Published on 5/20/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.15 million contingent coupon autocalls on Dow, Nasdaq
By Marisa Wong
Morgantown, W.Va., May 20 – Citigroup Global Markets Holdings Inc. priced $1.15 million of autocallable contingent coupon equity linked securities due Nov. 3, 2020 linked to the worst performing of the Dow Jones industrial average and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each quarter, the notes will pay a contingent coupon at an annual rate of 6.25% if each index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date beginning in October 2019 and ending in July 2020.
The payout at maturity will be par unless either index finishes below its initial level and either index closes below its 80% knock-in level on any day during the life of the notes, in which case investors will be fully exposed to the decline in the worst performing index.
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 indexes: | Dow Jones industrial average and the Nasdaq-100 index
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| Amount: | $1.15 million
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| Maturity: | Nov. 3, 2020
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| Coupon: | 6.25% annualized, payable each quarter that each index closes at or above coupon barrier on observation date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless either index finishes below its initial level and either index closes below its knock-in level on any day during the life of the notes, in which case full exposure to the decline in the worst performing index
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| Call: | At par if each index closes at or above initial level on any quarterly observation date beginning in October 2019 and ending in July 2020
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| Initial levels: | 26,554.39 for Dow, 7,839.039 for Nasdaq
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| Coupon barriers: | 18,588.073 for Dow, 5,487.327 for Nasdaq; 70% of initial levels
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| Knock-in levels: | 18,588.073 for Dow, 5,487.327 for Nasdaq; 70% of initial levels
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| Pricing date: | April 29
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| Settlement date: | May 2
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1.875%
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| Cusip: | 17326YXD3
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