Published on 5/7/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $2.61 million callable contingent coupon securities on Russell, S&P, Dow
By Sarah Lizee
Olympia, Wash., May 7 – Citigroup Global Markets Holdings Inc. priced $2.61 million of callable contingent coupon equity-linked securities due May 5, 2021 linked to the worst performing of the Dow Jones industrial average, 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.
Each month, the notes will pay a contingent coupon at an annualized rate of 14.75% if the notes close at or above the coupon barrier, 70% of the initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly call date.
If each asset finishes at or above its final barrier level, 60% of its initial level, the payout at maturity will be par plus the coupon, if any. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
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: | Dow Jones industrial average, Russell 2000 index, S&P 500 index
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| Amount: | $2,607,000
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| Maturity: | May 5, 2021
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| Coupon: | 14.75%, payable monthly if each index closes above coupon barrier on related observation date
|
| Price: | Par
|
| Call option: | At par plus any coupon due on any quarterly call date
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| Payout at maturity: | If each asset finishes at or above final barrier, par plus any coupon; otherwise, full exposure to losses of least-performing asset
|
| Initial levels: | 2,912.43 for S&P, 1,310.664 for Russell, 24,345.72 for Dow
|
| Coupon barriers: | 2,038.701 for S&P, 917.465 for Russell, 17,042.004 for Dow; 70% of initial levels
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| Barriers: | 1,747.458 for S&P, 786.398 for Russell, 14,607.432 for Dow; 60% of initial levels
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| Pricing date: | April 30
|
| Settlement date: | May 5
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2%
|
| Cusip: | 17328VMT4
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