Published on 6/4/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.45 million callable contingent coupon notes on indexes
By Wendy Van Sickle
Columbus, Ohio, June 4 – Citigroup Global Markets Holdings Inc. priced $1.45 million of callable contingent coupon equity-linked securities notes due May 31, 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 quarterly coupon at an annualized rate of 8% if each asset closes at or above its coupon barrier level, 60% 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 quarterly valuation date after six months.
The payout at maturity will be par plus any coupon unless any index finishes below 60% final barrier level, in which case investors will be exposed to the decline of the least-performing index from its initial level.
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: | $1.45 million
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| Maturity: | May 31, 2024
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| Contingent coupon: | 8% per year, payable quarterly 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: | Par plus any coupon unless either index finishes below final barrier level; otherwise, full exposure to losses of least-performing index
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| Call option: | In whole at par plus any coupon due on any quarterly valuation date after six months
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| Initial levels: | 24,995.11 for Dow, 1,393.074 for Russell, 2,991.77 for S&P
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| Coupon barriers: | 14,997.066 for Dow, 835.844 for Russell, 1,795.062 for S&P; 60% of initial levels
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| Knock-in levels: | 14,997.066 for Dow, 835.844 for Russell, 1,795.062 for S&P; 60% of initial levels
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| Pricing date: | May 26
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| Settlement date: | May 29
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.85%
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| Cusip: | 17328VQK9
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