Published on 10/2/2019 in the Prospect News Structured Products Daily.
New Issue: Citi prices $2.6 million contingent coupon autocallables on Russell, Dow
By Sarah Lizee
Olympia, Wash., Oct. 2 – Citigroup Global Markets Holdings Inc. priced $2.6 million of contingent coupon autocallable notes due Oct. 2, 2024 linked to the lesser performing of the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each month, the notes pay a contingent coupon at the rate of 7.05% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that month.
Beginning in September 2020, the notes will be automatically called at par if each index closes at or above its initial level on any monthly observation date.
The payout at maturity will be par unless either index finishes below its barrier level, 60% of its initial level, in which case investors will lose 1% for every 1% decline of the lesser performing index.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Contingent coupon autocallable notes
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| Underlying indexes: | Dow Jones industrial average and Russell 2000
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| Amount: | $2,603,000
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| Maturity: | Oct. 2, 2024
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| Coupon: | Each month, notes pay contingent coupon at rate of 7.05% per year unless either index closes below coupon barrier level on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below its barrier level, in which case 1% loss for every 1% decline of the lesser performing index
|
| Call: | Beginning in September 2020, automatically at par if each index closes at or above initial level on any monthly observation date
|
| Initial levels: | 1,520.476 for Russell, 26,820.25 for Dow
|
| Coupon barrier levels: | 1,064.333 for Russell, 18,774.175 for Dow; 70% of initial levels
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| Final barrier levels: | 912.286 for Russell, 16,092.150 for Dow; 60% of initial levels
|
| Pricing date: | Sept. 27
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| Settlement date: | Oct. 2
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.75%
|
| Cusip: | 17327TUJ3
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