Published on 11/2/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $5.58 million contingent coupon autocalls on stock basket
By Wendy Van Sickle
Columbus, Ohio, Nov. 2 – Citigroup Global Markets Holdings Inc. priced $5.58 million of autocallable contingent coupon equity-linked securities due Nov. 1, 2023 linked to an equally weighted basket containing the stocks of Advanced Micro Devices, Inc., Square, Inc., Tesla, Inc. and Zoom Video Communications, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Global Markets Inc.
The notes will pay a contingent monthly coupon at an annualized rate of 10% if the basket closes at or above its 60% coupon barrier on the related quarterly review date.
The notes will be called at par if the basket closes at or above its initial value on a monthly call date after one year.
The payout at maturity will be par unless the basket finishes below its 60% barrier level, in which case investors be fully exposed to the basket decline.
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 basket: | Advanced Micro Devices, Inc., Square, Inc., Tesla, Inc. and Zoom Video Communications, Inc., equal weights
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| Amount: | $5.58 million
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| Maturity: | Nov. 1, 2023
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| Coupon: | 10% annualized, payable monthly if basket closes at or above coupon barrier on related quarterly review date
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| Price: | Par
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| Payout at maturity: | Par unless basket finishes below final barrier, in which case full exposure to basket decline
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| Call: | At par if basket closes at or above its initial value on a monthly call date after one year
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| Initial price: | $78.88 for Advanced, $171.02 for Square, $424.68 for Tesla, $538.99 for Zoom
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| Coupon barrier: | 60% of initial level
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| Final barrier: | 60% of initial level
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| Pricing date: | Oct. 27
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| Settlement date: | Oct. 30
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.5%
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| Cusip: | 17328WQL5
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