Published on 12/31/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $590,000 autocallable contingent coupon equity notes on Nasdaq, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Dec. 31 – Citigroup Global Markets Holdings Inc. priced $590,000 of autocallable contingent coupon equity-linked securities due Dec. 23, 2021 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 9.25% 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 called at par plus the coupon if each index closes above its initial level on any quarterly 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: | Autocallable contingent coupon equity-linked securities
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| Underlying assets: | Nasdaq-100 index, S&P 500 index and Russell 2000 index
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| Amount: | $509,000
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| Maturity: | Dec. 23, 2021
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| Contingent coupon: | 9.25% 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 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: | Automatically at par if each index closes above its initial level on any quarterly valuation date
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| Initial levels: | 12,7352.06 for Nasdaq, 1,978.045 for Russell, 3,722.48 for S&P
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| Coupon barriers: | 8,926.442 for Nasdaq, 1,384.632 for Russell, 2,605.736 for S&P; 70% of initial levels
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| Buffer levels: | 8,926.442 for Nasdaq, 1,384.632 for Russell, 2,605.736 for S&P; 70% of initial levels
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| Pricing date: | Dec. 18
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| Settlement date: | Dec. 23
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.5%
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| Cusip: | 17328YDK7
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