Published on 10/26/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $6.47 million autocallable contingent coupon equity notes on Teladoc, Amazon
By Taylor Fox
New York, Oct. 26 – Citigroup Global Markets Holdings Inc. priced $6.47 million of autocallable contingent coupon equity-linked securities due Sept. 27, 2021 linked to the stocks of Teladoc Health, Inc. and Amazon.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 contingent quarterly coupon at an annual rate of 12.5% if each stock closes at or above the coupon barrier price, 50% of the initial price, on the valuation date for that quarter.
The notes will be automatically called at par of $5,000, plus the coupon if each stock closes at or above its initial price, on any quarterly valuation date.
If the notes are not called and each stock finishes at or above final barrier price, 50% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to the decline of the worse performing stock, payable either in shares or in 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: | Teladoc Health, Inc. and Amazon.com, Inc.
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| Amount: | $6,465,000
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| Maturity: | Sept. 27, 2021
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| Coupon: | 12.5% annualized rate, payable quarterly if each stock closes at or above coupon barrier price, on the valuation date for that quarter
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| Price: | Par of $5,000
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| Payout at maturity: | Par plus coupon if each stock closes at or above final barrier price; otherwise, full exposure to decline of worse performing stock.
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| Call: | Automatically at par of $5,000 plus coupon if each stock closes at or above initial level on any quarterly valuation date
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| Initial share prices: | $215.28 for Teladoc, $3,128.99 for Amazon
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| Coupon barrier prices: | $107.640 for Teladoc, $1,564.495 for Amazon, 50% of initial levels
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| Final barrier values: | $107.640 for Teladoc, $1,564.495 for Amazon, 50% of initial levels
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| Equity ratios: | 23.22557 for Teladoc, 1.59796 for Amazon
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| Pricing date: | Sept. 22
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| Settlement date: | Sept. 25
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17324XX96
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