Published on 10/5/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.21 million contingent coupon autocallables on ETFs
By Wendy Van Sickle
Columbus, Ohio, Oct. 5 – Citigroup Global Markets Holdings Inc. priced $1.21 million of autocallable contingent coupon equity-linked securities due Sept. 30, 2024 linked to the least performing of the Invesco QQQ Trust, series 1, iShares Russell 2000 ETF and SPDR S&P 500 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 8.1% per year if the least-performing ETF closes at or above its coupon barrier value, 70% of its initial share price, on the valuation date for that month, plus any previously unpaid coupon.
The notes will be automatically called at par if the least-performing ETF closes at or above its initial price on any monthly call 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 least-performing ETF.
The notes are guaranteed by Citigroup Inc.
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: | Autocallable contingent coupon equity-linked securities
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| Underlying ETFs: | Invesco QQQ Trust, series 1, iShares Russell 2000 ETF and SPDR S&P 500 ETF
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| Amount: | $1,212,000
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| Maturity: | Sept. 30, 2024
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| Coupon: | 8.1% per year, payable monthly if least-performing ETF closes at or above coupon barrier value on valuation date for that month, plus any previously unpaid coupon
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| Price: | Par
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| Payout at maturity: | Par unless least-performing ETF finishes below final barrier value, in which full exposure to decline of lesser-performing ETF
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| Call: | Automatically at par if the least-performing ETF closes at or above its initial price on any monthly call valuation date after six months
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| Initial share prices: | $271.56 for QQQ, $146.41 for Russell, $328.73 for S&P
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| Coupon barriers: | $190.092 for QQQ, $102.487 for Russell, $230.111 for S&P, or 70% of initial share prices
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| Barrier values: | $162.936 for QQQ, $87.846 for Russell, $197.238 for S&P, or 60% of initial share prices
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 30
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.85%
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| Cusip: | 17328WQ50
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