Published on 11/15/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.86 million callable contingent coupon equity notes on Nasdaq, Dow, S&P
By Taylor Fox
New York, Nov. 16 – Citigroup Global Markets Holdings Inc. priced $1.86 million of callable contingent coupon equity-linked securities due Oct. 26, 2023 linked to the least performing of the Dow Jones industrial average, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each month, the notes pay a contingent coupon at the rate of 8.55% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that month.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly call observation date after one year.
The payout at maturity will be par if each index finishes above its 70% final barrier level. Otherwise, investors will be exposed to the decline of the worst performer.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying indexes: | Dow Jones industrial average, S&P 500 index and Nasdaq-100 index
|
| Amount: | $1,856,000
|
| Maturity: | Oct. 26, 2023
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| Coupon: | Each month, notes pay contingent coupon at rate of 8.55% per year unless any index closes below coupon barrier level on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par if each index finishes above its 70% final barrier level; otherwise, investors will be exposed to the decline of the worst performer
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly call observation date after one year
|
| Initial levels: | 11,692.57 for Nasdaq, 28,335.57 for Dow, 3,465.39 for S&P
|
| Coupon barrier levels: | 8,184.799 for Nasdaq, 19,834.899 for Dow, 2,425.773 for S&P; 70% of initial levels
|
| Final barrier levels: | 8,184.799 for Nasdaq, 19,834.899 for Dow, 2,425.773 for S&P; 70% of initial levels Pricing date: | Oct. 23
|
| Settlement date: | Oct. 28
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| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.95%
|
| Cusip: | 17328WQF8
|
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