Published on 10/2/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.5 million callable contingent coupon equity notes on Dow, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Oct. 2 – Citigroup Global Markets Holdings Inc. priced $1.5 million of callable contingent coupon equity-linked securities due June 29, 2022 linked to the worst performing of the Dow Jones industrial average, the Russell 2000 index 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 coupon each month at an annualized rate of 9.9% 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 valuation date after three months.
If the notes are not redeemed, the payout will be par plus any final coupon unless any index finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines.
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: | Dow Jones industrial average, Nasdaq-100 index and Russell 2000 index
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Amount: | $1,496,000
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Maturity: | June 29, 2022
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Contingent coupon: | 9.9% 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 any coupon unless any index finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines
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Call option: | In whole at par plus any coupon due on any valuation date after three months
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Initial level: | 26,815.44 for Dow, 10,896.47 for Nasdaq, 1,451.819 for Russell
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Coupon barriers: | 18,770.808 for Dow, 7,627.529 for Nasdaq, 1,016.273 for Russell; 70% of initial levels
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Buffer levels: | 16,089.264 for Dow, 6,537.882 for Stoxx, 871.091 for S&P; 60% of initial levels
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Pricing date: | Sept. 24
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Settlement date: | Sept. 29
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.725%
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Cusip: | 17328WZB7
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