Published on 10/26/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $3.1 million callable contingent coupon equity notes on S&P, Russell, Dow
By Taylor Fox
New York, Oct. 26 – Citigroup Global Markets Holdings Inc. priced $3.1 million of callable contingent coupon equity-linked securities due March 30, 2026 linked to the worst performing of the Dow Jones industrial average, 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 semiannual coupon at an annualized rate of 9.9% if each asset closes at or above its coupon barrier level, 75% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any monthly valuation date after one year.
If the notes are not redeemed, the payout will be par plus any final coupon unless any index finishes below 75% of its initial level, in which case investors will be fully exposed to the loss of the least performing index.
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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| Underlying assets: | Dow Jones industrial average, S&P 500 index and Russell 2000 index
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| Amount: | $3,104,000
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| Maturity: | March 30, 2026
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| Contingent coupon: | 9.9% per year, payable semiannually 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 index finishes below 75% of its initial level, in which case investors will be fully exposed to the loss of the least performing index
|
| Call option: | In whole at par plus any coupon due on any semiannual valuation date after one year
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| Initial levels: | 3,315.57 for S&P, 27,288.18 for Dow, 1,496.961 for Russell
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| Coupon barriers: | 2,486.678 for S&P, 20,466.135 for Dow, 1,122.721 for Russell; 75% of initial levels
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| Final barriers: | 2,486.678 for S&P, 20,466.135 for Dow, 1,122.721 for Russell; 75% of initial levels
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| Pricing date: | Sept. 22
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| Settlement date: | Sept. 29
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | None
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| Cusip: | 17328W6W3
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