Published on 9/22/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $7.6 million contingent income callable notes on Dow, Russell, S&P
By Kiku Steinfeld
Chicago, Sept. 22 – Citigroup Global Markets Holdings Inc. priced $7.6 million of contingent income callable securities due Sept. 15, 2022 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each quarter, the notes pay a contingent coupon at an annual rate of 18% if each index closes at or above its coupon barrier level, 75% of its initial index level, on each day that quarter.
The notes are callable at par on any contingent coupon payment date.
If each index finishes at or above its downside threshold level, 75% of its initial level, the payout at maturity will be par plus the final contingent coupon. If the final level of any index is less than its downside threshold level, investors will be fully exposed to the decline of the least-performing index.
Citigroup Global Markets Inc. is the underwriter with Morgan Stanley Wealth Management as dealer.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Contingent income callable securities
|
| Underlying indexes: | Dow Jones industrial average, Russell 2000 index, S&P 500 index
|
| Amount: | $7.6 million
|
| Maturity: | Sept. 15, 2022
|
| Coupon: | 18% per year, payable for each quarter that each index closes at or above coupon barrier on each day that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par plus final contingent coupon; if final level of any index is less than downside threshold level, full exposure to decline of lowest-performing index
|
| Call option: | At par on any contingent coupon payment date
|
| Initial levels: | 27,534.58 for Dow, 1,507.751 for Russell, 3,339.19 for S&P
|
| Coupon barriers: | 20,650.935 for Dow, 1,130.813 for Russell, 2,504.393 for S&P; 75% of initial levels
|
| Downside thresholds: | 20,650.935 for Dow, 1,130.813 for Russell, 2,504.393 for S&P; 75% of initial levels
|
| Pricing date: | Sept. 10
|
| Settlement date: | Sept. 15
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 0.75%
|
| Cusip: | 17328WK64
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
