Published on 10/26/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $820,000 autocallable securities on Dow, S&P
By Taylor Fox
New York, Oct. 26 – Citigroup Global Markets Holdings Inc. priced $820,000 of 0% autocallable securities due Sept. 28, 2022 linked to the worst performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will be called at par plus a premium of 9.4% annualized if each asset closes at or above its initial level on any quarterly call valuation date after six months.
The premium for the final valuation date is 18.8% and will be paid if each index finishes at or above its initial level.
Otherwise, the payout at maturity will be par unless either underlying asset finishes below its 75% barrier level, in which case investors will lose 1% for every 1% of the worst 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: | Autocallable securities
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| Underlying assets: | S&P 500 index, Dow Jones Industrial Average
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| Amount: | $820,000
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| Maturity: | Sept. 28, 2022
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 18.8% if each index finishes at or above initial level; par if least-performing underlying asset falls but finishes at or above barrier level; otherwise, 1% loss for every 1% that least-performing index
|
| Call: | At par plus a premium of 9.4% per year if each asset closes at or above its initial value on any quarterly call valuation date starting after six months
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| Initial levels: | 3,236.92 for S&P, 26,763.13 for Dow
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| Barrier levels: | 2,427.69 for S&P, 20,072.348 for Dow; 75% of initial values
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| Pricing date: | Sept. 23
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| Settlement date: | Sept. 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.35%
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| Cusip: | 17328WXW3
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