Published on 4/20/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1 million contingent coupon autocallables linked to S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, April 20 – Citigroup Global Markets Holdings Inc. priced $1 million of autocallable contingent coupon equity-linked securities due July 21, 2021 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 15% per year if the lesser-performing index closes at or above its knock-in value, 60% of its initial level, on the valuation date for that quarter.
The notes will be automatically called at par if the lesser-performing index closes at or above its initial level on any quarterly potential autocall date.
The payout at maturity will be par unless either index closes below its 60% final barrier value, in which case investors will lose 1% for every 1% that the lesser-performing index declines from its initial level.
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: | Autocallable contingent coupon equity-linked securities
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $1 million
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| Maturity: | July 21, 2021
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| Coupon: | 15% per year, payable quarterly if lesser-performing index closes at or above coupon barrier value on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either index closes below its final barrier value, in which case investors will lose 1% for every 1% that the lesser-performing index declines from its initial level
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| Call: | Automatically called at par if lesser-performing index closes at or above initial level on any quarterly potential autocall date
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| Initial levels: | 1,178.089 for Russell, 2,799.55 for S&P
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| Coupon barrier levels: | 706.853 for Russell, 1,679.73 for S&P, or 60% of initial levels
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| Final barrier values: | 706.853 for Russell, 1,679.73 for S&P, or 60% of initial levels
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| Pricing date: | April 16
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| Settlement date: | April 21
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.25%
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| Cusip: | 17328VTW0
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