Published on 10/2/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $505,000 contingent coupon autocallable notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 2 – Citigroup Global Markets Holdings Inc. priced $505,000 of autocallable contingent coupon notes due Sept. 30, 2025 linked to the least performing of the common stocks of Advanced Micro Devices, Inc., Etsy, Inc. and Overstock.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a monthly contingent coupon at an annual rate of 34% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that month, plus any previously unpaid coupon.
The notes will be called at par if each stock closes at or above 90% of its initial level on any monthly trigger observation date after six months.
The payout at maturity will be par unless any stock finishes below its 50% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon notes
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| Underlying stocks: | Advanced Micro Devices, Inc., Etsy, Inc. and Overstock.com, Inc.
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| Amount: | $505,000
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| Maturity: | Sept. 30, 2025
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| Coupon: | 34% per year, payable monthly if each stock closes at or above its coupon barrier level on monthly observation date, plus any previously unpaid coupon
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which full exposure to the losses of the least performing stock
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| Call: | Automatically if each stock closes at or above 90% of initial level on any monthly trigger observation date after six months
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| Initial prices: | $78.055 for Advanced Micro, $118.28 for Etsy, $72.87 for Overstock
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| Coupon barriers: | $46.833 Advanced Micro, $70.968 for Etsy, $43.722 for Overstock; 60% of initial levels
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| Knock-in levels: | $39.028 for Advanced Micro, $59.14 for Etsy, $36.435 for Overstock; 50% of initial levels
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 30
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1.5%
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| Cusip: | 17328WYZ5
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