Published on 3/9/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $6.8 million callable contingent coupon notes on index, ETFs
Chicago, March 9 – Citigroup Global Markets Holdings Inc. priced $6.8 million of callable contingent coupon equity-linked securities due Aug. 30, 2021 linked to the least performing of the S&P 500 index, the Health Care Select Sector SPDR fund and the Technology Select Sector SPDR fund, 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 8.65% if each underlying asset closes at or above its coupon barrier level, 75% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon quarterly after six months.
If each asset finishes at or above its 75% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Citigroup Global Markets Inc. is the agent.
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: | S&P 500 index, Health Care Select Sector SPDR fund and Technology Select Sector SPDR fund
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Amount: | $6,800,000
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Maturity: | Aug. 30, 2021
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Contingent coupon: | 8.65% per year, payable each quarter that each underlying asset closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | If each asset finishes at or above final barrier, par; otherwise, full exposure to losses of least-performing asset
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Call option: | At par quarterly after six months
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Initial levels: | $95.33 for health care, 3,225.89 for S&P, $95.33 for technology fund
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Coupon barriers: | $75.128 for health care, 2,419.418 for S&P, $71.498 for technology fund; 75% of initial levels
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Final barriers: | $75.128 for health care, 2,419.418 for S&P, $71.498 for technology fund; 75% of initial levels
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Strike date: | Feb. 24
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Pricing date: | Feb. 25
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Settlement date: | Feb. 28
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Agent: | Citigroup Global Markets Inc.
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Fees: | 1.5%
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Cusip: | 17328V6Z8
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