Published on 4/9/2018 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $980,000 autocallable contingent coupon securities linked to stocks
By Wendy Van Sickle
Columbus, Ohio, April 9 – Citigroup Global Markets Holdings Inc. priced $980,000 of autocallable contingent coupon equity-linked securities due March 31, 2021 linked to the common stock of Bristol-Myers Squibb Co., the common stock of H&R Block, Inc. and the common stock of General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent monthly coupon at an annual rate of 10% if all stocks close at or above the coupon barrier level, 50% of the initial level, on the valuation date for that month.
The notes will be called at par plus the contingent coupon if all stocks close at or above the initial share price on any quarterly valuation date after six months.
The payout at maturity will be par plus the contingent coupon, if any, unless any stock finishes below the 50% barrier level, in which case investors will receive a number of shares of the worst performing stock equal to the principal divided by the initial share price or, at the company’s option, the cash equivalent.
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: | Bristol-Myers Squibb Co., H&R Block, Inc. and General Motors Co.
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| Amount: | $980,000
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| Maturity: | March 31, 2021
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| Coupon: | 10% per year, payable monthly if all stocks close at or above barrier level on valuation date
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| Price: | Par
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| Payout at maturity: | If final price of each stock is greater than or equal to barrier level, par plus final coupon, if any; otherwise, a number of shares of the worst performing stock equal to the principal divided by the initial share price or the cash equivalent
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| Call: | At par plus contingent coupon if all stocks close at or above initial share price on any quarterly valuation date after six months
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| Initial share prices: | $63.40 for Bristol-Myers, $25.79 for H&R Block, $35.99 for General Motors
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| Coupon barrier levels: | $31.70 for Bristol-Myers, $12.895 for H&R Block, $17.995 for General Motors, 50% of initial share prices
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| Barrier levels: | $31.70 for Bristol-Myers, $12.895 for H&R Block, $17.995 for General Motors, 50% of initial share prices
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| Pricing date: | March 26
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| Settlement date: | March 29
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.35%
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| Cusip: | 17324CSY3
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