Published on 10/4/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.94 million autocallable contingent coupon notes on S&P, Russell
By Kiku Steinfeld
Chicago, Oct. 4 – Citigroup Global Markets Holdings Inc. priced $1.94 million of autocallable contingent coupon equity-linked securities due Sept. 14, 2022 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each month, the notes pay a contingent coupon at a rate of 7.5% per year if each index closes at or above its coupon barrier, 80% of its initial level, on the valuation date for that month.
The notes will be automatically called at par plus the coupon if each index closes at or above its initial level on any quarterly valuation date beginning in September 2020 and ending in June 2022.
If the notes are not called and each index finishes at or above its 80% final barrier level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to the decline of the least performing index below 80% of its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent equity-linked securities
|
| Underlying indexes: | S&P 500, Russell 2000
|
| Amount: | $1,940,000
|
| Maturity: | Sept. 14, 2022
|
| Coupon: | 7.5% per year, payable each month that each index closes at or above coupon barrier on any monthly valuation date
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above 80% of initial level, par plus the coupon; otherwise, exposure to any losses of the least performing index beyond 80% of initial level
|
| Call option: | At par on any quarterly observation date beginning in September 2020 and ending June 2022
|
| Initial levels: | 2,978.71 for S&P, 1,505.168 for Russell
|
| Coupon barriers: | 2,382.968 for S&P, 1,204.134 for Russell; 80% of initial levels
|
| Final barriers: | 2,382.968 for S&P, 1,204.134 for Russell; 80% of initial levels
|
| Pricing date: | Sept. 6
|
| Settlement date: | Sept. 9
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.1%
|
| Cusip: | 17327TLV6
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
