Published on 11/3/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2.29 million callable contingent coupon notes on Russell, Nasdaq, Dow
By Kiku Steinfeld
Chicago, Nov. 3 – Citigroup Global Markets Holdings Inc. priced $2.29 million of callable contingent coupon equity-linked securities due April 27, 2023 linked to the worst performing of the Russell 2000 index, the Nasdaq-100 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 pay a contingent monthly coupon at an annualized rate of 9.9% 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 monthly call date after six months.
If each index finishes at or above its final barrier level, 70% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to the 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: | Russell 2000 index, Dow Jones industrial average, Nasdaq-100 index
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| Amount: | $2,288,000
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| Maturity: | April 27, 2023
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| Contingent coupon: | 9.9% per year, payable monthly when 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: | If each index finishes at or above final barrier, par plus coupon; otherwise, full exposure to losses of least-performing index
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| Call option: | In whole at par plus any coupon due on any monthly call date after six months
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| Initial levels: | 28,335.57 for Dow, 1,640.502 for Russell, 11,692.57 for Nasdaq
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| Coupon/final barriers: | 19,834.899 for Dow, 1,148.351 for Russell, 8,184.799 for Nasdaq; 70% of initial levels
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| Pricing date: | Oct. 23
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| Settlement date: | Oct. 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328WRR1
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