Published on 10/3/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $250,000 contingent coupon equity notes on S&P, Russell, MSCI EAFE ETF
By Taylor Fox
New York, Oct. 5 – Citigroup Global Markets Holdings Inc. priced $250,000 of contingent coupon equity-linked securities due Sept. 18, 2025 linked to the worst performing of the iShares MSCI EAFE ETF, the Russell 2000 index and the S&P 500 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 7% if each asset closes at or above its coupon barrier level, 80% of its initial level, on the valuation date for that period.
If the notes are not redeemed, the payout will be par plus any final coupon unless any asset finishes below 80% of its initial level, in which case investors will be fully exposed to the loss of the least performing asset.
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: | Contingent coupon equity-linked securities
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| Underlying assets: | iShares MSCI EAFE ETF, S&P 500 index and Russell 2000 index
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| Amount: | $250,000
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| Maturity: | Sept. 18, 2025
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| Contingent coupon: | 7% per year, payable quarterly if each asset 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: | Par plus any coupon unless any asset finishes below 80% of its initial level, in which case investors will be fully exposed to the loss of the least performing asset
|
| Initial levels: | 3,340.97 for S&P, $64.80 for iShares, 1,497.271 for Russell
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| Coupon barriers: | 2,672.776 for S&P, $51.84 for iShares, 1,197.817 for Russell; 80% of initial levels
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| Final barriers: | 2,672.776 for S&P, $51.84 for iShares, 1,197.817 for Russell; 80% of initial levels
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| Pricing date: | Sept. 14
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| Settlement date: | Sept. 17
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.6%
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| Cusip: | 17328WL63
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