Published on 12/1/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2.5 million callable contingent coupon equity notes on Nasdaq, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, Dec. 1 – Citigroup Global Markets Holdings Inc. priced $2.5 million of callable contingent coupon equity-linked securities due Aug. 25, 2022 linked to the worst performing of the Nasdaq-100 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.
The notes pay a contingent quarterly coupon at an annualized rate of 6.94% if each index closes at or above its coupon barrier level, 75% 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 semiannual valuation date.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any index finishes below 70% 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, Dow Jones industrial average and Nasdaq-100 index
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| Amount : | $2,499,000
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| Maturity: | Aug. 25, 2022
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| Contingent coupon: | 6.94% 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 70% 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 semiannual valuation date
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| Initial levels: | 1,785.341 for Russell, 11,906.44 for Nasdaq, 29,263.48 for Dow
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| Coupon barriers: | 1,339.006 for Russell, 8,929.83 for Nasdaq, 21,947.61 for Dow, 75% of initial levels
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| Barrier levels: | 1,249.739 for Russell, 8,334.508 for Nasdaq, 20,484.436 for Dow, 70% of initial levels
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| Pricing date: | Nov. 20
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| Settlement date: | Nov. 25
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.225%
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| Cusip: | 17328Y3W2
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