Published on 11/19/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.42 million callable contingent coupon equity notes on Russell, Dow, Nasdaq
By Taylor Fox
New York, Nov. 19 – Citigroup Global Markets Holdings Inc. priced $1.42 million of callable contingent coupon equity-linked securities due Aug. 4, 2022 linked to the least performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 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 8% 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 will be callable at par on any monthly observation date after three months.
The payout at maturity will be par unless any index finishes below its barrier level, 65% 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.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying indexes: | Dow Jones industrial average, Nasdaq-100 index and Russell 2000 index
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| Amount: | $1,420,000
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| Maturity: | Aug. 4, 2022
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| Coupon: | 8% per year, paid monthly, unless any index closes below coupon barrier level on observation date for that period
|
| 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
|
| Call: | At par on any monthly observation date after three months
|
| Initial levels: | 1,538.479 for Russell, 26,501.60 for Dow, 11,052.95 for Nasdaq
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| Coupon barrier levels: | 1,076.935 for Russell, 18,551.120 for Dow, 7,737.065 for Nasdaq; 70% of initial levels
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| Final barrier levels: | 1,000.011 for Russell, 17,226.040 for Dow, 7,184.418 for Nasdaq; 65% of initial levels
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| Pricing date: | Oct. 30
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| Settlement date: | Nov. 4
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.225%
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| Cusip: | 17328WVG0
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