Published on 6/15/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup price $623,000 digital upside reset buffer securities linked to three stocks
By Wendy Van Sickle
Columbus, Ohio, June 15 – Citigroup Global Markets Holdings Inc. priced $623,000 of 0% digital upside reset buffer securities due June 9, 2022 linked to the worst performing of Amazon.com, Inc., Boston Scientific Corp. and Nvidia Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
An upside reset event will occur if, on any scheduled trading day during the life of the notes, the closing value of any underlying is less than its upside reset value, 80% of its initial value.
If the final underlying value of the worst performing underlying is greater than or equal to its upside reset value and an upside reset event has not occurred, the payout will be par of $1,000 plus 30%.
If the final underlying value of the worst performing underlying is greater than or equal to its upside reset value and an upside reset event has occurred, the payout will be par plus the reset participation return amount of the least performing underlying, which is (a) 125% of (b) its final underlying value minus its upside reset value divided by its initial underlying value.
If the final underlying value of the worst performing underlying is less than its upside reset value, investors will receive a fixed number of underlying shares of the worst performing underlying equal to its equity ratio plus the $200 cash buffer.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Issue: | Digital upside reset buffer securities
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| Underlying stocks: | Amazon.com, Inc., Boston Scientific Corp. and Nvidia Corp.
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| Amount: | $623,000
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| Maturity: | June 9, 2022
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final underlying value of the worst performing underlying is greater than or equal to its upside reset value and an upside reset event has not occurred, par plus 30%; if the final value of the worst performing underlying is greater than or equal to its upside reset value and an upside reset event has occurred, par plus the reset participation return amount of the least performing underlying, which is (a) 125% of (b) its final underlying value minus its upside reset value divided by its initial underlying value; otherwise, shares of the worst performing underlying equal to its equity ratio plus the $200 cash buffer
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| Reset event: | Occurs if, on any scheduled trading day during the life of the notes, the closing value of any underlying is less than its upside reset value
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| Initial levels: | $2,460.60 for Amazon, $37.42 for Boston, $350.66 for Nvidia
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| Upside reset values: | $1,968.48 for Amazon, $29.936 for Boston, $280.528 for Nvidia, 80% of initial levels
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| Equity ratios: | 0.40640 for Amazon, 26.72368 for Boston Scientific, 2.85177 for Nvidia ($1,000 divided by initial share price)
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| Pricing date: | June 4
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| Settlement date: | June 9
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1.5%
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| Cusip: | 17324XZJ2
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