Published on 3/25/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.99 million buffer securities on S&P, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, March 25 – Citigroup Global Markets Holdings Inc. priced $1.99 million of 0% buffer securities due Sept. 16, 2022 linked to the least performing of the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the least-performing index’s final level is greater than its initial level, the payout at maturity will be par plus 150% of that index’s return, capped at par plus 40%.
If the least-performing index’s final level is less than or equal to its initial level but greater than or equal to its final buffer level, 80% of its initial level, the payout will be par.
If the least-performing index’s final level is less than its final buffer level, investors will lose 1% for every 1% that the least-performing index declines beyond 20%.
The notes are guaranteed by Citigroup Inc.
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: | Buffer securities
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| Underlying indexes: | Nasdaq-100, S&P 500 and Russell 2000
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| Amount: | $1,989,000
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| Maturity: | Sept. 16, 2022
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If least-performing index’s final level is greater than or equal to initial level, par plus 150% of that index’s return, capped at par plus 40%; if least-performing index’s final level is less than initial level but greater than or equal to final buffer level, par; if lesser-performing index’s final level is less than final buffer level, 1% loss for every 1% that lesser-performing index declines beyond 20%
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| Initial index levels: | 7,995.263 for Nasdaq, 2,711.02 for S&P 500 and 1,210.135 for Russell 2000
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| Final buffer levels: | 6,396.21 for Nasdaq, 2,168.816 for S&P 500 and 968.108 for Russell 2000, or 80% of initial index levels
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| Pricing date: | March 13
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| Settlement date: | March 18
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.85%
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| Cusip: | 17328V6L9
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