Published on 4/1/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $7.61 million trigger callable contingent yield notes on indexes
By Sarah Lizee
Olympia, Wash., April 1 – Citigroup Global Markets Holdings Inc. priced $7.61 million of trigger callable contingent yield notes with daily coupon observation due Dec. 30, 2022 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 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 if each index closes at or above its coupon barrier, 70% of its initial level, on each day that quarter. The contingent coupon rate is 9% per year.
The notes are callable at par of $10 on each quarterly observation date.
If the notes are not called and each index finishes at or above its 55% downside threshold, the payout at maturity will be par.
Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. and Citigroup Global Markets Inc. are the agents.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Trigger callable contingent yield notes with daily coupon observation
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| Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50
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| Amount: | $7.61 million
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| Maturity: | Dec. 30, 2022
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| Coupon: | 9% per year, payable for each quarter that each index closes at or above its coupon barrier on each day that quarter
|
| Price: | Par of $10
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| Payout at maturity: | If each index finishes at or above downside threshold, par plus contingent coupon; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
|
| Call option: | At par on each quarterly observation date
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| Initial levels: | 2,805.37 for S&P, 1,522.231 for Russell and 3,322.04 for Stoxx
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| Coupon barriers: | 1,963.759 for S&P, 1,065.562 for Russell and 2,325.428 for Stoxx; 70% of initial levels
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| Downside thresholds: | 1,542.954 for S&P, 837.227 for Russell and 1,827.122 for Stoxx; 55% of initial levels
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| Pricing date: | March 27
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| Settlement date: | March 29
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| Agents: | UBS Financial Services Inc. and Citigroup Global Markets Inc.
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| Fees: | 1.25%
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| Cusip: | 17326W829
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