Published on 7/3/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $795,000 contingent coupon autocallable notes on three stocks
By Sarah Lizee
Olympia, Wash., July 3 – Citigroup Global Markets Holdings Inc. priced $795,000 of autocallable contingent coupon equity-linked securities due June 30, 2022 tied to the common stocks of Apple Inc., Microsoft Corp. and salesforce.com, 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 9.5% per year, payable monthly if each stock closes above its coupon barrier, 60% 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.
If the notes are not called and the final price of each stock is at least 60% 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: | Apple Inc., Microsoft Corp. and salesforce.com, inc.
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Amount: | $795,000
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Maturity: | June 30, 2022
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Coupon: | 9.5%, 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 60% 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 observation date
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Initial prices: | $195.57 for Apple, $133.43 for Microsoft, $149.34 for salesforce
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Coupon barriers: | $117.342 for Apple, $80.058 for Microsoft, $89.604 for salesforce; 60% of initial levels
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Final barriers: | $117.342 for Apple, $80.058 for Microsoft, $89.604 for salesforce; 60% of initial levels
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Pricing date: | June 25
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Settlement date: | June 28
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Agent: | Citigroup Global Markets Inc.
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Fees: | 3.35%
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Cusip: | 17327TBY1
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