Published on 11/1/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $308,000 callable equity-linked notes on five stocks
By Taylor Fox
New York, Nov. 2 – Citigroup Global Markets Holdings Inc. priced $308,000 of callable equity-linked securities due April 11, 2021 tied to Facebook, Inc., Expedia Group, Inc., salesforce.com, Inc., Tesla, Inc. and Workday, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 24.5% per year, payable quarterly.
The notes can be redeemed at the option of the issuer on any quarterly coupon payment date starting Jan. 11, 2021.
If the notes are not called and the final price of each stock is at least 70% of its initial price, the payout at maturity will be par. Otherwise, the payout will be the final share price of the worst-performing stock.
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 equity-linked securities
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| Underlying stocks: | Facebook, Inc., Expedia Group, Inc., salesforce.com, Inc., Tesla, Inc. and Workday, Inc.
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| Amount: | $308,000
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| Maturity: | April 11, 2021
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| Coupon: | 24.5% per year, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par if each stock’s final price is at least 70% of initial price; otherwise, final share price of the worst-performing stock.
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| Call: | Beginning Jan. 11, 2021, callable at par plus coupon at issuer’s option on any quarterly coupon payment date
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| Initial prices: | $92.16 for Expedia, $264.65 for Facebook, $251.53 for salesforce, $425.68 for Tesla and $222.04 for Workday
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| Downside thresholds: | $64.512 for Expedia, $185.255 for Facebook, $176.071 for salesforce, $297.976 for Tesla and $155.428 for Workday; 70% of initial prices
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| Pricing date: | Oct. 6
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| Settlement date: | Oct. 9
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.3%
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| Cusip: | 17328WVE5
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