Published on 8/5/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $2.97 million contingent coupon autocallables on four stocks
By Kiku Steinfeld
Chicago, Aug. 5 – Citigroup Global Markets Holdings Inc. priced $2.97 million of autocallable contingent coupon equity-linked securities due Aug. 2, 2023 linked to the least performing of the common stocks of Home Depot, Inc., JPMorgan Chase & Co., Alphabet Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 12% per year if the least-performing stock closes at or above its coupon barrier value, 60% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if the least-performing stock closes at or above its initial price on any quarterly autocall date.
The payout at maturity will be par unless the least-performing stock finishes below its final barrier value, 60% of its initial share price, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
The notes are guaranteed by Citigroup Inc.
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 stocks: | JPMorgan Chase & Co., Home Depot, Inc., Alphabet Inc. and Microsoft Corp.
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Amount: | $2,972,000
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Maturity: | Aug. 2, 2023
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Coupon: | 12% per year, payable each quarter if least-performing stock closes at or above coupon barrier value on valuation date for that period
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Price: | Par
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Payout at maturity: | Par unless least-performing stock finishes below final barrier value, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
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Call: | Automatically at par if least-performing stock closes at or above initial share price on any quarterly valuation date
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Initial share prices: | $99.68 for JPMorgan, $264.66 for Home Depot, $1,523.51 for Alphabet, $204.06 for Microsoft
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Coupon/final barriers: | $59.808 for JPMorgan, $158.796 for Home Depot, $914.106 for Alphabet, $122.436 for Microsoft, or 60% of initial share prices
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Equity ratios: | 10.03210 for JPMorgan, 3.77843 for Home Depot, 3.77843 for Alphabet, 4.90052 Microsoft
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Pricing date: | July 29
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Settlement date: | July 31
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 3.25%
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Cusip: | 17324XQ37
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