Published on 10/26/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.7 million callable contingent coupon equity notes on Dow, Russell, Nasdaq
By Taylor Fox
New York, Oct. 26 – Citigroup Global Markets Holdings Inc. priced $1.7 million of callable contingent coupon equity-linked securities due June 28, 2022 linked to the lesser performing of the Nasdaq 100 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent monthly coupon at annual rate of 7.25% if each index 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 monthly call redemption date after three months.
The payout at maturity will be par plus any final coupon unless either index finishes below its 60% barrier, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Indexes: | Nasdaq 100 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $1,702,000
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| Maturity: | June 28, 2022
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| Coupon: | 7.25%, payable monthly if each index closes at or above coupon barrier on observation date
|
| Price: | Par
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| Payout at maturity: | Par plus any coupon due if both indexes finish above barrier levels; otherwise, 1% loss for each 1% decline of worse performing index from initial level
|
| Call option: | At par plus any coupon due on any monthly call redemption date after three months
|
| Initial levels: | 10,833.33 for Nasdaq, 26,763.13 for Dow and 1,451.458 for Russell
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| Coupon barriers: | 7,583.331 for Nasdaq, 18,734.191 for Dow and 1,016.021 for Russell, 70% of initial levels
|
| Barrier values: | 6,499.998 for Nasdaq, 16,057.878 for Dow and 870.875 for Russell, 60% of initial levels
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| Pricing date: | Sept. 23
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| Settlement date: | Sept. 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.225%
|
| Cusip: | 17328WTY4
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