Published on 10/2/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $3.53 million contingent coupon autocallable notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 2 – Citigroup Global Markets Holdings Inc. priced $3.53 million of autocallable contingent coupon notes due Oct. 3, 2023 linked to the least performing of the common stocks of Apple Inc., Costco Wholesale Corp., Kraft Heinz Co. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a quarterly contingent coupon at an annual rate of 15% if each stock closes at or above its coupon barrier, 60% of its initial level, 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 trigger observation date.
The payout at maturity will be par unless any stock finishes below its 60% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon notes
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| Underlying stocks: | Apple Inc., Costco Wholesale Corp., Kraft Heinz Co. and Microsoft Corp.
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| Amount: | $3,531,000
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| Maturity: | Oct. 3, 2023
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| Coupon: | 15% per year, payable quarterly if each stock closes at or above its coupon barrier level on quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which full exposure to the losses of the least performing stock
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| Call: | Automatically if each stock closes at or above initial level on any quarterly trigger observation date
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| Initial prices: | $114.96 for Apple, $349.62 for Costco, $29.83 for Kraft, $209.44 for Microsoft
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| Coupon barriers: | $68.976 for Apple, $209.772 for Costco, $17.898 for Kraft, $125.64 for Microsoft; 60% of initial levels
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| Knock-in levels: | $68.976 for Apple, $209.772 for Costco, $17.898 for Kraft, $125.64 for Microsoft; 60% of initial levels
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| Pricing date: | Sept. 28
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| Settlement date: | Sept. 30
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17324X2P4
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