Published on 6/8/2017 in the Prospect News Structured Products Daily.
New Issue: Citi sells $500,000 contingent coupon autocallables tied to five bank stocks
By Wendy Van Sickle
Columbus, Ohio, June 8 – Citigroup Global Markets Holdings Inc. priced $500,000 of autocallable contingent coupon equity linked securities due June 7, 2019 linked to the worst performing of the common stocks of Bank of America Corp., Citigroup Inc., Goldman Sachs Group, Inc., JPMorgan Chase & Co. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 13.5% if each stock closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any quarterly valuation date.
The payout at maturity will be par plus the contingent coupon unless any stock finishes below its 70% trigger, in which case investors will be fully exposed to the decline of the worst performing stock.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Holdings 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: | Bank of America Corp., Citigroup Inc., Goldman Sachs Group, Inc., JPMorgan Chase & Co. and Wells Fargo & Co.
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| Amount: | $500,000
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| Maturity: | June 7, 2019
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| Coupon: | 13.5% per year, payable quarterly if each stock closes at or above 70% coupon barrier on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock falls by more than 30%, in which case full exposure to losses of worst performing stock
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| Call: | At par if each stock closes at or above its initial level any quarterly valuation date
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| Initial levels: | $22.44 for BofA, $61.11 for Citigroup, $213.31 for Goldman, $82.64 for JPMorgan and $51.81 for Wells Fargo
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| Trigger levels: | $15.715 for BofA, $42.777 for Citigroup, $149.317 for Goldman, $57.848 for JPMorgan and $36.267 for Wells Fargo; 70% of initial levels
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| Pricing date: | June 2
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| Settlement date: | June 7
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| Underwriter: | Citigroup Global Markets Holdings Inc.
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| Fees: | 0.125%
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| Cusip: | 22550BA60
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