Published on 7/9/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $475,000 callable contingent coupon notes on Dow, Nasdaq, Russell
By Wendy Van Sickle
Columbus, Ohio, July 9 – Citigroup Global Markets Holdings Inc. priced $475,000 of callable contingent coupon equity-linked securities due Sept. 30, 2021 linked to the worst performing of the Russell 2000 index, the Dow Jones industrial average 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 11.75% if each index 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 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: | Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index
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| Amount: | $475,000
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| Maturity: | Sept. 30, 2021
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| Contingent coupon: | 11.75% 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 monthly valuation date after three months
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| Initial levels: | 1,378.78 for Russell, 9,894.356 for Nasdaq, 25,015.55 for Dow
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| Coupon/final barriers: | 965.146 for Russell, 6,894.549 for Nasdaq, 17,510.885 for Dow; 70% of initial levels
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| Pricing date: | June 26
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| Settlement date: | July 1
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.375%
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| Cusip: | 17328VY61
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