Published on 10/26/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1 million autocallable contingent coupon equity notes on Nasdaq, Dow, Russell
By Taylor Fox
New York, Oct. 26 – Citigroup Global Markets Holdings Inc. priced $1 million of autocallable contingent coupon equity-linked securities due Sept. 28, 2021 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each quarter, the notes pay a contingent quarterly coupon at the rate of 12.5% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par unless any index finishes below its barrier level, 70% of its initial level, in which case investors will lose 1% for every 1% decline 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: | Autocallable contingent coupon equity-linked securities
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| Underlying indexes: | Dow Jones industrial average, Russell 2000 index and Nasdaq-100 index
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| Amount: | $1 million
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| Maturity: | Sept. 28, 2021
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 12.5% per year unless any index closes below coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its barrier level, in which case 1% loss for every 1% decline of the least performing index
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| Call: | Automatically at par if each index closes at or above initial level on any quarterly call observation date
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| Initial levels: | 11,186.37 for Nasdaq, 27,288.18 for Dow, 1,496.961 for Russell
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| Coupon barrier levels: | 7,830.459 for Nasdaq, 19,101.726 for Dow, 1,047.873 for Russell; 70% of initial levels
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| Final barrier levels: | 7,830.459 for Nasdaq, 19,101.726 for Dow, 1,047.873 for Russell; 70% 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: | 0.2%
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| Cusip: | 17328WWV6
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