Published on 6/5/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $18.53 million trigger callable contingent yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, June 5 – Citigroup Global Markets Holdings Inc. priced $18.53 million of trigger callable contingent yield notes with daily coupon observation due March 3, 2022 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The green notes are guaranteed by Citigroup Inc.
Each quarter, the notes pay a contingent coupon if each index closes at or above its coupon barrier, 70% of its initial level, on each day that quarter. The contingent coupon rate is 10.12% per year.
The notes are callable at par of $10 on each quarterly observation date.
If the notes are not called and each index finishes at or above its 60% downside threshold, the payout at maturity will be par.
Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. and Citigroup Global Markets Inc. are the agents.
Issuer: | Citigroup Global Markets Holdings Inc.
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Guarantor: | Citigroup Inc.
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Issue: | Trigger callable contingent yield notes with daily coupon observation
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Underlying indexes: | S&P 500, Russell 2000 and Nasdaq-100
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Amount: | $18,534,800
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Maturity: | March 3, 2022
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Coupon: | 10.12% per year, payable for each quarter that each index closes at or above its coupon barrier on each day that quarter
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Price: | Par of $10
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Payout at maturity: | If each index finishes at or above downside threshold, par plus contingent coupon; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
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Call option: | At par on each quarterly observation date
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Initial levels: | 2,802.39 for S&P, 1,504.019 for Russell, 7,278.376 for Nasdaq
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Coupon barriers: | 1,961.673 for S&P, 1,052.813 for Russell and 5,094.863 for Nasdaq; 70% of initial levels
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Downside thresholds: | 1,681.434 for S&P, 902.411 for Russell and 4,367.026 for Nasdaq; 60% of initial levels
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Pricing date: | May 28
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Settlement date: | May 31
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Agents: | UBS Financial Services Inc. and Citigroup Global Markets Inc.
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Fees: | 1%
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Cusip: | 17327P187
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