Published on 7/13/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $2.56 million callable contingent coupon notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, July 13 – Citigroup Global Markets Holdings Inc. priced $2.56 million of callable contingent coupon equity-linked securities due July 5, 2024 linked to the worst performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent semiannual coupon at an annualized rate of 8.7% 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 semiannual 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, if any. 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.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying indexes: | Russell 2000 index and S&P 500 index
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| Amount: | $2,557,000
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| Maturity: | July 5, 2024
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| Contingent coupon: | 8.7% per year, payable semiannually if each index closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above final barrier, par plus final coupon, if any; otherwise, full exposure to losses of least-performing index
|
| Call option: | In whole at par plus any coupon due on any semiannual valuation date after three months
|
| Initial levels: | 3,100.29 for S&P, 25,812.88 for Dow
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| Coupon barriers: | 2,170.203 for S&P, 18,069.016 for Dow; 70% of initial levels
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| Final barriers: | 2,015.189 for S&P, 16,778.372 for Dow; 70% of initial levels
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| Pricing date: | June 30
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| Settlement date: | July 6
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.75%
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| Cusip: | 17328VZ78
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