Published on 10/25/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $3.18 million callable contingent coupon equity notes on S&P, Russell, Dow
By Taylor Fox
New York, Oct. 26 – Citigroup Global Markets Holdings Inc. priced $3.18 million of callable contingent coupon equity-linked securities due Sept. 25, 2025 linked to the least performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at annual rate of 5.25% if each underlier closes at or above its coupon barrier, 60% 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 one year.
The payout at maturity will be par plus the final coupon unless any underlier finishes below its 50% 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.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underliers: | Dow Jones industrial average, S&P 500 index and Russell 2000 index
|
| Amount: | $3,176,000
|
| Maturity: | Sept. 25, 2025
|
| Coupon: | 5.25%, payable quarterly if each underlier closes at or above coupon barrier on observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon if all indexes close above 50% barrier level; otherwise 1% loss for each 1% decline of worst performing underlier from initial level
|
| Call option: | At par plus any coupon due on any quarterly call valuation date after one year
|
| Initial levels: | 27,147.7 for Dow, 3,281.06 for S&P and 1,485.252 for Russell
|
| Coupon barriers: | 16,288.62 for Dow, 1,968.636 for S&P and 891.151 for Russell, 60% of initial levels
|
| Barrier values: | 13,573.85 for Dow, 1,640.53 for S&P and 742.626 for Russell, 50% of initial levels
|
| Pricing date: | Sept. 21
|
| Settlement date: | Sept. 24
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 17328WS58
|
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