Published on 7/29/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.46 million contingent coupon autocallable notes on tech stocks
By Wendy Van Sickle
Columbus, Ohio, July 29 – Citigroup Global Markets Holdings Inc. priced $1.46 million of autocallable contingent coupon equity-linked securities due July 29, 2020 tied to the common stocks of Alphabet Inc., Amazon.com, Inc., Netflix, Inc. and Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 14% per year, payable monthly if each stock closes above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be automatically redeemed at par plus interest if the worst-performing stock closes at or above its initial price on any observation date after three months.
If the notes are not called and the final price of each stock is at least 70% of its initial price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least 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 contingent coupon equity-linked securities
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Underlying stocks: | Alphabet Inc., Amazon.com, Inc., Netflix, Inc. and Apple Inc.
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Amount: | $1,463,000
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Maturity: | July 29, 2020
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Coupon: | 14%, payable monthly if stocks close above coupon barrier on observation date
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Price: | Par
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Payout at maturity: | Par if each stock’s final price is at least 70% of initial price; otherwise, full exposure to decline of least performing stock
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Call: | At par plus interest if the worst-performing stock closes at or above initial price on any any observation date after three months
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Initial prices: | $2,000.81 for Amazon, $1,139.73 for Alphabet, $317.94 for Netflix, $194.15 for Apple
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Coupon barriers: | $1,400.967 for Amazon.com, $797.811 for Alphabet, $222.558 for Netflix, $166.069 for Apple; 70% of initial levels
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Pricing date: | July 24
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Settlement date: | July 29
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Agent: | Citigroup Global Markets Inc.
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Fees: | 3%
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Cusip: | 17327THR0
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