Published on 9/25/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $500,000 callable contingent coupon notes on Nasdaq, Russell, S&P
By Kiku Steinfeld
Chicago, Sept. 25 – Citigroup Global Markets Holdings Inc. priced $500,000 of callable contingent coupon equity-linked securities due Sept. 21, 2023 linked to the least performing of the S&P 500 index, 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 quarterly coupon at annual rate of 8.25% 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 quarterly call valuation date after six months.
The payout at maturity will be par plus any final coupon unless any underlier finishes below its 60% 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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Guarantor: | Citigroup Inc.
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Issue: | Callable contingent coupon equity-linked securities
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Underliers: | S&P 500 index, Nasdaq-100 index and Russell 2000 index
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Amount: | $500,000
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Maturity: | Sept. 21, 2023
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Coupon: | 8.25%, payable quarterly 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 quarterly call valuation date after six months
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Payout at maturity: | Par plus any coupon if all indexes close above final barrier level; otherwise 1% loss for each 1% decline of worst performing underlier from initial level
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Initial levels: | 3,319.4 for S&P, 10,936.98 for Nasdaq and 1,536.779 for Russell
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Coupon barriers: | 2,323.629 for S&P, 7,655.886 for Nasdaq and 1,075.745 for Russell; 70% of initial levels
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Final barrier values: | 1,991.682 for S&P, 6,562.188 for Nasdaq and 922.067 for Russell; 60% of initial levels
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Pricing date: | Sept. 18
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Settlement date: | Sept. 23
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.95%
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Cusip: | 17328WTC2
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