Published on 5/22/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $307,000 buffer securities tied to Dow, S&P
By Kiku Steinfeld
Chicago, May 22 – Citigroup Global Markets Holdings Inc. priced $307,000 of 0% buffer securities due May 20, 2025 linked to the lesser performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The payout at maturity will be par plus 1.5 times any gain of the lesser performing index.
Investors will receive par if the lesser performing index falls by up to the buffer amount of 10% and will lose 1% for every 1% that the laggard index declines beyond the buffer.
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: | Dow Jones industrial average, S&P 500
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Amount: | $307,000
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Maturity: | May 20, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 1.5 times any gain of the laggard index; par if the lesser performing index falls by up to buffer level; 1% loss for every 1% decline of laggard index beyond buffer
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Initial levels: | 23,685.42 for Dow, 2,863.70 for S&P
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Buffer levels: | 21,316.878 for Dow, 2,577.33 for S&P; 90% of initial levels
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Pricing date: | May 15
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Settlement date: | May 20
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.13%
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Cusip: | 17328VT42
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