Published on 11/5/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1 million contingent coupon autocallable notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 5 – Citigroup Global Markets Holdings Inc. priced $1 million of autocallable contingent coupon notes due Nov. 1, 2022 linked to the least performing of the common stocks of Activision Blizzard, Inc., Home Depot, Inc. and PayPal Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a monthly contingent coupon at an annual rate of 18.65% if each stock closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be called at par if each stock closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par unless any stock finishes below its 60% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon notes
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| Underlying stocks: | Activision Blizzard, Inc., Home Depot, Inc. and PayPal Holdings, Inc.
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| Amount: | $1 million
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| Maturity: | Nov. 1, 2022
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| Coupon: | 18.65% per year, payable monthly if each stock closes at or above its coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which case full exposure to the losses of the least performing stock
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| Call: | Automatically if each stock closes at or above initial level on any quarterly call observation date
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| Initial prices: | $80.49 for Activision, $276.04 for Home Depot, $197.22 for PayPal
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| Coupon barriers: | $56.343 for Activision, $193.228 for Home Depot, $138.054 for PayPal; 70% of initial levels
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| Knock-in levels: | $48.294 for Activision, $165.624 for Home Depot, $118.332 for PayPal; 60% of initial levels
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| Pricing date: | Oct. 27
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| Settlement date: | Oct. 30
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.4%
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| Cusip: | 17324X5F3
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