Published on 8/31/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $605,000 callable contingent coupon notes on Nasdaq, Russell, Dow
By Sarah Lizee
Olympia, Wash., Aug. 31 – Citigroup Global Markets Holdings Inc. priced $605,000 of callable contingent coupon equity-linked securities due June 1, 2022 linked to the worst performing of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 8% if each asset closes at or above its coupon barrier level, 70% 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 quarterly valuation date.
If the notes are not redeemed, the payout will be par plus any final coupon unless any index finishes below 65% of its initial level, in which case investors will be fully exposed to the loss of the least performing index.
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, Nadaq-100 index and Russell 2000 index
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Amount: | $605,000
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Maturity: | June 1, 2022
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Contingent coupon: | 8% per year, payable quarterly if each asset closes at or above coupon barrier on 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 65% of its initial level, in which case investors will be fully exposed to the loss of the least performing index
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Call option: | In whole at par plus any coupon due on any quarterly valuation date
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Initial level: | 28,331.92 for Dow, 11,971.94 for Nasdaq, 1,560.193 for Russell
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Coupon barriers: | 19,832.344 for Dow, 8,380.358 for Nasdaq, 1,092.135 for Russell; 70% of initial levels
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Final barriers: | 18,415.748 for Dow, 7,781.761 for Nasdaq, 1,014.125 for Russell; 65% of initial levels
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Pricing date: | Aug. 26
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Settlement date: | Aug. 31
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2.225%
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Cusip: | 17328WEX2
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