Published on 12/20/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.7 million callable contingent coupon notes on indexes, fund
Chicago, Dec. 20 – Citigroup Global Markets Holdings Inc. priced $1.7 million of callable contingent coupon equity-linked securities due Dec. 14, 2029 linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 index and the SPDR S&P Regional Banking ETF, 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 9.9% if each underlying asset closes at or above its coupon barrier level, 75% of its initial level, on the related quarterly observation date.
The notes will be callable in whole at par plus any coupon on any contingent coupon payment date beginning in March 2020 and ending in September 2029.
If each asset finishes at or above its 60% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying assets: | Euro Stoxx 50 index, the Russell 2000 index and the SPDR S&P Regional Banking ETF
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| Amount: | $1,700,000
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| Maturity: | Dec. 14, 2029
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| Contingent coupon: | 9.9% per year, payable each quarter that each underlying asset closes at or above coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each asset finishes at or above final barrier, par; otherwise, full exposure to losses of least-performing asset
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| Call option: | At par plus any coupon on any contingent coupon payment date beginning in March 2020 and ending in September 2029
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| Initial levels: | 3,687.45 for Stoxx, 1,631.926 for Russell, $56.91 for ETF
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| Coupon barriers: | 2,765.588 for Stoxx, 1,223.945 for Russell, $42.683 for ETF; 75% of initial levels
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| Final barriers: | 2,212.470 for Stoxx, 979.156 for Russell, $34.146 for ETF; 60% of initial levels
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| Pricing date: | Dec. 11
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| Settlement date: | Dec. 16
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.5%
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| Cusip: | 17327T2K1
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