Published on 10/9/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.15 million contingent coupon autocallable yield notes on indexes
By Kiku Steinfeld
Chicago, Oct. 9 – Citigroup Global Markets Holdings Inc. priced $1.15 million of contingent coupon autocallable yield notes due Oct. 2, 2025 linked to the lowest performing of the Russell 2000 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup, Inc.
The notes will pay a quarterly coupon at an annualized rate of 6% if each index closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be called at par if each index closes above its initial level on any quarterly call date starting Sept. 29, 2021.
The payout at maturity will be par unless any index finishes below its 70% knock-in level, in which case investors will be fully exposed to the losses of the least-performing index.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Global Markets Inc.
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying indexes: | Russell 2000, Nasdaq-100 and Dow Jones industrial average
|
| Amount: | $1,151,000
|
| Maturity: | Oct. 2, 2025
|
| Coupon: | 6% per year, payable quarterly if each index closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below its knock-in level, in which case full exposure to the losses of the least-performing index
|
| Call: | At par if each index closes above initial level on any quarterly call date starting Sept. 29, 2021
|
| Initial level: | 11,322.95 for Nasdaq, 1,504.727 for Russell, 27,452.66 for Dow
|
| Coupon barriers: | 7,926.065 for Nasdaq, 1,053.309 for Russell, 19,216.862 for Dow; 70% of initial levels
|
| Knock-in levels: | 7,926.065 for Nasdaq, 1,053.309 for Russell, 19,216.862 for Dow; 70% of initial levels
|
| Pricing date: | Sept. 29
|
| Settlement date: | Oct. 2
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.75%
|
| Cusip: | 17328WYX0
|
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