Published on 1/22/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.09 million contingent coupon autocalls tied to three ETFs
By Sarah Lizee
Olympia, Wash., Jan. 22 – Citigroup Global Markets Holdings Inc. priced $1.09 million of autocallable contingent coupon equity-linked securities due Jan. 20, 2023 linked to the least performing of the VanEck Vectors Gold Miners ETF, the SPDR S&P Oil & Gas Exploration & Production ETF and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup, Inc.
The notes will pay a contingent monthly coupon at an annual rate of 12.75% if each asset closes at or above the 60% threshold on the observation date for that month.
The notes will be called at par if each asset closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless any asset finishes below its initial level and any asset closes below the 60% threshold during the life of the notes, in which case investors will be fully exposed to any decline of the worst performing asset.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Global Markets Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying assets: | VanEck Vectors Gold Miners ETF, SPDR S&P Oil & Gas Exploration & Production ETF and SPDR S&P Regional Banking ETF
|
| Amount: | $1,091,000
|
| Maturity: | Jan. 20, 2023
|
| Coupon: | 12.75% annualized, payable monthly if each asset closes at or above 60% coupon barrier on valuation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any asset finishes below its initial level and any asset closes below the 60% threshold during the life of the notes, in which case investors will be fully exposed to any decline of the worst performing asset
|
| Call: | At par if each asset closes at or above its initial level on any quarterly observation date after six months
|
| Initial levels: | $20.60 for gold ETF, $30.83 for oil and gas ETF, $51.87 for banking ETF
|
| Coupon barriers: | $12.360 for gold ETF, $18.498 for oil and gas ETF, $31.122 for banking ETF, 60% of initial levels
|
| Trigger levels: | $12.360 for gold ETF, $18.498 for oil and gas ETF, $31.122 for banking ETF, 60% of initial levels
|
| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 22
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 1.05%
|
| Cusip: | 17326YYK6
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