Published on 10/11/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $27,000 callable contingent coupon equity notes on Dow, Russell, S&P
Chicago, Oct. 12 – Citigroup Global Markets Holdings Inc. priced $27,000 of callable contingent coupon equity-linked securities due June 21, 2022 linked to the worst performing of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 6.25% if each index 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 quarterly valuation date after one year.
If the notes are not redeemed early, the payout will be par plus any final coupon unless any index finishes below 70% 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, S&P 500 index and Russell 2000 index
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| Amount: | $27,000
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| Maturity: | June 21, 2022
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| Contingent coupon: | 6.25% per year, payable quarterly if each index 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 70% 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 quarterly valuation date after one year
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| Initial levels: | 28,032.38 for Dow, 1,552.329 for Russell, 3,385.49 for S&P
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| Coupon barriers: | 19,622.666 for Dow, 1,086.630 for Russell, 2,369.843 for S&P; 70% of initial levels
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| Buffer levels: | 19,622.666 for Dow, 1,086.630 for Russell, 2,369.843 for S&P; 70% of initial levels
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| Pricing date: | Sept. 16
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| Settlement date: | Sept. 21
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.125%
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| Cusip: | 17328WL89
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