Published on 12/17/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $29.54 million contingent coupon autocalls on ETFs
By Wendy Van Sickle
Columbus, Ohio, Dec. 17 – Citigroup Global Markets Holdings Inc. priced $29.54 million of autocalable contingent coupon equity-linked notes due Dec. 20, 2022 linked to the least performing of the Communication Services Select Sector SPDR fund, the Financial Select Sector SPDR fund and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.05% if each ETF closes at or above its 70% coupon barrier on the observation date for that period.
The notes will be called at par if each ETF closes at or above its initial level on any quarterly autocall date.
The payout at maturity will be par unless any ETF closes below its 70% knock-in level, in which case investors will be fully exposed to the loss of the least performing ETF.
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 notes
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| Underlying ETFs: | Communication Services Select Sector SPDR fund, Financial Select Sector SPDR fund and SPDR S&P Regional Banking ETF
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| Amount: | $29,542,000
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| Maturity: | Dec. 20, 2022
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| Coupon: | 11.05% annualized, payable quarterly if each ETF closes at or above coupon barrier on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any ETF closes below its knock-in level, in which case full exposure to loss of least performing ETF
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| Call: | At par if each ETF closes at or above its initial level on any quarterly call date
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| Initial prices: | $67.28 for Communication, $28.61 for Financial, $51.52 for Banking
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| Coupon barrier levels: | $47.096 for Communication, $20.027 for Financial, $36.064 for Banking; 70% of initial prices
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| Knock-in levels: | $47.096 for Communication, $20.027 for Financial, $36.064 for Banking; 70% of initial prices
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| Pricing date: | Dec. 15
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| Settlement date: | Dec. 21
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17328YCQ5
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