Published on 11/3/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $2.14 million autocallable securities on Dow, Russell, S&P
By Kiku Steinfeld
Chicago, Nov. 3 – Citigroup Global Markets Holdings Inc. priced $2.14 million of 0% autocallable securities due Oct. 28, 2025 linked to the S&P 500 index, the Russell 2000 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.
If each index closes at or above 90% of its initial level on any annual valuation date, the notes will be called at par plus a premium of 7.5% a year.
If each index finishes at or above 90% of its initial level, the payout at maturity will be par plus 37.5%. If the least performing index finishes below 90% of its initial level but no index finishes below its trigger level, 75% of its initial level, the payout will be par.
Otherwise, 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: | Autocallable securities
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| Underlying indexes: | S&P 500, Russell 2000, Dow Jones industrial average
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| Amount: | $2.14 million
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| Maturity: | Oct. 28, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above 90% of its initial level, par plus 37.5%; if any index finishes below 90% of its initial level but no index finishes below its trigger level, par; otherwise, 1% loss for each 1% decline of the worst performing index from its initial level
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| Call: | Automatically at par plus an annualized premium of 7.5% if each index closes at or above 90% of its initial level on any annual valuation date
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| Initial levels: | 1,640.502 for Russell, 28,335.57 for Dow, 3,465.39 for S&P
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| Call levels: | 1,476.452 for Russell, 25,502.013 for Dow, 3,118.851 for S&P, 90% of initial levels
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| Trigger levels: | 1,230.377 for Russell, 21,251.678 for Dow, 2,599.043 for S&P, 75% of initial levels
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| Pricing date: | Oct. 23
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| Settlement date: | Oct. 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17328WVD7
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