Ohio, Oct. 4 – Citigroup Global Markets Holdings Inc. priced $1.06 million of phoenix autocallable notes due Oct. 15, 2020 linked to the common stock of SVB Financial Group, according to a 424B2 filing with the Securities and Exchange Commission.
If SVB shares close at or above the downside threshold, 70% of the initial share price, on a quarterly determination date, the notes will pay a contingent coupon plus any previously unpaid contingent coupons. If SVB shares close below the downside threshold on a quarterly determination date, no coupon will be paid that quarter.
The contingent coupon rate is 14.75% per year.
The notes will be automatically called at par if SVB shares close at or above the initial share price on any of the first three quarterly determination dates.
The payout at maturity will be par unless SVB shares finish below the downside threshold, in which case investors will lose 1% for every 1% that the stock declines from its initial price.
Citigroup Global Markets Inc. is the underwriter. JPMorgan Chase Bank NA and J.P. Morgan Securities LLC are placement agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Phoenix autocallable notes
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| Underlying stock: | SVB Financial Group
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| Amount: | $1,056,000
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| Maturity: | Oct. 15, 2020
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| Coupon: | If SVB shares close at or above the downside threshold on a quarterly determination date, contingent coupon at 14.75% per year plus any previously unpaid contingent coupons
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| Price: | Par
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| Payout at maturity: | Par unless SVB shares finish below the downside threshold, in which case 1% loss for every 1% that the stock declines from its initial price
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| Call: | Automatically at par if SVB shares close at or above the initial share price on any of the first three quarterly determination dates
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| Initial price: | $206.15
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| Downside threshold: | $144.305, 70% of initial price
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| Pricing date: | Sept. 27
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| Settlement date: | Oct. 2
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| Agent: | Citigroup Global Markets Inc. with JPMorgan Chase Bank NA and J.P. Morgan Securities LLC as placement agents
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| Fees: | 1%
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| Cusip: | 17327TDG8
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