Published on 10/19/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.18 million contingent coupon autocallable notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 19 – Citigroup Global Markets Holdings Inc. priced $1.18 million of autocallable contingent coupon notes due Oct. 13, 2022 linked to the least performing of the common stocks of Amazon.com, Inc., Apple Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a semiannual contingent coupon at an annual rate of 11.3% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be called at par if each stock closes at or above its initial level on any observation date.
The payout at maturity will be par unless any stock finishes below its 50% 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: | Amazon.com, Inc., Apple Inc. and Netflix, Inc.
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| Amount: | $1,175,000
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| Maturity: | Oct. 13, 2022
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| Coupon: | 11.3% per year, payable semiannually if each stock closes at or above its coupon barrier level on 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 observation date
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| Initial prices: | $3,125.00 for Amazon, $113.02 for Apple, $503.06 for Netflix
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| Coupon barriers: | $1,875.00 for Amazon, $67.812 for Apple, $301.836 for Netflix; 60% of initial levels
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| Knock-in levels: | $1,562.50 for Amazon, $56.51 for Apple, $251.53 for Netflix; 50% of initial levels
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| Pricing date: | Oct. 5
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| Settlement date: | Oct. 13
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1.5%
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| Cusip: | 17324X3D0
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