Published on 11/16/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $2.87 million autocallable contingent coupon equity notes on four stocks
By Taylor Fox
New York, Nov. 16 – Citigroup Global Markets Holdings Inc. priced $2.87 million of autocallable contingent coupon equity-linked securities due Nov. 1, 2023 linked to the worst performing of the stocks of Amazon.com, Inc., Apple, Inc., Walmart Inc. and Walt Disney Co., 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 annualized rate of 12% if the worst performing stock closes at or above the barrier price, 60% of the initial price, on the valuation date for that period.
The notes will be automatically called at par plus the contingent coupon if the shares of each stock close at or above the initial share prices on any quarterly valuation date.
If the notes are not called, the payout at maturity will be par unless the worst performing stock finish below the 60% final barrier level, in which case investors will be fully exposed to the losses of the worst performer, payable either in shares or cash.
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., Apple, Inc and Walmart Inc. and Walt Disney Co.
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| Amount: | $2,869,000
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| Maturity: | Nov. 1, 2023
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| Coupon: | 12% per year, payable quarterly if worst performing stock is greater than or equal to barrier price on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless at least one stock finishes below final barrier level, in which case, full exposure to losses of worst performer, payable either in shares or cash
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| Call: | At par plus contingent coupon if closing share price is greater than or equal to initial share price on any quarterly valuation date
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| Initial share prices: | $3,162.78 for Amazon, $111.20 for Apple, $140.04 for Walmart and $118.47 for Disney
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| Coupon barrier levels: | $1,897.668 for Amazon, $66.72 for Apple, $84.024 for Walmart and $71.082 for Disney, 60% of initial share price
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| Barrier prices: | $1,897.668 for Amazon, $66.72 for Apple, $84.024 for Walmart and $71.082 for Disney, 60% of initial share price
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| Pricing date: | Oct. 28
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| Settlement date: | Oct. 30
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.25%
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| Cusip: | 17324X4W7
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