Published on 11/7/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.1 million contingent coupon autocallables linked to Eli Lilly
By Wendy Van Sickle
Columbus, Ohio, Nov. 7 – Citigroup Global Markets Holdings Inc. priced $1.1 million of autocallable contingent coupon equity-linked securities due Nov. 3, 2021 linked to the common stock of Eli Lilly and Co., according to a 424B2 filing with the Securities and Exchange Commission.
Every quarter, the notes will pay a contingent coupon at the rate of 8.5% per year if the stock closes at or above its barrier value, 75% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par if the stock closes at or above its initial share price on April 29, 2020, July 29, 2020, Oct. 29, 2020, January 29, 2021, April 29, 2021, July 29, 2021 and Oct. 29, 2021.
If the final share price is greater than or equal to the barrier value, the payout at maturity will be par. Otherwise, investors will receive a number of Eli Lilly share equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
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 stock: | Eli Lilly and Co.
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| Amount: | $1.1 million
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| Maturity: | Nov. 3, 2021
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| Coupon: | 8.5% per year, payable quarterly if Eli Lilly stock closes at or above barrier value on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless final share price is less than barrier value, in which case 8.95496 Eli Lilly shares or, at issuer’s option, amount in cash equal to value of those shares
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| Call: | Automatically at par if stock closes at or above initial share price on April 29, 2020, July 29, 2020, Oct. 29, 2020, January 29, 2021, April 29, 2021, July 29, 2021 and Oct. 29, 2021
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| Initial share price: | $111.67
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| Barrier value: | $83.753, or 75% of initial share price
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| Pricing date: | Oct. 29
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| Settlement date: | Nov. 1
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17324XTR1
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