Published on 3/30/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $4.59 million callable contingent coupon notes on Dow, S&P
By Sarah Lizee
Olympia, Wash., March 30 – Citigroup Global Markets Holdings Inc. priced $4.59 million of callable contingent coupon equity-linked securities due Dec. 23, 2021 linked to the worst performing of the S&P 500 index and the Dow Jones industrial average, 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 32% if each index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date.
If the notes are not called and each index finishes at or above its final barrier level, 70% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing index.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying indexes: | S&P 500 index and Dow Jones industrial average
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| Amount: | $4,593,000
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| Maturity: | Dec. 23, 2021
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| Contingent coupon: | 32% per year, payable quarterly if each index closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above final barrier, par; otherwise, full exposure to losses of least-performing index
|
| Call option: | At par plus any coupon due on any valuation date
|
| Initial levels: | 19,173.98 for Dow, 2,304.92 for S&P
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| Coupon barriers: | 13,421.786 for Dow, 1,613.444 for S&P; 70% of initial levels
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| Final barriers: | 13,421.786 for Dow, 1,613.444 for S&P; 70% of initial levels
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| Pricing date: | March 20
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| Settlement date: | March 25
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2.375%
|
| Cusip: | 17328VFP0
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