Published on 4/29/2014 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.94 million callable contingent coupon notes on three indexes
By Marisa Wong
Madison, Wis., April 29 - Citigroup Inc. priced $1.94 million of callable contingent coupon securities due April 28, 2017 linked to the S&P 500 index, Russell 2000 index and Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon of 7.35% per year if each index closes at or above 65% of its respective initial level on the related coupon determination date.
The notes are callable on any quarterly contingent coupon payment date.
If the notes have not been called and the return of each index is greater than or equal to negative 35%, the payout at maturity will be par plus the 1.8375% quarterly contingent coupon.
If the return of any index is less than negative 35%, investors will receive par plus the return of the least performing index, with full exposure to losses.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
|
| Issue: | Callable contingent coupon securities
|
| Underlying indexes: | S&P 500 index, Russell 2000 index and Euro Stoxx 50 index
|
| Amount: | $1,936,000
|
| Maturity: | April 28, 2017
|
| Coupon: | 7.35% per year, payable quarterly if each index closes at or above barrier level on related coupon determination date
|
| Price: | Par
|
| Payout at maturity: | If return of each index is greater than or equal to negative 35%, par plus quarterly contingent coupon; if return of any index is less than negative 35%, par plus return of worst performing index, with full exposure to losses
|
| Call option: | On any quarterly contingent coupon payment date
|
| Initial index levels: | 1,863.40 for S&P, 1,123.03 for Russell, 3,147.40 for Euro Stoxx
|
| Barrier levels: | 1,211.21 for S&P, 729.97 for Russell, 2,045.81 for Euro Stoxx; 65% of initial levels
|
| Pricing date: | April 25
|
| Settlement date: | April 30
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.75%
|
| Cusip: | 1730T0N21
|
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