Published on 11/11/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $3.95 million autocallable contingent coupon equity notes on four stocks
By Taylor Fox
New York, Nov. 11 – Citigroup Global Markets Holdings Inc. priced $3.95 million of autocallable contingent coupon equity-linked securities due Oct. 19, 2023 linked to the stocks of Amazon.com, Inc., Tesla, Inc., Zoom Video Communications, Inc. and Netflix, Inc. according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
If each stock closes at or above its coupon barrier price, 50% of its initial price, on the valuation date for that month, the notes will pay a contingent monthly coupon at an annual rate of 15%.
The notes will be automatically called at par plus the coupon due if each stock closes at or above its initial share 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.
Otherwise, investors will receive stock of the worst performer equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent of those shares.
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: | Amazon.com, Inc., Tesla, Inc., Zoom Video Communications, Inc. and Netflix Corp.
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| Amount: | $3,945,000
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| Maturity: | Oct. 19, 2023
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| Coupon: | Payable monthly at an annual rate of 15% if each stock closes at or above its coupon barrier on valuation date
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| Price: | Par
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| Payout at maturity: | Par if each stock closes at or above final barrier; otherwise a number of shares of worst performer equal to principal amount divided by initial share price of worst performing stock or, at issuer’s option, cash equivalent
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| Call: | Automatically at par if each stock closes at or above initial level on any quarterly valuation date
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| Initial share prices: | $3,363.71 for Amazon, $541.45 for Netflix, $461.30 for Tesla and $509.25 for Zoom
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| Coupon barrier prices: | $1,681.855 for Amazon, $270.725 for Netflix, $230.650 for Tesla and $254.625 for Zoom, 50% of initial levels
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| Final barrier prices: | $1,681.855 for Amazon, $270.725 for Netflix, $230.650 for Tesla and $254.625 for Zoom, 50% of initial levels
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| Equity ratios: | 0.29729 for Amazon, 1.84689 for Netflix, 2,16779 for Tesla and 1.96367 for Zoom
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| Pricing date: | Oct. 14
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| Settlement date: | Oct. 19
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.35%
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| Cusip: | 17328WU55
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