Published on 8/27/2018 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.55 million autocallable securities on Russell, Stoxx
By Wendy Van Sickle
Columbus, Ohio, Aug. 27 – Citigroup Global Markets Holdings Inc. priced $1.55 million of autocallable securities due Aug. 25, 2023 linked to the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will be automatically called at par plus an annualized redemption premium of 10% if the closing level of each underlying index is at or above its redemption level on any annual review date. The redemption level will be equal to the initial level on the first review date and step up by 50 basis points each subsequent year.
If the notes are not called, and each index finishes above its initial level, the payout at maturity will be par plus 50%.
If either index declines but not below the 50% trigger level, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the lesser-performing index from its initial level.
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 securities
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| Underlying indexes: | Russell 2000, Euro Stoxx 50
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| Amount: | $1,547,000
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| Maturity: | Aug. 25, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above its initial level, par plus 50%; if either index falls by up to 50%, par; otherwise, 1% loss for each 1% decline of the lesser-performing index from its initial level
|
| Call: | Automatically at par plus annualized premium of 10% if each index closes at or above its redemption level on any annual redemption date; redemption level is equal to 100% of initial level on first redemption date and steps up by 50 bps each subsequent year
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| Initial levels: | 1,722.542 for Russell, 3,420.18 for Stoxx
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| Trigger levels: | 861.271 for Russell, 1,170.09 for Stoxx; 50% of initial levels
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| Pricing date: | Aug. 22
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| Settlement date: | Aug. 27
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 4.175%
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| Cusip: | 17326YZS8
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