Published on 8/4/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $575,000 autocallable equity-linked notes on five stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 4 – Citigroup Global Markets Holdings Inc. priced $575,000 of autocallable equity-linked securities due June 29, 2024 tied to Amazon.com, Inc., Apple Inc., Facebook, Inc., Lowe’s Cos., Inc. and Sherwin-Williams Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 9.65% per year, payable monthly.
Beginning July 24, 2023, the notes will be automatically redeemed at par plus interest if the worst-performing stock closes at or above its initial price on any monthly observation date.
If the notes are not called and the final price of each stock is at least 60% of its initial price, the payout at maturity will be par. Otherwise, investors will be exposed to the loss of the least-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 equity-linked securities
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| Underlying stocks: | Amazon.com, Inc., Apple Inc., Facebook, Inc., Lowe’s Cos., Inc. and Sherwin-Williams Co.
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| Amount: | $575,000
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| Maturity: | June 29, 2024
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| Coupon: | 9.65% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par if each stock’s final price is at least 60% of initial price; otherwise, exposure to loss of worst performing stock
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| Call: | Beginning July 24, 2023, automatically redeemed at par plus interest if the worst-performing stock closes at or above its initial price on any monthly observation date
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| Initial prices: | $2,986.55 for Amazon, $371.38 for Apple, $232.60 for Facebook, $146.50 for Lowe’s, $618.50 for Sherwin-Williams
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| Downside thresholds: | $1,791.93 for Amazon, $222.828 for Apple, $139.56 for Facebook, $87.90 for Lowe’s, $371.10 for Sherwin-Williams; 60% of initial prices
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| Pricing date: | July 24
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| Settlement date: | July 29
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.6%
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| Cusip: | 17328WKK3
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