Published on 5/7/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.03 million contingent coupon autocallables on four stocks
By Wendy Van Sickle
Columbus, Ohio, May 7 – Citigroup Global Markets Holdings Inc. priced $1.03 million of autocallable contingent coupon equity-linked securities due May 8, 2023 linked to the least performing of the common stocks of Alphabet Inc., Amazon.com, Inc., Apple Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent semiannnual coupon at the rate of 11.5% per year if the least-performing stock closes at or above its coupon barrier value, 60% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if the least-performing stock closes at or above 85% of its initial price on any semiannnual autocall date.
The payout at maturity will be par unless the least-performing stock finishes below its final barrier value, 50% of its initial share price, in which case investors will have full exposure to loss of least-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: | Alphabet Inc., Amazon.com, Inc., Apple Inc. and Microsoft Corp.
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| Amount: | $1,025,000
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| Maturity: | May 8, 2023
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| Coupon: | 11.5% per year, payable each six months if least-performing stock closes at or above coupon barrier value on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless least-performing stock finishes below final barrier value, in which case full exposure to loss of least-performing stock
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| Call: | Automatically at par if least-performing stock closes at or above 85% of initial share price on any semiannnual valuation date
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| Initial share prices: | $1,232.59 for Alphabet, $2,314.08 for Amazon.com, $278.58 for Apple, $169.81 for Microsoft
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| Coupon barriers: | $739.554 for Alphabet, $1,388.448 for Amazon.com, $167.148 for Apple, $101.886 for Microsoft, or 60% of initial share prices
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| Barrier values: | $616.295 for Alphabet, $1,157.04 for Amazon.com, $139.29 for Apple, $84.905 for Microsoft, or 50% of initial share prices
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| Pricing date: | April 29
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| Settlement date: | May 6
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17324XD56
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