Published on 8/19/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $3.01 million callable contingent coupon notes on ETFs
By Wendy Van Sickle
Columbus, Ohio, Aug. 19 – Citigroup Global Markets Holdings Inc. priced $3.01 million of callable contingent coupon notes due Aug. 21, 2023 linked to the Invesco QQQ Trust, series 1, SPDR Dow Jones industrial average ETF and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent semiannual coupon at an annualized rate of 7% if each asset closes at or above its coupon barrier, 60% of its initial level, on the review date for that period.
The notes will be callable at par semiannually.
If the notes are not called and the final level of each asset is greater than or equal to its 60% final barrier level, the payout at maturity will be par plus any contingent coupon due. Otherwise, investors will be fully exposed to the decline of the worst performing asset paid in shares of the worst-performing asset.
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: | Invesco QQQ Trust, series 1, SPDR Dow Jones industrial average ETF, SPDR S&P 500 ETF Trust
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| Amount: | $3,005,000
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| Maturity: | Aug. 21, 2023
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| Coupon: | Contingent semiannual coupon at an annualized rate of 7% if each asset closes at or above its coupon barrier on the review date for that period
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| Price: | Par
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| Payout at maturity: | If final level of each asset is greater than or equal to barrier level, par plus any coupon; otherwise, full exposure to decline of lesser performing asset paid in shares of that asset
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| Call option: | Callable at par semiannually
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| Initial levels: | $272.16 for QQQ, $279.80 for Dow, $336.84 for S&P
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| Coupon barrier levels: | $163.296 for QQQ, $167.88 for Dow, $202.104 for S&P, 60% of initial levels
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| Barrier levels: | $163.296 for QQQ, $167.88 for Dow, $202.104 for S&P, 60% of initial levels
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| Pricing date: | Aug. 14
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| Settlement date: | Aug. 21
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.85%
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| Cusip: | 17324X2L3
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