Published on 3/29/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $280,000 callable contingent coupon notes on S&P, Russell
Chicago, March 30 – Citigroup Global Markets Holdings Inc. priced $280,000 of callable contingent coupon equity-linked securities due March 21, 2025 linked to the worst performing of the S&P 500 index and the Russell 2000 index, 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 29% 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 valuation date.
If the notes are not called and each index finishes at or above its final barrier level, 70% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the least-performing index.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying indexes: | S&P 500 index and Russell 2000 index
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| Amount: | $280,000
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| Maturity: | March 21, 2025
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| Contingent coupon: | 29% per year, payable quarterly if each index closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above final barrier, par plus final coupon; otherwise, full exposure to losses of least-performing index
|
| Call option: | At par plus any coupon due on any valuation date
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| Initial levels: | 1,106.510 for Russell, 2,529.19 for S&P
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| Coupon barriers: | 774.557 for Russell, 1,770.433 for S&P; 70% of initial levels
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| Final barriers: | 774.557 for Russell, 1,770.433 for S&P; 70% of initial levels
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| Strike date: | March 17
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| Pricing date: | March 18
|
| Settlement date: | March 23
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.85%
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| Cusip: | 17328VDV9
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