Published on 3/14/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.2 million autocallable contingent coupon notes on stocks
By Sarah Lizee
Olympia, Wash., March 14 – Citigroup Global Markets Holdings Inc. priced $1.2 million of autocallable contingent coupon equity-linked securities due March 16, 2020 linked to the worst performing of the common stocks of Walgreens Boots Alliance, Inc., CVS Health Corp., PepsiCo, Inc. and Coca-Cola 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 quarterly coupon at an annual rate of 10.85% if all stocks close at or above the coupon barrier level, 60% of their initial levels, on the valuation date for that quarter.
The notes will be called at par plus the contingent coupon if all stocks close at or above their initial share prices on any quarterly valuation date from September 2019 to December 2019.
The payout at maturity will be par plus the contingent coupon, unless any stock finishes below the 60% barrier value, in which case investors will be fully exposed to the loss of the worst performing stock.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Walgreens Boots Alliance, Inc., CVS Health Corp., PepsiCo, Inc. and Coca-Cola Co.
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| Amount: | $1.2 million
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| Maturity: | March 16, 2020
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| Coupon: | 10.85% per year, payable quarterly if all stocks close at or above coupon barrier level on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | If final price of each stock is greater than or equal to barrier level, par plus final coupon; otherwise, full exposure to losses of worst performing stock
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| Call: | At par plus contingent coupon if all stocks close at or above initial share price on any quarterly valuation date from September 2019 to December 2019
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| Initial share prices: | $61.00 for Walgreens, $54.65 for CVS, $116.57 for PepsiCo and $46.05 for Coca-Cola
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| Coupon barrier levels: | $36.600 for Walgreens, $32.790 for CVS, $69.942 for PepsiCo and $27.630 for Coca-Cola, 60% of initial share prices
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| Final barrier levels: | $36.600 for Walgreens, $32.790 for CVS, $69.942 for PepsiCo and $27.630 for Coca-Cola, 60% of initial share prices
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| Pricing date: | March 13
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| Settlement date: | March 15
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17324XJX9
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