Published on 3/22/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.36 million contingent coupon autocallables on indexes
By Wendy Van Sickle
Columbus, Ohio, March 22 – Citigroup Global Markets Holdings Inc. priced $1.36 million of autocallable contingent coupon equity linked securities due March 23, 2023 linked to the worst performing of the Russell 2000 index, the SPDR S&P Oil & Gas Exploration & Production ETF and the iShares MSCI EAFE ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Global Markets Inc.
Each quarter, the notes will pay a contingent coupon at an annual rate of 8% if each underlying asset closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes are called at par if each asset closes at or above its initial level on any quarterly determination date after one year.
The payout at maturity will be par plus the contingent coupon, if any, unless any underlying asset finishes below its 60% barrier level, in which case investors will be fully exposed to any losses of the worst performing asset.
Citigroup Global Markets Inc. is the agent.
Issuer: | Citigroup Global Markets Holdings Inc.
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Guarantor: | Citigroup Global Markets Inc.
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Issue: | Autocallable contingent coupon equity linked securities
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Underlying assets: | Russell 2000 index, SPDR S&P Oil & Gas Exploration & Production ETF and iShares MSCI EAFE ETF
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Amount: | $1,364,000
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Maturity: | March 23, 2023
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Coupon: | 8% annualized, payable each quarter that each asset closes at or above coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par plus final contingent coupon, if any, unless any index finishes below final barrier level, in which case 1% loss for each 1% decline of worst performing index
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Call: | At par if each asset closes at or above its initial level on any quarterly determination date after one year
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Initial levels: | 1,575.549 for Russell, $31.03 for oil and gas, $65.61 for MSCI
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Coupon/final barriers: | 925.895 for Russell, $18.618 for oil and gas, $39.366 for MSCI; 60% of initial levels
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Pricing date: | March 20
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Settlement date: | March 25
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Agent: | Citigroup Global Markets Inc.
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Fees: | 3.75%
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Cusip: | 17326YZ58
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