Published on 6/10/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $405,000 callable contingent coupon notes on S&P, Russell, Dow
By Kiku Steinfeld
Chicago, June 10 – Citigroup Global Markets Holdings Inc. priced $405,000 of callable contingent coupon notes due May 31, 2024 linked to the S&P 500 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 will pay a contingent monthly coupon at an annualized rate of 9.25% if each index closes at or above its coupon barrier, 70% of its initial level, on the valuation date for that period.
After six months, the notes will be callable at par quarterly.
If the notes are not called and the final level of each index is greater than or equal to its 60% final barrier level, the payout at maturity will be par plus any contingent coupon due. Otherwise, investors will be fully exposed to the decline of the worse performing index.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying indexes: | S&P 500, Russell 2000 and the Dow Jones industrial average
|
| Amount: | $405,000
|
| Maturity: | May 31, 2024
|
| Coupon: | 9.25% per year, payable monthly if all indexes close at or above coupon barrier level on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | If final level of each index is greater than or equal to barrier level, par plus any coupon; otherwise, full exposure to decline of lesser performing index
|
| Call option: | After six months, at par plus any coupon on any quarterly potential redemption date
|
| Initial levels: | 25,400.64 for Dow, 1,400.673 for Russell and 3,029.73 for S&P
|
| Coupon barrier levels: | 17,780.448 for Dow, 980.471 for Russell and 2,120.811 for S&P, 70% of initial levels
|
| Barrier levels: | 15,240.384 for Dow, 840.404 for Russell and 1,817.838 for S&P, 60% of initial levels
|
| Pricing date: | May 28
|
| Settlement date: | June 2
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.75%
|
| Cusip: | 17328VHQ6
|
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