Published on 9/4/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $3.4 million callable contingent coupon notes on Dow, Nasdaq, Russell
By Wendy Van Sickle
Columbus, Ohio, Sept. 4 – Citigroup Global Markets Holdings Inc. priced $3.4 million of callable contingent coupon equity-linked securities due Aug. 31, 2023 linked to the worst performing of the Dow Jones industrial average, the Russell 2000 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 8.45% if each asset 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 monthly redemption date six months.
If the notes are not redeemed, the payout will be par plus any final coupon unless any index finishes below its 60% trigger level, in which case investors will be fully exposed to the loss 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 assets: | Dow Jones industrial average, Nadaq-100 index and Russell 2000 index
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| Amount: | $3,397,000
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| Maturity: | Aug. 31, 2023
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| Contingent coupon: | 8.45% per year, payable quarterly if each asset closes at or above coupon barrier on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus any final coupon unless any index finishes below its trigger level, in which case full exposure to the loss of the least performing index
|
| Call option: | In whole at par plus any coupon due on any monthly redemption date after six months
|
| Initial level: | 28,653.87 for Dow, 11,995.85 for Nasdaq, 1,578.343 for Russell
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| Coupon barriers: | 20,057.709 for Dow, 8,397.095 for Nasdaq, 1,104.84 for Russell; 70% of initial levels
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| Final barriers: | 17,192.322 for Dow, 7,197.51 for Nasdaq, 947.006 for Russell; 60% of initial levels
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| Pricing date: | Aug. 28
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| Settlement date: | Sept. 2
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.5%
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| Cusip: | 17328WLR7
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