Published on 7/8/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $8 million jump autocallables on three indexes
By Wendy Van Sickle
Columbus, Ohio, July 8 – Citigroup Global Markets Holdings Inc. priced $8 million of 0% jump securities with autocallable feature due July 1, 2024 linked to the worst performing of the S&P 500 index, Dow Jones industrial average and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will be called at par plus an annualized premium of 8% if each index closes at or above its initial level on any quarterly call date after six months.
The payout at maturity will be par plus 32% if each index finishes at or above its initial level. If the worst performing index declines by no more than 40%, the payout will be par. If the worst performing index finishes below its 60% downside threshold level, investors will be fully exposed to the decline of that index.
Citigroup Global Markets Inc. is the underwriter with Morgan Stanley Wealth Management as a dealer.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Jump securities with autocallable feature
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| Underlying indexes: | S&P 500 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $8 million
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| Maturity: | July 1, 2024
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| Coupon: | 0%
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| Price: | Par
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| Call: | At par plus 8% a year if each index closes at or above initial level on any quarterly call review date after six months
|
| Payout at maturity: | If each index finishes at or above initial level, par plus 32%; if worst performing index falls by up to 30%, par; otherwise, full exposure to decline of worst performing index
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| Initial levels: | 3,009.05 for S&P, 25,015.55 for Dow, 1,378.78 for Russell
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| Downside thresholds: | 1,805.43 for S&P, 15,009.33 for Dow, 827.268 for Russell; 60% of initial levels
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| Pricing date: | June 26
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| Settlement date: | July 1
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| Agent: | Citigroup Global Markets Inc.
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.4%
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| Cusip: | 17327Y121
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