Published on 7/9/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $3.07 million contingent market-linked autocalls tied to Russell, S&P, Stoxx
By Wendy Van Sickle
Columbus, Ohio, July 9 – Citigroup Global Markets Holdings Inc. priced $3.07 million of market-linked securities due June 29, 2023 – autocallable with contingent coupon and contingent downside linked to the least performing of the Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if each index closes at or above its 75% coupon threshold on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless any index finishes below its 75% downside threshold, in which case the payout will be par plus the return of the worst performing index with full exposure to any losses.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. and Wells Fargo Securities LLC are the agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying indexes: | S&P 500 index, Euro Stoxx 50 index, Russell, 2000 index
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| Amount: | $3,065,000
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| Maturity: | June 29, 2023
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| Coupon: | 8% annualized, payable quarterly if each index closes at or above coupon threshold on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any index falls by more than 25%, in which case 1% loss per 1% decline of worst performing index
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| Call: | At par if each index closes at or above its initial level on any interest payment date after six months
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| Initial levels: | 2,924.92 for S&P, 3,442.38 for Stoxx and 1,546.55 for Russell Coupon/downside thresholds: | 2,193.69 for S&P, 2,581.785 for Stoxx, 1,159.9125 for Russell, 75% of initial levels
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| Pricing date: | June 27
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| Settlement date: | July 2
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| Agents: | Citigroup Global Markets Inc. and Wells Fargo Securities LLC
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| Fees: | 2.225%
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| Cusip: | 17326YLQ7
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