Published on 9/21/2018 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $15.59 million contingent income callable notes linked to indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 21 – Citigroup Global Markets Holdings Inc. priced $15.59 million of contingent income callable securities due Sept. 16, 2021 linked to the worst performing of the Euro Stoxx 50 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.
Each quarter, the notes pay a contingent coupon at an annual rate of 10.1% if each index closes at or above its downside threshold level, 75% of its initial index level, on each day during that quarter.
The notes are callable at par on any quarterly determination date.
If each index finishes at or above its downside threshold level, the payout at maturity will be par plus the final contingent coupon, if any. If the final level of any index is less than its downside threshold level, investors will be fully exposed to the decline of the least-performing index.
Citigroup Global Markets Inc. is the agent. Distribution is through Morgan Stanley Wealth Management.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Contingent income callable securities
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| Underlying indexes: | Euro Stoxx 50 index, Russell 2000 index and S&P 500 index
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| Amount: | $15,589,000
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| Maturity: | Sept. 16, 2021
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| Coupon: | 10.1% per year, payable quarterly if each index closes at or above downside threshold level on each day during that quarter
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold level, par plus final contingent coupon, if any; if final level of any index is less than downside threshold level, full exposure to decline of lowest-performing index
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| Call option: | At par on any quarterly determination date
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| Initial levels: | 3,326.6 for Stoxx, 1,715.696 for Russell and 2,888.92 for S&P
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| Trigger levels: | 2,494.950 for Stoxx, 1,286.772 for Russell and 2,166.690 for S&P, 75% of initial levels
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| Pricing date: | Sept. 12
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| Settlement date: | Sept. 17
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| Agent: | Citigroup Global Markets Inc.
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| Distribution: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
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| Cusip: | 17326YZT6
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