Published on 6/26/2015 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.98 million callable barrier range accrual notes tied to S&P 500
By Marisa Wong
Madison, Wis., June 26 – Citigroup Inc. priced $1.98 million of callable barrier range accrual notes due June 27, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 7% for each day that the index closes at or above 75% accrual barrier level. Interest will be payable monthly.
The payout at maturity will be par unless the index finishes below the 60% barrier level, in which case investors will share fully in losses.
The notes will be callable at par on any interest payment date after one year.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Inc.
|
| Issue: | Callable barrier range accrual notes
|
| Underlying index: | S&P 500
|
| Amount: | $1,976,000
|
| Maturity: | June 27, 2025
|
| Coupon: | 7% per year multiplied by proportion of days on which the index is above accrual barrier level; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if final index level is at least 60% of initial level; otherwise, full exposure to losses
|
| Call option: | At par on any interest payment date beginning June 2016
|
| Initial index level: | 2,108.58
|
| Barrier level: | 1,265.148, 60% of initial level
|
| Accrual barrier level: | 1,581.435, 75% of initial level
|
| Pricing date: | June 24
|
| Settlement date: | June 29
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 5%
|
| Cusip: | 17298CCC0
|
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