Published on 11/19/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.05 million buffer securities linked to stock basket
By Taylor Fox
New York, Nov. 19 – Citigroup Global Markets Holdings Inc. priced $1.05 million of 0% buffer securities due Nov. 4, 2025 linked to an equally weighted basket of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The basket consists of the Amazon.com, Inc., Apple Inc., UnitedHealth Group Inc. and Visa Inc.
The payout at maturity will be par plus of any basket gain, up to a maximum payout of par plus 44%.
Investors will receive par if the basket is flat or falls by up to 20% and will lose 1% for every 1% that the basket declines beyond the 20% buffer, payable either in the shares of each stock or cash.
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: | Buffer securities
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Underlying basket: | Amazon.com, Inc., Apple Inc., UnitedHealth Group Inc. and Visa Inc.
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Amount: | $1,050,000
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Maturity: | Nov. 4, 2025
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Coupon: | 0%
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Price: | Par of $5,000
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Payout at maturity: | Par plus 100% of any basket gain, up to maximum of par plus 44%; par if basket is flat or falls by up to 20%; 1% loss for every 1% decline beyond 20% buffer
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Initial index levels: | $3,036.15 for Amazon, $108.86 for Apple, $305.14 for UnitedHealth and $181.71 for Visa
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Buffer level: | 80% of initial level
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Pricing date: | Oct. 30
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Settlement date: | Nov. 4
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Agent: | Citigroup Global Markets Inc.
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Fees: | 1.125%
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Cusip: | 17324X3E8
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