Published on 8/1/2017 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.45 million contingent coupon autocallables on NIKE, Starbucks
By Marisa Wong
Morgantown, W.Va., Aug. 1 – Citigroup Global Markets Holdings Inc. priced $1.45 million of autocallable contingent coupon equity linked securities due Jan. 30, 2019 linked to the worst performing of the common stocks of NIKE, Inc. and Starbucks Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 9% if each stock closes at or above its 80% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial price on any quarterly valuation date after six months.
The payout at maturity will be par plus the contingent coupon unless either stock finishes below its 80% barrier price, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by that stock’s initial price or, at the issuer’s option, the cash value of those shares.
Citigroup Global Markets Holdings 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: | NIKE, Inc. (Symbol: NKE), Starbucks Corp. (Symbol: SBUX)
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| Amount: | $1,445,000
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| Maturity: | Jan. 30, 2019
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| Coupon: | 9% per year, payable quarterly if each stock closes at or above coupon barrier on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either stock falls by more than 20%, in which case a number of shares of worst performing stock equal to $1,000 divided by that stock’s initial price or, at issuer’s option, cash equivalent
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| Call: | At par if each stock closes at or above its initial level on any quarterly valuation date beginning January 2018
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| Initial prices: | $59.39 for NIKE, $58.55 for Starbucks
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| Coupon barriers: | $47.512 for NIKE, $46.84 for Starbucks; 80% of initial prices
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| Final barriers: | $47.512 for NIKE, $46.84 for Starbucks; 80% of initial prices
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| Equity ratios: | 16.83785 for NIKE, 17.07942 for Starbucks
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| Pricing date: | July 25
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| Settlement date: | July 28
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| Underwriter: | Citigroup Global Markets Holdings Inc.
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| Fees: | 1.5%
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| Cusip: | 17324XCT5
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