Published on 7/1/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $2 million callable contingent coupon notes on S&P, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, July 1 – Citigroup Global Markets Holdings Inc. priced $2 million of callable contingent coupon equity-linked securities due June 23, 2023 linked to the worst performing of the S&P 500 index and the Nasdaq-100 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 13.35% if each index closes at or above its coupon barrier level, 75% 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 coupon date after three months.
If the notes are not called and each index finishes at or above its final barrier level, 70% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least-performing index.
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: | S&P 500 index and Nasdaq-100 index
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| Amount: | $2 million
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| Maturity: | June 23, 2023
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| Contingent coupon: | 13.35% per year, payable monthly if each index 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 index finishes at or above final barrier, par plus final coupon; 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 coupon date after three months
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| Initial levels: | 10,130.33 for Nasdaq, 3,117.86 for S&P
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| Coupon barriers: | 7,597.748 for Nasdaq, 2,338.395 for S&P; 75% of initial levels
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| Final barriers: | 7,091.231 for Nasdaq, 2,182.502 for S&P; 70% of initial levels
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| Pricing date: | June 22
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| Settlement date: | June 25
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.6%
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| Cusip: | 17328VYR5
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