Published on 11/4/2019 in the Prospect News Structured Products Daily.
New Issue: Citi prices $500,000 callable contingent coupon equity notes on Stoxx Banks, Russell
By Wendy Van Sickle
Columbus, Ohio, Nov. 4 – Citigroup Global Markets Holdings Inc. priced $500,000 of callable contingent coupon equity linked securities due Nov. 1, 2029 linked to the Euro Stoxx Banks index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annualized rate of 12% if each index closes at or above its coupon barrier, 72.5% of its initial level, on the valuation date for that quarter.
The notes will be callable quarterly at par, beginning in October and ending in July 2029.
If the notes are not called and the final level of each index is greater than or equal to its 60% final barrier level, the payout at maturity will be par plus the contingent coupon, if any. Otherwise, investors will be fully exposed to the decline of the worse performing index.
Citigroup Global Markets Inc. is the underwriter.
| 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 indexes: | Euro Stoxx Banks index and Russell 2000 index
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| Amount: | $500,000
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| Maturity: | Nov. 1, 2029
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| Coupon: | 12% per year, payable quarterly if both indexes close at or above coupon barrier level on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | If final level of each index is greater than or equal to final barrier level, par plus final coupon; otherwise, full exposure to decline of lesser performing index
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| Call option: | Quarterly at par, beginning in October and ending in July 2029
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| Initial levels: | 93.38 for Stoxx, 1,571.933 for Russell
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| Coupon barrier levels: | 67.701 for Stoxx, 1,139.651 for Russell, 72.5% of initial levels
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| Final barrier levels: | 52.028 for Stoxx, 943.16 for Russell, 60% of initial levels
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| Pricing date: | Oct. 28
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| Settlement date: | Oct. 31
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 4.5%
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| Cusip: | 17327THP4
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