Published on 9/21/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.67 million contingent coupon autocallables on three ETFs
By Kiku Steinfeld
Chicago, Sept. 21 – Citigroup Global Markets Holdings Inc. priced $1.67 million of autocallable contingent coupon equity-linked securities due Sept. 14, 2023 linked to the least performing of the SPDR Dow Jones Industrial Average ETF, the iShares Russell 2000 ETF and the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 9% per year plus any previously unpaid coupons if the least-performing ETF closes at or above its coupon barrier value, 80% of its initial share price, on the valuation date for that month.
The notes will be automatically called at par if the least-performing ETF closes at or above its initial price on any monthly valuation date after six months.
The payout at maturity will be par unless the least-performing ETF finishes below its final barrier value, 60% of its initial share price, in which case investors will be fully exposed to the decline of the lesser-performing ETF.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying ETFs: | SPDR Dow Jones Industrial Average ETF, iShares Russell 2000 ETF and the SPDR S&P 500 ETF trust
|
| Amount: | $1,665,000
|
| Maturity: | Sept. 14, 2023
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| Coupon: | 9% per year, payable monthly plus any previously unpaid coupons if least-performing ETF closes at or above coupon barrier value on valuation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless least-performing ETF finishes below final barrier value, in which full exposure to decline of lesser-performing ETF
|
| Call: | Automatically at par if the least-performing ETF closes at or above its initial price on any monthly valuation date after six months
|
| Initial share prices: | $279.85 for Dow, $152.13 for Russell, $339.79 for S&P
|
| Coupon barriers: | $223.880 for Dow, $121.704 for Russell, $271.832 for S&P, or 80% of initial share prices
|
| Barrier values: | $167.910 for Dow, $91.278 for Russell, $203.874 for S&P, or 60% of initial share prices
|
| Pricing date: | Sept. 9
|
| Settlement date: | Sept.14
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.85%
|
| Cusip: | 17328WHX9
|
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