Published on 4/22/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.90 million contingent coupon autocallables on tech stocks
By Marisa Wong
Morgantown, W.Va., April 22 – Citigroup Global Markets Holdings Inc. priced $1,895,000 of autocallable contingent coupon notes due April 5, 2022 linked to the least performing of the common stocks of Apple Inc., Amazon.com, 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 will pay a contingent semiannual coupon at an annual rate of 9% if each underlying stock closes at or above its 65% coupon barrier on the related semiannual observation date.
The notes will be called at par if each stock closes at or above 82% of its initial level on any semiannual call observation date from September 2019 through September 2021.
The payout at maturity will be par unless any stock finishes below its 60% barrier level, in which case the payout will be par plus the return of the worst 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 notes
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| Underlying stocks: | Apple Inc. (Symbol: AAPL), Amazon.com, Inc. (Symbol: AMZN), Alphabet Inc. (Symbol: GOOG), Microsoft Corp. (Symbol: MSFT)
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| Amount: | $1,895,000
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| Maturity: | April 5, 2022
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| Coupon: | 9% annualized, payable semiannually if each stock closes at or above coupon barrier on related semiannual observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below final barrier, in which case full exposure to decline of worst performing stock
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| Call: | At par if each stock closes at or above its trigger value on any semiannual call observation date from September 2019 through September 2021
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| Initial values: | $189.95 for Apple, $1,780.75 for Amazon, $1,173.31 for Alphabet, $117.94 for Microsoft
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| Coupon barriers: | $123.468 for Apple, $1,157.488 for Amazon, $762.652 for Alphabet, $76.661 for Microsoft; 65% of initial values
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| Final barrier values: | $113.970 for Apple, $1,068.450 for Amazon, $703.986 for Alphabet, $70.764 for Microsoft; 60% of initial values
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| Trigger values: | $155.759 for Apple, $1,460.215 for Amazon, $962.114 for Alphabet, $96.711 for Microsoft; 82% of initial values
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| Pricing date: | March 29
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| Settlement date: | April 5
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2.55%
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| Cusip: | 17326YNY8
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