Published on 7/10/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $100,000 contingent coupon autocallables linked to S&P, Russell, Stoxx
By Wendy Van Sickle
Columbus, Ohio, July 10 – Citigroup Global Markets Holdings Inc. priced $100,000 of autocallable contingent coupon equity-linked securities due Oct. 1, 2020 linked to the least performing of the Euro Stoxx 50 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each quarter, the notes pay a contingent coupon at the rate of 8.5% per year if the least-performing index closes at or above its knock-in value, 70% of its initial level, on the valuation date for that quarter.
Beginning in December, the notes will be automatically called at par if the least-performing index closes at or above its initial level on any quarterly potential redemption date.
The payout at maturity will be par unless the least-performing index finishes below its initial level and any index closes below its knock-in value during the life of the notes, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
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: | Euro Stoxx 50, S&P 500 and Russell 2000
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Amount: | $100,000
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Maturity: | Oct. 1, 2020
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Coupon: | 8.5% per year, payable quarterly if least-performing index closes at or above knock-in value on valuation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless least-performing index finishes below initial level and any index closes below knock-in value during life of notes, in which case 1% loss for every 1% that least-performing index declines from initial level
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Call: | Beginning in December, notes will be automatically called at par if least-performing index closes at or above initial level on any quarterly potential redemption date
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Initial levels: | 3,473.69 for Stoxx, 1,566.572 for Russell 2000 and 2,941.76 for S&P 500
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Knock-in value: | 2,431.583 for Stoxx, 1,096.6 for Russell 2000 and 2,059.232 for S&P 500, or 70% of initial levels
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Pricing date: | June 28
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Settlement date: | July 3
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.9%
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Cusip: | 17326YBF2
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