Published on 1/2/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $378,000 callable contingent coupon notes on two funds
By Wendy Van Sickle
Columbus, Ohio, Jan. 2 – Citigroup Global Markets Holdings Inc. priced $378,000 of callable contingent coupon notes due Dec. 15, 2021 linked to the least performing of the Materials Select Sector SPDR fund and the Industrial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent semiannual coupon at an annualized rate of 7.5% if each underlying fund closes at or above its coupon barrier level, 70% of its initial price, on the observation date that period.
The notes will be callable in whole at par on any observation date after six months.
If each fund finishes at or above its barrier level, 70% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing fund.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon notes
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| Underlying funds: | Materials Select Sector SPDR fund, Industrials Select Sector SPDR fund
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| Amount: | $378,000
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| Maturity: | Dec. 15, 2021
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| Contingent coupon: | 7.5% per year, payable semiannually if each underlying fund closes at or above coupon barrier level on observation date that period
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| Price: | Par
|
| Payout at maturity: | If each fund finishes at or above barrier level, par; otherwise, full exposure to losses of least-performing fund
|
| Call option: | Callable at par on any observation date after six months
|
| Initial values: | $48.60 for Materials Select, $62.25 for Industrial Select
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| Coupon barriers: | $34.02 for Materials Select, $43.575 for Industrial Select, 70% of initial levels
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| Barriers: | $34.02 for Materials Select, $43.575 for Industrial Select, 70% of initial levels
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| Pricing date: | Dec. 21
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| Settlement date: | Dec. 31
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17326YUX2
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