Published on 5/1/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $345,000 contingent coupon autocallables linked to index, ETF
By Wendy Van Sickle
Columbus, Ohio, May 1 – Citigroup Global Markets Holdings Inc. priced $345,000 of autocallable contingent coupon equity-linked securities due Nov. 1, 2027 linked to the least performing of the Dow Jones industrial average and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 11.75% per year if the least-performing underlier closes at or above its coupon barrier value, 75% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if the least-performing underlier closes at or above its initial level on any quarterly autocall date after a year.
The payout at maturity will be par unless the least-performing underlier finishes below its final buffer value, 75% of its initial level, in which case investors will lose 1% for every 1% that the least-performing underlier declines beyond 25%.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets 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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Underliers: | Dow Jones industrial average, VanEck Vectors Gold Miners ETF
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Amount: | $345,000
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Maturity: | Nov. 1, 2027
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Coupon: | 11.75% per year, payable monthly if least-performing underlier closes at or above coupon barrier value on valuation date for that period
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Price: | Par
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Payout at maturity: | Par unless least-performing underlier finishes below final barrier value, in which case 1% loss for every 1% that least-performing underlier declines beyond 25%
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Call: | Automatically at par plus the coupon if the least-performing underlier closes at or above its initial level on any quarterly autocall date after one year
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Initial levels: | 24,133.78 for Dow, $33.79 for ETF
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Coupon barriers: | 18,100.335 for Dow, $25.343 for ETF, 75% of initial levels
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Final buffers: | 18,100.335 for Dow, $25.343 for ETF, 75% of initial levels
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Pricing date: | April 27
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Settlement date: | April 30
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 3.75%
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Cusip: | 17328VWP1
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