Published on 10/9/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $6.03 million callable contingent coupon equity notes on Russell, Dow, S&P
By Wendy Van Sickle
Columbus, Ohio, Oct. 9 – Citigroup Global Markets Holdings Inc. priced $6.03 million of callable contingent coupon equity-linked securities due Oct. 13, 2026 linked to the least performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, 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 the rate of 7.2% per year if each index closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that period.
After one year, he notes will be callable at par on any quarterly observation date other than the final one.
The payout at maturity will be par unless any index finishes below its barrier level, 60% of its initial level, in which case investors will lose 1% for every 1% decline of the least performing index.
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 indexes: | Dow Jones industrial average, S&P 500 index and Russell 2000 index
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| Amount: | $6,032,000
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| Maturity: | Oct. 13, 2026
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| Coupon: | 7.2% per year, paid quarterly, unless any index closes below coupon barrier level on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its barrier level, in which case 1% loss for every 1% decline of the least performing index
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| Call: | At par on any quarterly observation date after six months other than the final one
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| Initial levels: | 1,611.041 for Russell, 28,303.46 for Dow, 3,419.45 for S&P
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| Coupon barrier levels: | 966.625 for Russell, 16,982.076 for Dow, 2,051.67 for S&P; 60% of initial levels
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| Final barrier levels: | 966.625 for Russell, 16,982.076 for Dow, 2,051.67 for S&P; 60% of initial levels
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| Pricing date: | Oct. 7
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| Settlement date: | Oct. 13
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.25%
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| Cusip: | 17328WQV3
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