Published on 12/24/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2.5 million callable contingent coupon notes on three ETFs
By Wendy Van Sickle
Columbus, Ohio, Dec. 24 – Citigroup Global Markets Holdings Inc. priced $2.5 million of callable contingent coupon equity-linked securities due Dec. 21, 2029 linked to the least performing of the iShares Russell 2000 ETF, the SPDR Dow Jones Industrial Average ETF Trust and the Invesco QQQ Trust, series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 10.45% if each underlying asset closes at or above its coupon barrier level, 70% of its initial level, on the related quarterly observation date.
The notes will be callable in whole at par quarterly after six months.
If each asset finishes at or above its 70% 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: | iShares Russell 2000 ETF, SPDR Dow Jones Industrial Average ETF Trust and Invesco QQQ Trust, series 1
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Amount: | $2.5 million
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Maturity: | Dec. 21, 2029
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Contingent coupon: | 10.45% per year, payable each quarter that each underlying asset closes at or above coupon barrier on observation date for that quarter
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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 quarterly after six months
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Initial levels: | $165.02 for Russell, $283.21 for Dow, $209.55 for QQQ
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Coupon barriers: | $115.514 for Russell, $198.247 for Dow, $146.685 for QQQ; 70% of initial levels
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Final barriers: | $115.514 for Russell, $198.247 for Dow, $146.685 for QQQ; 70% of initial levels
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Pricing date: | Dec. 18
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Settlement date: | Dec. 23
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Agent: | Citigroup Global Markets Inc.
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Fees: | 0.25%
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Cusip: | 17327TM29
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