Published on 8/26/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $3.91 million autocallable contingent coupon equity notes on Russell, Dow
By Kiku Steinfeld
Chicago, Aug. 26 – Citigroup Global Markets Holdings Inc. priced $3.91 million of autocallable contingent coupon equity-linked securities due Feb. 25, 2028 linked to the lesser performing of the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each month, the notes pay a contingent coupon at the rate of 4.5% per year if each index closes at or above its coupon barrier level, 80% of its initial level, on the observation date for that month.
Beginning in February 2021, the notes will be automatically called at par if each index closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par unless either index finishes below its buffer level, 80% of its initial level, in which case investors will lose 1% for every 1% decline of the lesser performing index beyond 20%.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying indexes: | Dow Jones industrial average and Russell 2000
|
| Amount: | $3,911,000
|
| Maturity: | Feb. 25, 2028
|
| Coupon: | Each month, notes pay contingent coupon at rate of 4.5% per year unless either index closes below coupon barrier level on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below its buffer level, in which case 1% loss for every 1% decline of the lesser performing index beyond 20%
|
| Call: | Beginning in February 2021, automatically at par if each index closes at or above initial level on any quarterly call observation date
|
| Initial levels: | 1,552.476 for Russell, 27,930.33 for Dow
|
| Coupon barrier levels: | 1,241.981 for Russell, 22,344.264 for Dow; 80% of initial levels
|
| Final buffer levels: | 1,241.981 for Russell, 22,344.264 for Dow; 80% of initial levels
|
| Pricing date: | Aug. 21
|
| Settlement date: | Aug. 26
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.75%
|
| Cusip: | 17328WK31
|
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