Published on 11/18/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $522,000 callable contingent coupon equity notes on Russell, Dow, S&P
By Wendy Van Sickle
Columbus, Ohio, Nov. 18 – Citigroup Global Markets Holdings Inc. priced $522,000 of callable contingent coupon equity-linked securities due May 5, 2022 linked to the least performing of the Dow Jones industrial average, the S&P 500 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 quarter, the notes pay a contingent coupon at the rate of 7.5% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes may be called at par plus any coupon due on any quarterly potential redemption date after six months.
The payout at maturity will be par if all indexes finish above the 70% final barrier levels; 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.
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| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying indexes: | Dow Jones industrial average, S&P 500 index and Russell 2000 index
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| Amount: | $522,000
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| Maturity: | May 5, 2022
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 7.5% per year unless any index closes below coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below final barrier level, in which case investors will be fully exposed to the losses of the worst performer
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| Call option: | At par plus any coupon on any quarterly potential redemption date after six months
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| Initial levels: | 1,538.479 for Russell, 26,501.6 for Dow, 3,269.96 for S&P
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| Coupon barrier levels: | 1,076.935for Russell, 18,551.12 for Dow, 2,288.972 for S&P; 70% of initial levels
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| Final barrier levels: | 1,076.935for Russell, 18,551.12 for Dow, 2,288.972 for S&P; 70% of initial levels
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| Pricing date: | Oct. 30
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| Settlement date: | Nov. 4
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.125%
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| Cusip: | 17328WXY9
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