Published on 7/16/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $655,000 contingent coupon autocallable notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, July 16 – Citigroup Global Markets Holdings Inc. priced $655,000 of autocallable contingent coupon equity-linked securities due July 11, 2023 tied to the worst performing of the common stocks of Chipotle Mexican Grill, Inc., Domino's Pizza, Inc., McDonald's Corp. and Starbucks Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 10% per year, payable monthly if each asset closes above its coupon barrier, 65% of its initial level, on the observation date for that period.
The notes will be automatically redeemed at par if the worst-performing asset closes at or above its initial level on any quarterly autocall date starting after six months.
The payout at maturity will be par unless any underlying stock finishes below its buffer level, in which case investors will be exposed to losses of the least-performing index beyond 30%.
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 assets: | Chipotle Mexican Grill, Inc., Domino's Pizza, Inc., McDonald's Corp. and Starbucks Corp.
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| Amount: | $655,000
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| Maturity: | July 11, 2023
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| Coupon: | 10%, payable monthly if all assets close above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below buffer, in which case exposure to losses of least-performing stock beyond 30%
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| Call: | At par if worst-performing asset closes at or above initial level on any quarterly autocall date starting after six months
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| Initial stock levels: | $1,125.92 for Chipotle, $385.00 for Domino’s, $188.50 for McDonald’s, $75.44 for Starbucks
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| Coupon barrier levels: | $788.144 for Chipotle, $269.50 for Domino’s, $131.95 for McDonald’s, $52.808 for Starbucks, 70% of initial levels
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| Buffer levels: | $788.144 for Chipotle, $269.50 for Domino’s, $131.95 for McDonald’s, $52.808 for Starbucks, 70% of initial levels
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| Pricing date: | July 6
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| Settlement date: | July 9
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.5%
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| Cusip: | 17324XJ43
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