Published on 10/1/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $632,000 callable contingent coupon equity notes on Dow, Stoxx, S&P
By Wendy Van Sickle
Columbus, Ohio, Oct. 1 – Citigroup Global Markets Holdings Inc. priced $632,000 of callable contingent coupon equity-linked securities due Sept. 26, 2030 linked to the worst performing of the Dow Jones industrial average, the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent coupon each quarter at an annualized rate of 8% if each asset closes at or above its coupon barrier level, 75% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any valuation date.
If the notes are not redeemed, the payout will be par plus any final coupon unless any index finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines.
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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| Underlying assets: | Dow Jones industrial average, S&P 500 index and Euro Stoxx 50 index
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| Amount: | $632,000
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| Maturity: | Sept. 26, 2030
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| Contingent coupon: | 8% per year, payable quarterly if each asset closes at or above coupon barrier on the valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus any coupon unless any index finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines
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| Call option: | In whole at par plus any coupon due on any valuation date
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| Initial level: | 27,288.18 for Dow, 3,164.13 for Stoxx, 3,315.57 for S&P
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| Coupon barriers: | 20,466.135 for Dow, 2,373.098 for Stoxx, 2,486.678 for S&P; 75% of initial levels
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| Buffer levels: | 16,372.908for Dow, 1,898.478 for Stoxx, 1,989.342 for S&P; 60% of initial levels
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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: | 4%
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| Cusip: | 17328WJ25
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