Published on 3/18/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $900,000 callable contingent coupon notes on indexes
By Wendy Van Sickle
Columbus, Ohio, March 18 – Citigroup Global Markets Holdings Inc. priced $900,000 of callable contingent coupon equity-linked securities due March 11, 2025 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 8.1% if each index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any quarterly call valuation date.
If each index finishes at or above its final barrier level, 60% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to the decline of the least-performing index.
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: | Callable contingent coupon equity-linked securities
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Underlying indexes: | Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average
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Amount: | $900,000
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Maturity: | March 11, 2025
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Contingent coupon: | 8.1% per year, payable quarterly when each index closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | If each index finishes at or above final barrier, par plus any coupon; otherwise, full exposure to losses of least-performing index
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Call option: | In whole at par plus any coupon due on any quarterly call valuation date
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Initial levels: | 8,530.337 for Nasdaq, 1,449.221 for Russell, 25,864.78 for Dow
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Coupon barriers: | 5,791.236 for Nasdaq, 1,014.455 for Russell, 18,105.346 for Dow; 70% of initial levels
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Final barriers: | 5,118.202 for Nasdaq, 869.533 for Russell, 15,518.868 for Dow; 60% of initial levels
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Pricing date: | March 6
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Settlement date: | March 11
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Agent: | Citigroup Global Markets Inc.
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Fees: | 0.75%
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Cusip: | 17328VEM8
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