Published on 5/10/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.15 million autocallable contingent coupon equity notes on five stocks
By Kiku Steinfeld
Chicago, May 11 – Citigroup Global Markets Holdings Inc. priced $1.15 million of autocallable contingent coupon equity-linked securities due April 27, 2023 linked to the stocks of Alphabet Inc., Amazon.com, Inc., Apple Inc., JPMorgan Chase & Co. and Walt Disney Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent monthly coupon at an annual rate of 9.25% if each stock closes at or above its coupon buffer level, 70% of its initial level, on the determination date for that period.
The notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly call observation date after six months.
If the notes are not called and each stock finishes at or above its buffer level, 70% of its initial level, the payout at maturity will be par plus the contingent coupon.
If the notes are not called and the worst performing stock finishes below its 70% buffer level, investors will lose 1% for each 1% decline of the worst performing stock beyond 30%.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying stocks: | Alphabet Inc., Amazon.com, Inc., Apple Inc., JPMorgan Chase & Co., Walt Disney Co.
|
| Amount: | $1,152,000
|
| Maturity: | April 27, 2023
|
| Coupon: | 9.25% annualized rate, payable monthly if each stock closes at or above coupon buffer on determination date for period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if each stock finishes at or above buffer level; otherwise, 1% for each 1% decline of least performing stock beyond 30%
|
| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial level on any quarterly call observation date after six months
|
| Initial levels: | $1,276.60 for Alphabet, $2,410.22 for Amazon, $282.97 for Apple, $90.71 for JPMorgan Chase, $101.19 for Disney
|
| Coupon buffer levels: | $893.620 for Alphabet, $1,687.154 for Amazon, $198.079 for Apple, $63.497 for JPMorgan Chase, $70.833 for Disney; 70% of initial levels
|
| Buffer levels: | $893.620 for Alphabet, $1,687.154 for Amazon, $198.079 for Apple, $63.497 for JPMorgan Chase, $70.833 for Disney; 70% of initial levels
|
| Pricing date: | April 24
|
| Settlement date: | April 29
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.5%
|
| Cusip: | 17324XC32
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
