Published on 10/22/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.17 million contingent coupon autocallable notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 22 – Citigroup Global Markets Holdings Inc. priced $1.17 million of autocallable contingent coupon equity-linked securities due Oct. 25, 2022 tied to the common stocks of Amazon.com, Inc., Apple Inc., Alphabet Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 10% per year, payable semiannually if each stock closes above its coupon barrier, 65% of its initial level, on the observation date for that period.
The notes will be automatically redeemed at par plus interest if the worst-performing stock closes at or above 85% of its initial price on any semiannual autocall date.
If the notes are not called and the final price each stock is at least 50% of its initial price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the loss of the least performing stock.
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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| Underlying stocks: | Amazon.com, Inc., Apple Inc., Alphabet Inc. and Microsoft Corp.
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| Amount: | $1,171,000
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| Maturity: | Oct. 25, 2022
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| Coupon: | 10%, payable semiannually if stocks close above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par if each stock’s final price is at least 50% of initial price; otherwise, full exposure to loss of least performing stock
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| Call: | At par plus interest if the worst-performing stock closes at or above 85% of initial price on any semiannual autocall date
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| Initial prices: | $1,757.51 for Amazon.com, $236.41 for Apple, $1,244.41 for Alphabet, $137.41 for Microsoft
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| Coupon barriers: | $1,142.382 for Amazon.com, $153.667 for Apple, $808.867 for Alphabet, $89.317for Microsoft; 65% of initial prices
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| Final barriers: | $966.631 for Amazon.com, $130.026 for Apple, $684.426 for Alphabet, $75.576 for Microsoft; 55% of initial prices
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| Pricing date: | Oct. 18
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| Settlement date: | Oct. 25
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1.25%
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| Cusip: | 17327TDQ6
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