Published on 8/26/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.34 million contingent coupon autocallables linked to Russell, ETFs
By Wendy Van Sickle
Columbus, Ohio, Aug. 26 – Citigroup Global Markets Holdings Inc. priced $1.34 million of autocallable contingent coupon equity-linked securities due Aug. 24, 2023 linked to the least performing of the Russell 2000 index, the iShares MSCI EAFE ETF and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8.5% per year if the least-performing underlier closes at or above its coupon barrier value, 60% of its initial share price, on the valuation date for that quarter.
Beginning in August 2020, the notes will be automatically called at par if the least-performing underlier closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless the least-performing underlier finishes below its final barrier value, 60% of its initial level, in which case investors will lose 1% for every 1% that the least-performing underlier declines from its initial level.
The notes are guaranteed by Citigroup Inc.
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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| Underliers: | Russell 2000 index, iShares MSCI EAFE ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $1,337,000
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| Maturity: | Aug. 24, 2023
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| Coupon: | 8.5% per year, payable quarterly if least-performing underlier closes at or above coupon barrier value on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless least-performing underlier finishes below final barrier value, in which case 1% loss for every 1% that least-performing underlier declines from initial level
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| Call: | Beginning in August 2020, automatically at par if least-performing share price closes at or above initial level on any quarterly observation date
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| Initial levels: | 1,509.85 for index, $62.86 for EAFE and $22.24 for oil ETF
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| Coupon barriers: | 905.91 for index, $37.716 for EAFE and $13.344 for oil ETF, or 60% of initial levels
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| Final barriers: | 905.91 for index, $37.716 for EAFE and $13.344 for oil ETF, or 60% of initial levels
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| Pricing date: | Aug. 21
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| Settlement date: | Aug. 26
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.75%
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| Cusip: | 17327TFJ0
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