Published on 8/20/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.9 million callable contingent coupon notes on S&P, Nasdaq, Dow
By Wendy Van Sickle
Columbus, Ohio, Aug. 20 – Citigroup Global Markets Holdings Inc. priced $1.9 million of callable contingent coupon equity-linked securities due Feb. 24, 2022 linked to the worst performing of the S&P 500 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 10% if each asset 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 quarterly call valuation date.
If the notes are not redeemed, the payout will be par plus the final coupon unless any index finishes below 70% 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: | S&P 500 index, Nasdaq-100 index and Dow Jones industrial average
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| Amount: | $1,895,000
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| Maturity: | Feb. 24, 2022
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| Contingent coupon: | 10% 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 70% 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 call valuation date
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| Initial level: | 3,389.78 for S&P, 11,399.03 for Nasdaq, 2,778.07 for Dow
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| Coupon barriers: | 2,372.846 for S&P, 7,979.321 for Nasdaq, 19,444.649 for Dow; 70% of initial levels
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| Final barriers: | 2,372.846 for S&P, 7,979.321 for Nasdaq, 19,444.649 for Dow; 70% of initial levels
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| Pricing date: | Aug. 18
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| Settlement date: | Aug. 21
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.725%
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| Cusip: | 17328WEP9
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