Published on 5/29/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $735,000 callable contingent coupon notes on indexes
Chicago, May 29 – Citigroup Global Markets Holdings Inc. priced $735,000 of callable contingent coupon equity linked securities notes due May 23, 2024 linked to the worst performing of the S&P 500 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent monthly coupon at an annualized rate of 10% if each asset closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any monthly valuation date after three months.
If each asset finishes at or above its final barrier level, 60% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be exposed to the decline of the least-performing asset.
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 assets: | S&P 500 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $735,000
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| Maturity: | May 23, 2024
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| Contingent coupon: | 10% per year, payable monthly if each asset closes at or above coupon barrier on the valuation date for that period
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| Price: | Par
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| Payout at maturity: | If each asset finishes at or above final barrier value, par; otherwise, exposure to losses of least-performing asset
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| Call option: | In whole at par plus any coupon due on any monthly valuation date after three months
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| Initial levels: | 24,206.86 for Dow, 1,307.719 for Russell, 2,922.94 for S&P
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| Coupon barriers: | 16,944.802 for Dow, 915.403 for Russell, 2,046.058 for S&P; 70% of initial levels
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| Final barrier levels: | 14,524.116 for Dow, 784.631 for Russell, 1,753.764 for S&P; 60% of initial levels
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| Pricing date: | May 19
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| Settlement date: | May 22
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.5%
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| Cusip: | 17328VKQ2
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