Published on 12/26/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1 million autocallable securities on equal stock basket
By Taylor Fox
New York, Dec. 30 – Citigroup Global Markets Holdings Inc. priced $1 million of 0% autocallable securities due Nov. 29, 2021 linked to an equally weighted basket of CSX Corp., Fastenal Co., L3Harris Technologies, Inc., Landstar System, Inc., Norfolk Southern Corp., Old Dominion Freight Line, Inc., Quanta Services, Inc., Sherwin-Williams Co., Union Pacific Corp. and United Rentals, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Interest is payable quarterly.
The notes will be called at par if the basket closes at or above its initial level on May 24.
At maturity, if the final basket value is above its initial level, investors will receive par plus 1.5 times the basket return capped at par plus 20%.
Otherwise, the payout at maturity will be par unless the basket finishes below its 90% trigger level, in which case investors will lose 1% for every 1% that the basket declines from its initial level.
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: | Autocallable securities
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| Underlying assets: | CSX Corp., Fastenal Co., L3Harris Technologies, Inc., Landstar System, Inc., Norfolk Southern Corp., Old Dominion Freight Line, Inc., Quanta Services, Inc., Sherwin-Williams Co., Union Pacific Corp. and United Rentals, Inc.
|
| Amount: | $1 million
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| Maturity: | Nov. 29, 2021
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| Price: | Par
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| Payout at maturity: | Par plus 1.5 times basket return if basket finishes above initial level, capped at par plus 20%; par if basket declines not more than trigger level; otherwise, full exposure to decline of basket
|
| Call: | At par if the basket closes at or above its initial value on May 24
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| Initial levels: | $92.06 for CSX, $47.91 for Fastenal, $194.10 for L3Harris, $129.82 for Landstar, $242.85 Norfolk, $202.24 for Old Dominion, $68.91 for Quanta, $734.13 for Sherwin-Williams, $207.39 for Union Pacific and $226.31for United Rentals
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| Trigger level: | 90% of initial values
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| Pricing date: | Nov. 23
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| Settlement date: | Nov. 27
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.9%
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| Cusip: | 17328Y4Z4
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