Published on 10/20/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.34 million callable contingent coupon equity notes on S&P, Dow
By Taylor Fox
New York, Oct. 20 – Citigroup Global Markets Holdings Inc. priced $1.34 million of callable contingent coupon equity-linked securities due Sept. 25, 2023 linked to the lesser performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Citigroup Inc. is the guarantor.
The notes will pay a contingent quarterly coupon at annual rate of 7% if each index closes at or above its coupon barrier, 65% of its initial level, on the observation date for that period.
The notes will be callable at par plus any coupon due on any quarterly potential redemption date.
The payout at maturity will be par plus the final coupon unless either index finishes below its 65% barrier, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Indexes: | S&P 500 index and Dow Jones industrial average
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| Amount: | $1,335,000
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| Maturity: | Sept. 25, 2023
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| Coupon: | 7%, payable quarterly if each index closes at or above coupon barrier on observation date
|
| Price: | Par
|
| Call option: | At par plus any coupon due on any quarterly potential redemption date
|
| Payout at maturity: | Par plus coupon if both indexes finish above barrier levels; otherwise, 1% loss for each 1% decline of worse performing index from initial level
|
| Initial levels: | 3,385.49 for S&P and 28,032.38 for Dow
|
| Coupon barriers: | 2,200.569 for S&P and 18,221.047 for Dow, 65% of initial levels
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| Barrier values: | 2,200.569 for S&P and 18,221.047 for Dow, 65% of initial levels
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| Pricing date: | Sept. 17
|
| Settlement date: | Sept. 24
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 17328WSF6
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