Published on 8/18/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.12 million contingent coupon autocalls on S&P, Nasdaq, Dow
By Wendy Van Sickle
Columbus, Ohio, Aug. 18 – Citigroup Global Markets Holdings Inc. priced $1.12 million of autocallable contingent coupon equity-linked securities due Nov. 16, 2021 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Dow Jones industrial average, 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 6% if each index closes at or above its 80% coupon barrier value on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly call review date.
The payout at maturity will be par unless any index finishes below its 80% final buffer value, in which case investors will be exposed to the decline of the worst performing index beyond 20%.
Citigroup Global Markets Inc. is the agent.
Issuer: | Citigroup Global Markets Holdings Inc.
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Guarantor: | Citigroup Global Markets Inc.
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Issue: | Autocallable contingent coupon equity-linked securities
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Underlying indexes: | S&P 500 index, Nasdaq-100 index and Dow Jones industrial average
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Amount: | $1.12 million
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Maturity: | Nov. 16, 2021
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Coupon: | 6% annualized, payable quarterly if each index closes at or above coupon barrier on valuation date for that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above final buffer, par; otherwise, 1% loss for each 1% decline of worse performing index beyond 20%
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Call: | At par if each index closes at or above its initial level on any quarterly call review date
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Initial levels: | 27,686.91 for Dow, 10,876.08 for Nasdaq, 3,333.69 for S&P
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Coupon barriers: | 22,149.528 for Dow, 8,700.864 for Nasdaq, 2,666.952 for S&P, 80% of initial levels
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Final buffers: | 22,149.528 for Dow, 8,700.864 for Nasdaq, 2,666.952 for S&P, 80% of initial levels
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Pricing date: | Aug. 11
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Settlement date: | Aug. 14
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Agent: | Citigroup Global Markets Inc.
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Fees: | 0.75%
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Cusip: | 17328WD70
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