Published on 7/10/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $943,000 callable contingent coupon notes on Dow, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, July 10 – Citigroup Global Markets Holdings Inc. priced $943,000 of callable contingent coupon equity-linked securities due Jan. 3, 2022 linked to the worst performing of the Nasdaq-100 index, the Dow Jones industrial average 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 9.5% 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, 60% of its initial level, the payout at maturity will be par plus the final coupon, if any. 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: | Nasdaq-100 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $943,000
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| Maturity: | Jan. 3, 2022
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| Contingent coupon: | 9.5% 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, if any; otherwise, full exposure to losses of least-performing index
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| Call option: | In whole at par plus any coupon due on any quarterly valuation date
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| Initial levels: | 9,961.163 for Nasdaq, 1,421.207 for Russell, 25,595.8 for Dow
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| Coupon barriers: | 6,972.814 for Nasdaq, 994.845 for Russell, 17,917.06 for Dow; 70% of initial levels
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| Final barriers: | 5,976.698 for Nasdaq, 852.724 for Russell, 15,357.48for Dow; 60% of initial levels
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| Pricing date: | June 29
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| Settlement date: | July 2
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.275%
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| Cusip: | 17328VYU8
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