Published on 2/28/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $2.63 million contingent coupon autocalls on bank stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 28 – Citigroup Global Markets Holdings Inc. priced $2.63 million of autocallable contingent coupon notes due March 2, 2021 linked to the least performing of the common stocks of PNC Financial Services Group, Inc., Huntington Bancshares Inc. and KeyCorp, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.25% if each underlying stock closes at or above its 65% coupon barrier on the observation date for that quarter.
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 plus the coupon unless any stock finishes below its 65% trigger level, 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.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying stocks: | PNC Financial Services Group, Inc., Huntington Bancshares Inc. and KeyCorp
|
| Amount: | $2,634,000
|
| Maturity: | March 2, 2021
|
| Coupon: | 10.25% annualized, payable quarterly if each stock closes at or above 65% coupon barrier on review date for that period
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above 65% trigger level, par plus coupon; otherwise, a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
|
| Call: | At par if each stock closes at or above its initial level on any quarterly call observation date
|
| Initial levels: | $123.69 for PNC, $14.40 for Huntington and $17.61 for KeyCorp
|
| Barrier levels: | $80.399 for PNC, $19.36 for Huntington and $11.447 for KeyCorp; 65% of initial levels
|
| Pricing date: | Feb. 26
|
| Settlement date: | Feb. 28
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 3%
|
| Cusip: | 17326YXK7
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
