Published on 4/28/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $678,000 contingent coupon autocallables on indexes
By Wendy Van Sickle
Columbus, Ohio, April 28 – Citigroup Global Markets Holdings Inc. priced $678,000 of autocallable contingent coupon equity linked securities due April 27, 2023 linked to the worst performing of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Global Markets Inc.
Each month, the notes will pay a contingent coupon at an annual rate of 12% if each underlying asset closes at or above its 70% coupon barrier on the observation date for that period.
The notes are called at par plus the contingent coupon if each asset closes at or above its initial level on any monthly determination date after one year.
The payout at maturity will be par plus the contingent coupon, if any, unless any underlying asset finishes below its 70% barrier level, in which case investors will be fully exposed to any losses of the worst performing asset.
Citigroup Global Markets Inc. is the underwriter.
| 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 assets: | Dow Jones industrial average, Russell 2000 index and S&P 500 index
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| Amount: | $678,000
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| Maturity: | April 27, 2023
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| Coupon: | 12% annualized, payable each month that each asset closes at or above coupon barrier on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus any final contingent coupon, unless any index finishes below final barrier level, in which case 1% loss for each 1% decline of worst performing index
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| Call: | At par plus contingent coupon if each asset closes at or above its initial level on any monthly determination date after one year
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| Initial levels: | 23,775.27 for Dow, 1,233.053 for Russell, 2,836.74 for S&P 500
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| Coupon barriers: | 16,642.689 for Dow, 863.137 for Russell, 1,985.718 for S&P 500; 70% of initial levels
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| Final barrier levels: | 16,642.689 for Dow, 863.137 for Russell, 1,985.718 for S&P 500; 70% of initial levels
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| Pricing date: | April 24
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| Settlement date: | April 29
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328VT26
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