Published on 3/30/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.5 million contingent coupon autocallables on Amazon, Verizon
Chicago, March 30 – Citigroup Global Markets Holdings Inc. priced $1.5 million of autocallable contingent coupon equity-linked securities due March 22, 2021 linked to the least performing of the common stocks of Verizon Communications Inc. and Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 10.5% per year if the least-performing stock closes at or above its coupon barrier value, 50% of its initial share price, on the valuation date for that quarter.
The notes will be automatically called at par of $5,000 if the least-performing stock closes at or above its initial price on any quarterly valuation date other than the final one.
The payout at maturity will be par unless the least-performing stock finishes below its final barrier value, 50% of its initial share price, in which case investors will receive a number of shares equal to $5,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
The notes are guaranteed by Citigroup Inc.
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: | Verizon Communications Inc. and Amazon.com, Inc.
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Amount: | $1,495,000
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Maturity: | March 22, 2021
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Coupon: | 10.5% per year, payable quarterly if least-performing stock closes at or above coupon barrier value on valuation date for that quarter
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Price: | Par of $5,000
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Payout at maturity: | Par unless least-performing stock finishes below final barrier value, in which case investors will receive a number of shares equal to $5,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
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Call: | The notes will be automatically called at par if the least-performing stock closes at or above its initial price on any quarterly valuation date other than the final one
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Initial share prices: | $54.31 for Verizon, $1,807.84 for Amazon
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Coupon barriers: | $27.155 for Verizon, $903.92 for Amazon, or 50% of initial share prices
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Barrier values: | $27.155 for Verizon, $903.92 for Amazon, or 50% of initial share prices
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Equity ratios: | 2.76573 for Verizon, 92.06408 for Amazon
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Pricing date: | March 17
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Settlement date: | March 20
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1%
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Cusip: | 17324XYT1
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