Published on 2/15/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $2.75 million contingent coupon autocalls on four stocks
By Sarah Lizee
Olympia, Wash., Feb. 15 – Citigroup Global Markets Holdings Inc. priced $2.75 million of autocallable contingent coupon notes due Aug. 20, 2021 linked to the least performing of the common stocks of Netflix, Inc., Apple Inc., Alphabet Inc. and Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 14.5% if each underlying stock closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes at or above 90% of its initial level on any quarterly call observation date.
The payout at maturity will be par plus the coupon unless any stock finishes below its 60% trigger level, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying stocks: | Netflix, Inc., Apple Inc., Alphabet Inc. and Amazon.com, Inc.
|
| Amount: | $2,753,000
|
| Maturity: | Aug. 20, 2021
|
| Coupon: | 14.5% annualized, payable quarterly if each stock closes at or above 60% coupon barrier on review date for that period
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above 60% trigger level, par plus coupon; otherwise, a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
|
| Call: | At par if each stock closes at or above 90% of its initial level on any quarterly call observation date
|
| Initial levels: | $351.77 for Netflix, $170.18 for Apple, $1,128.63 for Alphabet and $1,640.00 for Amazon
|
| Barrier levels: | $211.062 for Netflix, $102.108 for Apple, $677.178 for Alphabet and $984.00 for Amazon; 60% of initial levels
|
| Pricing date: | Feb. 13
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| Settlement date: | Feb. 21
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| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 4%
|
| Cusip: | 17324XLT5
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