Published on 8/6/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $815,000 callable contingent coupon equity notes on Nasdaq, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Aug. 6 – Citigroup Global Markets Holdings Inc. priced $815,000 of callable contingent coupon equity-linked securities due July 31, 2025 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, 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 annual rate of 9.25% if each underlier closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be callable at par plus any coupon due on any monthly call valuation date after one year.
The payout at maturity will be par plus the final coupon unless any underlier finishes below its 70% barrier, in which case investors will lose 1% for each 1% decline of the worst performing underlier from its initial level.
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: | Callable contingent coupon equity-linked securities
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Underliers: | S&P 500 index, Nasdaq-100 index and Russell 2000 index
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Amount: | $815,000
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Maturity: | July 31, 2025
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Coupon: | 9.25%, payable monthly if each underlier closes at or above coupon barrier on observation date
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Price: | Par
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Call option: | At par plus any coupon due on any monthly call valuation date after one year
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Payout at maturity: | Par plus coupon if all indexes close above 70% barrier level; otherwise 1% loss for each 1% decline of worst performing underlier from initial level
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Initial levels: | 3,125.63 for S&P, 10,483.13 for Nasdaq and 1,467.555 for Russell
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Coupon barriers: | 2,250.941 for S&P, 7,338.191 for Nasdaq and 1,027.289 for Russell; 70% of initial levels
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Barrier values: | 2,250.941 for S&P, 7,338.191 for Nasdaq and 1,027.289 for Russell; 70% of initial levels
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Pricing date: | July 27
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Settlement date: | July 30
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.6%
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Cusip: | 17328WAG3
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