Published on 6/26/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.22 million callable contingent coupon notes on S&P, Nasdaq, Russell
By Wendy Van Sickle
Columbus, Ohio, June 26 – Citigroup Global Markets Holdings Inc. priced $1.22 million of callable contingent coupon equity-linked securities due March 24, 2021 linked to the worst performing of the Russell 2000 index, the S&P 500 index and the Nasdaq-100 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 14.9% 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 Sept. 21 or Dec. 21, 2020.
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.
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| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying indexes: | Russell 2000 index, S&P 500 index and Dow Jones industrial average
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| Amount: | $1,219,000
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| Maturity: | March 24, 2021
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| Contingent coupon: | 14.9% per year, payable quarterly if 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 final 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 Sept. 21 or Dec. 21, 2020
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| Initial levels: | 1,418.634 for Russell, 10,008.64 for Nasdaq, 3,097.74 for S&P
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| Coupon/final barriers: | 993.044 for Russell, 7,064.048 for Nasdaq, 2,146.613 for S&P; 70% of initial levels
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| Pricing date: | June 19
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| Settlement date: | June 24
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.6%
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| Cusip: | 17328VUD0
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