Published on 3/6/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $500,000 autocallable equity-linked notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, March 6 – Citigroup Global Markets Holdings Inc. priced $500,000 of autocallable equity-linked securities due Feb. 28, 2020 tied to the stocks of Regeneron Pharmaceuticals, Inc., Gilead Sciences, Inc., Incyte Corp. and Mylan NV, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 10.25% per year, payable monthly.
The notes will be automatically redeemed at par plus interest if the worst-performing stock closes at or above its initial price on any quarterly observation date.
If the notes are not called and the final price each stock is at least 60% of its initial price, the payout at maturity will be par. Otherwise, investors will be exposed to the decline 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 equity-linked securities
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| Underlying stocks: | Regeneron Pharmaceuticals, Inc., Gilead Sciences, Inc., Incyte Corp. and Mylan NV
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| Amount: | $500,000
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| Maturity: | Feb. 28, 2020
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| Coupon: | 10.25%, 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 the decline of the worst performing stock
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| Call: | At par plus interest if the worst-performing stock closes at or above initial price on any quarterly observation date
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| Initial prices: | $420.38 for Regeneron, $65.35 for Gilead, $86.88 for Incyte, $30.97 for Mylan
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| Downside thresholds: | $252.228 for Regeneron, $39.21 for Gilead, $52.128 for Incyte, $18.582 for Mylan; 60% of initial prices
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| Pricing date: | Feb. 25
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| Settlement date: | Feb. 28
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2.875%
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| Cusip: | 17324XML1
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