Published on 2/10/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.18 million callable contingent coupon notes on two ETFs, Gilead Sciences
By Wendy Van Sickle
Columbus, Ohio, Feb. 10 – Citigroup Global Markets Holdings Inc. priced $1.18 million of callable contingent coupon equity-linked securities due Feb. 5, 2025 linked to the least performing of the common stock of Gilead Sciences, Inc., the Alerian MLP ETF and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent monthly 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 observation date.
The notes will be callable at par plus any coupon on any quarterly call observation date after six months.
If each asset finishes at or above its 55% barrier level, the payout at maturity will be par plus the final coupon. 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.
|
Guarantor: | Citigroup Inc.
|
Issue: | Callable contingent coupon equity-linked securities
|
Underlying assets: | Gilead Sciences, Inc., Alerian MLP ETF and SPDR S&P Oil & Gas Exploration & Production ETF
|
Amount: | $1,176,000
|
Maturity: | Feb. 5, 2025
|
Contingent coupon: | 12% per year, payable each month that each underlying asset closes at or above coupon barrier on observation date for that period
|
Price: | Par
|
Payout at maturity: | If each asset finishes at or above final barrier, par plus final coupon; otherwise, full exposure to losses of least-performing asset
|
Call option: | At par plus any coupon on any quarterly call observation date after six months
|
Initial levels: | $63.20 for Gilead, $8.02 for Alerian, $19.16 for oil and gas
|
Coupon barriers: | $41.08 for Gilead, $5.213 for Alerian, $12.454 for oil and gas; 65% of initial levels
|
Final barriers: | $31.60 for Gilead, $4.01 for Alerian, $9.58 for oil and gas; 50% of initial levels
|
Pricing date: | Jan. 31
|
Settlement date: | Feb. 5
|
Agent: | Citigroup Global Markets Inc.
|
Fees: | 4%
|
Cusip: | 17327TP67
|
|
© 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.