Published on 12/24/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $11.09 million trigger callable contingent yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Dec. 24 – Citigroup Global Markets Holdings Inc. priced $11.09 million of trigger callable contingent yield notes with daily coupon observation due June 26, 2024 linked to the least performing of the S&P 500 index, the MSCI Emerging Markets 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.
Each quarter the notes will pay a contingent coupon at the rate of 9.4% per year if each index closes at or above its coupon barrier level, 65% of its initial level, on every day during that quarter.
The notes will be callable at par of $10 plus any coupon on any quarterly observation date starting March 22, 2021.
If the notes are not called and each index finishes at or above its downside threshold level, 60% of its initial level, the payout at maturity will be par plus any final coupon. Otherwise, investors will lose 1% for every 1% decline of the least-performing index.
Citigroup Global Markets Inc. is the agent, and UBS Financial Services Inc. is acting as dealer
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Trigger callable contingent yield notes with daily coupon observation
|
| Underlying indexes: | S&P 500 index, MSCI Emerging Markets index and Dow Jones industrial average
|
| Amount: | $11,093,700
|
| Maturity: | June 26, 2024
|
| Coupon: | 9.4% per year, payable quarterly if each index closes at or above its coupon barrier level on every day during that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below its downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level
|
| Call: | At par plus any coupon due on any quarterly call valuation date starting March 22, 2021
|
| Initial levels: | 30,216.45 for Dow, 1,257.01 for Emerging Markets, 3,694.92 for S&P
|
| Coupon barriers: | 21,151.52 for Dow, 879.91 for Emerging Markets, 2,586.44 for S&P; 70% of initial levels
|
| Downside thresholds: | 18,129.87 for Dow, 754.21 for Emerging Markets, 2,216.95 for S&P; 60% of initial levels
|
| Pricing date: | Dec. 21
|
| Settlement date: | Dec. 24
|
| Agent: | Citigroup Global Markets Inc.
|
| Dealer: | UBS Financial Services Inc.
|
| Fees: | 1%
|
| Cusip: | 17328L607
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
