Published on 9/18/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1 million callable contingent coupon notes on three stocks
By Kiku Steinfeld
Chicago, Sept. 18 – Citigroup Global Markets Holdings Inc. priced $1 million of callable contingent coupon equity-linked securities due Sept. 15, 2022 linked to the least performing of the common stocks of Verizon Communications Inc., Bristol-Myers Squibb Co. and Cisco Systems, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent monthly coupon at an annualized rate of 14.35% if each underlying asset closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be callable at par plus any coupon on any monthly call observation date after three months.
The payout at maturity will be par plus any final coupon unless any underlier finishes below the 60% final barrier value, in which case investors will receive a fixed number of shares of the worst performing underlying equal to its equity ratio or, if the issuer prefers, the cash value of those shares.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying assets: | Verizon Communications Inc., Bristol-Myers Squibb Co. and Cisco Systems, Inc.
|
| Amount: | $1,000,000
|
| Maturity: | Sept. 15, 2022
|
| Contingent coupon: | 14.35% per year, payable each month that each underlying asset closes at or above coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above final barrier, par plus any coupon; otherwise, a fixed number of shares of worst performing asset equal to its equity ratio or cash value
|
| Call option: | At par plus any coupon on any monthly call observation date after three months
|
| Initial levels: | $58.29 for Bristol-Myers Squibb, $39.57 for Cisco, $59.53 for Verizon
|
| Coupon barriers: | $40.803 for Bristol-Myers Squibb, $27.699 for Cisco, $41.671 Verizon; 70% of initial levels
|
| Final barriers: | $34.974 for Bristol-Myers Squibb, $23.742 for Cisco, $40.803 Verizon; 60% of initial levels
|
| Equity ratios: | 17.15560 for Bristol-Myers Squibb, 25.27167 for Cisco, 16.79825 for Verizon
|
| Pricing date: | Sept. 11
|
| Settlement date: | Sept. 16
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.4%
|
| Cusip: | 17324X2J8
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
