Published on 9/14/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1 million contingent coupon autocallables on Amazon, Walt Disney
By Wendy Van Sickle
Columbus, Ohio, Sept. 14 – Citigroup Global Markets Holdings Inc. priced $1 million of autocallable contingent coupon equity-linked securities due Sept. 11, 2025 linked to the lesser performing of the stocks of Amazon.com, Inc. and Walt Disney Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 10.5% per year if the lesser-performing stock closes at or above its coupon barrier value, 60% of its initial share price, on the observation date for that quarter.
The notes will be automatically called at par if the lesser-performing stock closes at or above its initial share price on any quarterly call observation date after one year.
The payout at maturity will be par unless any stock finishes below its 60% barrier value, in which case investors will be exposed to the loss of the worst-performing stock.
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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| Underlying stocks: | Amazon.com, Inc. and Walt Disney Co.
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| Amount: | $1 million
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| Maturity: | Sept. 11, 2025
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| Coupon: | 10.5% per year, payable quarterly if lesser-performing stock 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 lesser-performing stock finishes below barrier level, in which case exposure to lesser-performing stock’s loss
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| Call: | Automatically at par if lesser-performing stock closes at or above initial share price on any quarterly call observation date after one year
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| Initial share prices: | $3,149.84 for Amazon, $144.54 for Walt Disney
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| Coupon barriers: | $1,889.904 for Amazon, $80.52 for Walt Disney, 60% of initial levels
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| Barrier levels: | $1,889.904 for Amazon, $80.52 for Walt Disney, 60% of initial levels
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| Pricing date: | Sept. 8
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| Settlement date: | Sept. 10
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.35%
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| Cusip: | 17328WL30
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