Published on 6/4/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1 million equity-linked notes on UPS, International Paper
By Kiku Steinfeld
Chicago, June 4 – Citigroup Global Markets Holdings Inc. priced $1 million of equity-linked securities due Dec. 2, 2021 tied to the least performing of the shares of International Paper Co. and United Parcel Service, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 11.45% per year, payable monthly.
If the final level of each asset is at least as great as 65% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% loss of the worst-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: | Equity-linked securities
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Underlying assets: | International Paper Co. and United Parcel Service, Inc.
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Amount: | $1,000,000
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Maturity: | Dec. 2, 2021
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Coupon: | 11.45%, payable monthly
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Price: | Par
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Payout at maturity: | If the final level of each asset is at least as great as 65% of its initial level, par; otherwise, investors will lose 1% for each 1% loss of the worst-performing asset
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Initial levels: | $34.33 for International Paper, $97.07 for UPS
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Downside threshold levels: | $22.315 for International Paper, $63.096 for UPS, 65% of initial levels
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Pricing date: | May 27
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Settlement date: | June 1
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Agent: | Citigroup Global Markets Inc.
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Fees: | 0.3%
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Cusip: | 17328VPQ7
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