Published on 11/5/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $2.25 million callable contingent coupon equity notes on Nasdaq, Russell, S&P
By Taylor Fox
New York, Nov. 5 – Citigroup Global Markets Holdings Inc. priced $2.25 million of callable contingent coupon equity-linked securities due July 13, 2022 linked to the least performing of the Russell 2000 index, the S&P 500 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 month, the notes pay a contingent coupon at the rate of 9% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
The notes are callable at par on any monthly potential redemption after three months.
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: | Callable contingent coupon equity-linked securities
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Underlying indexes: | Russell 2000 index, S&P 500 index and Nasdaq-100 index
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Amount: | $2,249,000
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Maturity: | July 13, 2022
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Coupon: | 9% per year, paid monthly, unless any index closes below coupon barrier level on observation date for that period
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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 option: | At par on any monthly potential redemption date after three months
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Initial levels: | 11,550.94 for Nasdaq, 1,628.547 for Russell, 3,446.83 for S&P
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Coupon barrier levels: | 8,085.658 for Nasdaq, 1,139.983 for Russell, 2,412.781 for S&P; 70% of initial levels
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Final barrier levels: | 8,085.658 for Nasdaq, 1,139.983 for Russell, 2,412.781 for S&P; 70% of initial levels
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Pricing date: | Oct. 8
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Settlement date: | Oct. 14
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2.225%
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Cusip: | 17328WPB8
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