Published on 9/15/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $935,000 callable contingent coupon equity notes on S&P, Russell
By Kiku Steinfeld
Chicago, Sept. 15 – Citigroup Global Markets Holdings Inc. priced $935,000 of callable contingent coupon equity-linked securities due Sept. 5, 2025 linked to the lesser 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 5.5% if each index closes at or above its coupon barrier, 55% 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 index finishes below its 55% barrier, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Indexes: | S&P 500 index and Russell 2000 index
|
| Amount: | $935,000
|
| Maturity: | Sept. 5, 2025
|
| Coupon: | 5.5%, payable semiannually if each index 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 finish above barrier levels; otherwise, 1% loss for each 1% decline of worse performing index from initial level
|
| Initial levels: | 3,526.65 for S&P and 1,578.581 for Russell
|
| Coupon barriers: | 1,939.658 for S&P and 868.220 for Russell, 55% of initial levels
|
| Barrier values: | 1,939.658 for S&P and 868.220 for Russell, 55% of initial levels
|
| Pricing date: | Sept. 1
|
| Settlement date: | Sept. 4
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | None
|
| Cusip: | 17328WH35
|
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