Published on 7/6/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $4.2 million callable contingent coupon equity notes on S&P, Russell
By Kiku Steinfeld
Chicago, July 6 – Citigroup Global Markets Holdings Inc. priced $4.2 million of callable contingent coupon equity-linked securities due May 15, 2023 linked to the least 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 will pay a contingent semiannual coupon at annual rate of 12% if each underlier closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be callable at par plus any coupon due on any semiannual call valuation date.
The payout at maturity will be par plus the final coupon unless either underlier finishes below its 70% barrier, in which case investors will lose 1% for each 1% decline of the worst performing underlier from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underliers: | S&P 500 index and Russell 2000 index
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| Amount: | $4,197,000
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| Maturity: | May 15, 2023
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| Coupon: | 12%, payable semiannually if each underlier closes at or above coupon barrier on observation date
|
| Price: | Par
|
| Call option: | At par plus any coupon due on any semiannual call valuation date
|
| Payout at maturity: | Par plus coupon if both indexes close above barrier level; otherwise 1% for each 1% decline of worse performing underlier from initial level
|
| Initial levels: | 2,929.80 for S&P and 1,329.638 for Russell
|
| Coupon barriers: | 2,050.860 for S&P and 930.747 for Russell, 70% of initial levels
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| Barrier values: | 2,050.860 for S&P and 930.747 for Russell, 70% of initial levels
|
| Pricing date: | May 8
|
| Settlement date: | May 15
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 17328VWC0
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