Published on 10/30/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $3.43 million contingent coupon autocallables on three ETFs
By Kiku Steinfeld
Chicago, Oct. 30 – Citigroup Global Markets Holdings Inc. priced $3.43 million of autocallable contingent coupon equity-linked securities due Oct. 30, 2023 linked to the least performing of the Invesco QQQ trust, series 1, the SPDR Dow Jones Industrial Average ETF trust and the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
Each six months, the notes pay a contingent coupon at the rate of 8% 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 period.
The notes will be automatically called at par if the least-performing ETF closes at or above its initial price on any biannual call valuation date.
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 receive a number of shares of the least-performing ETF equal to $1,000 divided by its initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
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, SPDR Dow Jones Industrial Average ETF trust and SPDR S&P 500 ETF trust
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| Amount: | $3,425,000
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| Maturity: | Oct. 30, 2023
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| Coupon: | 8% per year, payable biannually if least-performing ETF closes at or above coupon barrier value on valuation date for that period
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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 case a number of shares of least-performing ETF equal to $1,000 divided by its initial share price or cash equivalent
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| Call: | Automatically at par if the least-performing ETF closes at or above its initial price on any biannual call valuation date
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| Initial share prices: | $284.74 for QQQ, $283.34 for Dow, $345.78 for S&P
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| Coupon barriers: | $199.318 for QQQ, $198.338 for Dow, $242.046 for S&P, or 70% of initial share prices
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| Barrier values: | $199.318 for QQQ, $198.338 for Dow, $242.046 for S&P, or 70% of initial share prices
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| Equity ratios: | 3.51198 for QQQ, 3.52933 for Dow, 2.89201 for S&P
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| Pricing date: | Oct. 23
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| Settlement date: | Oct. 30
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.3%
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| Cusip: | 17324X6L9
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