Published on 9/30/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.12 million callable contingent coupon notes on index, fund
By Wendy Van Sickle
Columbus, Ohio, Sept. 30 – Citigroup Global Markets Holdings Inc. priced $1.12 million of callable contingent coupon equity-linked securities due Sept. 27, 2022 linked to the least performing of the SPDR S&P Biotech exchange-traded fund and the S&P 500 index, 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 12% if each underlying asset closes at or above its coupon barrier level, 65% of its initial level, on the related quarterly observation date.
The notes will be callable in whole at par on any payment date.
If each asset finishes at or above its 65% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying assets: | SPDR S&P Biotech ETF, S&P 500 index
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| Amount: | $1,115,000
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| Maturity: | Sept. 27, 2022
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| Contingent coupon: | 12% per year, payable each six months that each underlying asset closes at or above coupon barrier on observation date for that period
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| Price: | Par
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| Payout at maturity: | If each asset finishes at or above final barrier, par; otherwise, full exposure to losses of least-performing asset
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| Call option: | At par on any payment date
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| Initial levels: | 2,992.07 for S&P, $82.71 for fund
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| Coupon barriers: | 1,944.846 for S&P, $53.762 for fund; 65% of initial levels
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| Final barriers: | 1,944.846 for S&P, $53.762 for fund; 65% of initial levels
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| Pricing date: | Sept. 20
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| Settlement date: | Sept. 27
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0%
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| Cusip: | 17327TSC1
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