Published on 11/11/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $100,000 callable contingent coupon equity notes on Nasdaq, Russell, S&P
By Taylor Fox
New York, Nov. 11 – Citigroup Global Markets Holdings Inc. priced $100,000 of callable contingent coupon equity-linked securities due Oct. 20, 2025 linked to the worst performing of the Nasdaq-100 index, 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 quarterly coupon at an annualized rate of 9% if each index closes at or above its coupon barrier level, 70% 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 quarterly potential redemption date after six months.
If the notes are not redeemed early, the payout will be par plus any final coupon unless any index finishes below 65% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines.
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: | $100,000
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Maturity: | Oct. 20, 2025
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Contingent coupon: | 9% per year, payable quarterly if each index 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 final coupon unless any index finishes below 65% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines
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Call option: | In whole at par plus any coupon due on any quarterly potential redemption date after six months
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Initial levels: | 1,638.883 for Russell, 3,483.34 for S&P, 11,898.57 for Nasdaq
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Coupon barriers: | 1,147.218 for Russell, 2,438.338 for S&P, 8,328.999 for Nasdaq; 70% of initial levels
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Barrier levels: | 1,065.274 for Russell, 2,264.171 for S&P, 7,734.071 for Nasdaq; 65% of initial levels
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Pricing date: | Oct. 15
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Settlement date: | Oct. 20
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1%
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Cusip: | 17328WZY7
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