Published on 8/28/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $500,000 callable contingent coupon equity notes on Nasdaq, Russell, Dow
By Kiku Steinfeld
Chicago, Aug. 28 – Citigroup Global Markets Holdings Inc. priced $500,000 of callable contingent coupon equity-linked securities due May 26, 2022 linked to the least performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at annual rate of 7.1% 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 monthly call valuation date after three months.
The payout at maturity will be par plus the final coupon unless any underlier finishes below its 65% 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.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underliers: | Dow Jones industrial average, Nasdaq-100 index and Russell 2000 index
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| Amount: | $500,000
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| Maturity: | May 26, 2022
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| Coupon: | 7.1%, payable monthly if each underlier closes at or above coupon barrier on observation date
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| Price: | Par
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| Call option: | At par plus any coupon due on any monthly call valuation date after three months
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| Payout at maturity: | Par plus coupon if all indexes close above 65% barrier level; otherwise 1% loss for each 1% decline of worst performing underlier from initial level
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| Initial levels: | 27,930.33 for Dow, 11,555.16 for Nasdaq and 1,552.476 for Russell
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| Coupon barriers: | 19,551.231 for Dow, 8,088.612 for Nasdaq and 1,086.733 for Russell, 70% of initial levels
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| Barrier values: | 18,154.715 for Dow, 7,510.854 for Nasdaq and 1,009.109 for Russell, 65% of initial levels
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| Pricing date: | Aug. 21
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| Settlement date: | Aug. 26
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.15%
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| Cusip: | 17328WHJ0
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