Published on 11/15/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.15 million autocallable contingent coupon equity notes on indexes
By Taylor Fox
New York, Nov. 16 – Citigroup Global Markets Holdings Inc. priced $1.15 million of autocallable contingent coupon equity-linked securities due July 29, 2021 linked to the worst performing of the Dow Jones industrial average, the Nasdaq 100 index and the Russell 2000 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 10.10% 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.
The payout at maturity will be par unless any index finishes below its barrier level, 70% of its initial level, in which case investors will lose 1% for every 1% 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: | Autocallable contingent coupon equity-linked securities
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| Underlying indexes: | Dow Jones industrial average, Nasdaq 100 index and Russell 2000 index
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| Amount: | $1,153,000
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| Maturity: | July 29, 2021
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| Coupon: | Each month, notes pay contingent coupon at rate of 10.10% per year unless any index closes below coupon barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its barrier level, in which case 1% loss for every 1% decline of the least performing index
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly call observation date
|
| Initial levels: | 1,605.209 for Russell, 27,685.38 for Dow, 11,504.52 for Nasdaq
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| Coupon barrier levels: | 1,123.646 for Russell, 19,379.766 for Dow, 8,053.164 for Nasdaq; 70% of initial levels
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| Final barrier levels: | 1,123.646 for Russell, 19,379.766 for Dow, 8,053.164 for Nasdaq; 70% of initial levels
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| Pricing date: | Oct. 26
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| Settlement date: | Oct. 29
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.6%
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| Cusip: | 17328WS66
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