Published on 7/20/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $415,000 callable contingent coupon notes on four indexes
By Kiku Steinfeld
Chicago, July 20 – Citigroup Global Markets Holdings Inc. priced $415,000 of callable contingent coupon equity-linked securities due Jan. 20, 2023 linked to the worst performing of the Dow Jones industrial average, the Russell 2000 index, the Nasdaq-100 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 monthly coupon at an annualized rate of 12% if each asset closes at or above its coupon barrier level, 60% 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 quarterly valuation date after six months.
If the notes are not redeemed, the payout will be par plus the final coupon unless any index finishes below 60% of its initial level, in which case investors will be fully exposed to the loss 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 assets: | Nasdaq-100 index, Dow Jones industrial average, S&P 500 index and Russell 2000 index
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Amount: | $415,000
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Maturity: | Jan. 20, 2023
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Contingent coupon: | 12% per year, payable monthly if each asset 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: | Par plus coupon unless any index finishes below 60% of its initial level, in which case investors will be fully exposed to the loss of the least performing index
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Call option: | In whole at par plus any coupon due on any quarterly valuation date after six months
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Initial level: | 10,701.680 for Nasdaq, 26,870.10 for Dow, 1,478.270 for Russell, 3,226.56 for S&P
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Coupon barriers: | 7,491.176 for Nasdaq, 18,809.070 for Dow, 1,034.789 for Russell, 2,258.592 for S&P; 60% of initial levels
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Final barriers: | 7,491.176 for Nasdaq, 18,809.070 for Dow, 1,034.789 for Russell, 2,258.592 for S&P; 60% of initial levels
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Pricing date: | July 15
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Settlement date: | July 20
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.7%
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Cusip: | 17328W3B2
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