Published on 8/5/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $3.62 million contingent coupon autocallables on two stocks
By Kiku Steinfeld
Chicago, Aug. 5 – Citigroup Global Markets Holdings Inc. priced $3.62 million of autocallable contingent coupon equity-linked securities due Feb. 2, 2022 linked to the least performing of the common stocks of Alphabet Inc. and Verizon Communications Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8% per year if the least-performing stock closes at or above its coupon barrier value, 68% 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 share price on any quarterly valuation date.
The payout at maturity will be par unless the least-performing stock finishes below its final barrier value, 68% of its initial share price, in which case investors will receive a number of its equity ratio, at the issuer’s option, the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Alphabet Inc. and Verizon Communications Inc.
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| Amount: | $3,615,000
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| Maturity: | Feb. 2, 2022
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| Coupon: | 8% 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 its equity ratio, at issuer’s option, cash equivalent
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| Call: | Automatically at par if least-performing stock closes at or above initial share price on any quarterly valuation date
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| Initial share prices: | $1,503.65for Alphabet, $57.48 for Verizon
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| Coupon barriers/final barriers: | $1,022.482 for Alphabet, $39.086 for Verizon, or 68% of initial share prices
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| Equity ratios: | 3.32524 for Alphabet, 86.98678 for Verizon
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| Pricing date: | July 28
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| Settlement date: | July 31
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.625%
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| Cusip: | 17324XT34
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