Published on 11/18/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $350,000 autocallable contingent coupon equity notes on S&P, Stoxx
By Taylor Fox
New York, Nov. 18 – Citigroup Global Markets Holdings Inc. priced $350,000 of autocallable contingent coupon equity-linked securities due Nov. 1, 2024 linked to the worst performing of the Euro Stoxx 50 index 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 will pay a contingent quarterly coupon plus any previously unpaid coupons at an annual rate of 6% if each index closes at or above the coupon barrier price, 75% of the initial price, on the valuation date for that quarter.
The notes will be automatically called at par plus the coupon and any previously unpaid coupons if each index closes at or above its initial price, on any quarterly valuation date after one year.
If the notes are not called and each index finishes at or above final barrier price, 75% of its initial level, the payout at maturity will be par plus the final coupon and any previously unpaid coupons. Otherwise, investors will be exposed to the downside of the worst performer.
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: | Autocallable contingent coupon equity-linked securities
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Underlying indexes: | Euro Stoxx 50 index and the S&P 500 index
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Amount: | $350,000
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Maturity: | Nov. 1, 2024
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Coupon: | 6% annualized rate, payable quarterly if each index closes at or above coupon barrier price, on valuation date for that quarter
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Price: | Par
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Payout at maturity: | Par plus contingent coupon if each index closes at or above final barrier; otherwise, investors will be exposed to the downside of the worst performer
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Call: | Automatically at par plus coupon if each index closes at or above initial level on any quarterly valuation date after one year
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Initial levels: | 2,960.03 for Stoxx and 3,310.11 for S&P
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Coupon barrier levels: | 2,220.023 for Stoxx and 2,482.583 for S&P, 75% of initial levels
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Final barrier levels: | 2,220.023 for Stoxx and 2,482.583 for S&P, 75% of initial levels
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Pricing date: | Oct. 29
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Settlement date: | Nov. 3
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2%
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Cusip: | 17328WXQ6
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