Published on 9/3/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.17 million contingent coupon autocalls on four stocks
By Kiku Steinfeld
Chicago, Sept. 2 – Citigroup Global Markets Holdings Inc. priced $1.17 million of autocallable contingent coupon equity-linked securities due Aug. 30, 2023 linked to the least performing of the common stocks of Bank of America Corp., Facebook, Inc., International Business Machines Corp. and PepsiCo, 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 13.75% 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 100% 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.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Bank of America Corp., Facebook, Inc., International Business Machines Corp. and PepsiCo, Inc.
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| Amount: | $1,173,000
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| Maturity: | Aug. 30, 2023
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| Coupon: | 13.75% annualized, payable quarterly if each stock closes at or above 60% coupon barrier on review date for that period
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| Price: | Par
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| 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
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| Call: | At par if each stock closes at or above 100% of its initial level on any quarterly call observation date
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| Initial levels: | $26.05 for BofA, $293.22 for Facebook, $124.65 for IBM and $138.40 for PepsiCo
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| Barrier levels: | $15.630 for BofA, $175.932 for Facebook, $74.790 for IBM and $83.040 for PepsiCo; 60% of initial levels
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| Equity ratios: | 38.38772 for BofA, 3.41041 for Facebook, 8.02246 for IBM and 7.22543 for PepsiCo
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| Pricing date: | Aug. 27
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| Settlement date: | Aug. 31
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17324X2N9
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