Published on 3/14/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.64 million range accrual notes linked to three indexes
By Angela McDaniels
Tacoma, Wash., March 14 – Citigroup Global Markets Holdings Inc. priced $1.64 million of callable fixed to float range accrual securities due March 15, 2029 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The interest rate is 7.25% for the first year. After that, the interest rate will be 7.25% per year multiplied by the proportion of days on which each index closes at or above its barrier level, 60% of its initial level, and the spread of the 30-year Constant Maturity Swap rate over the two-year Constant Maturity Swap rate is greater than zero. Interest is payable quarterly.
If the least-performing index finishes at or above its barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index declines from its initial level.
Beginning in March 2020, the notes will be callable at par on any interest payment date.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable fixed to float range accrual securities
|
| Underlying indexes: | S&P 500, Russell 2000 and Nasdaq-100
|
| Amount: | $1,637,000
|
| Maturity: | March 15, 2029
|
| Coupon: | 7.25% for first year; after that, 7.25% per year multiplied by proportion of days on which each index closes at or above barrier level and spread of 30-year CMS rate over two-year CMS rate is greater than zero; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If least-performing index finishes at or above barrier level, par; otherwise, 1% loss for every 1% that least-performing index declines from initial level
|
| Call option: | At par on any interest payment date starting in March 2020
|
| Initial levels: | 2,791.52 for S&P 500, 1,549.835 for Russell 2000 and 7,201.281 for Nasdaq-100
|
| Barrier levels: | 1,674.912 for S&P 500, 929.901 for Russell 2000 and 4,320.769 for Nasdaq-100; 60% of initial levels
|
| Pricing date: | March 12
|
| Settlement date: | March 15
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 4.5%
|
| Cusip: | 17326YGJ9
|
© 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.
