Published on 4/24/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.46 million callable contingent coupon securities on S&P, Dow
By Wendy Van Sickle
Columbus, Ohio, April 24 – Citigroup Global Markets Holdings Inc. priced $1.46 million of callable contingent coupon equity-linked securities due Oct. 26, 2027 linked to the worst performing of the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each month, the notes will pay a contingent coupon at an annualized rate of 6.5% if the notes close at or above the coupon barrier, 80% of the initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any valuation date after one year.
If each asset finishes at or above its final barrier level, 80% of its initial level, the payout at maturity will be par plus the coupon, if any. Otherwise, investors will be exposed to the decline of the least-performing asset beyond 20%.
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: | Callable contingent coupon equity-linked securities
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| Underlying indexes: | Dow Jones industrial average, S&P 500 index
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| Amount: | $1,456,000
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| Maturity: | Oct. 26, 2027
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| Coupon: | 6.5%, payable monthly if each index closes above coupon barrier on related observation date
|
| Price: | Par
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| Call option: | At par plus any coupon due on any valuation date after one year
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| Payout at maturity: | If each asset finishes at or above final barrier, par plus any coupon; otherwise, exposure to losses of least-performing asset beyond 20%
|
| Initial levels: | 23,018.88 for Dow, 2,736.56 for S&P
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| Coupon barriers: | 18,415.104 for Dow, 2,189.248 for S&P; 80% of initial levels
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| Barriers: | 18,415.104 for Dow, 2,189.248 for S&P; 80% of initial levels
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| Pricing date: | April 21
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| Settlement date: | April 24
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.75%
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| Cusip: | 17328VJ76
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