Published on 7/2/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $2.23 million contingent coupon autocallable notes on indexes
By Sarah Lizee
Olympia, Wash., July 2 – Citigroup Global Markets Holdings Inc. priced $2.23 million of autocallable contingent coupon equity-linked securities due June 28, 2030 tied to the worst performing of the Dow Jones industrial average, 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.
The notes carry a coupon of 6% per year, payable quarterly if each asset closes above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be automatically redeemed at par if the worst-performing asset closes at or above its initial level on any quarterly autocall date after six months.
If the notes are not called and each asset closes at or above its 60% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the loss of the least performing asset.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying assets: | Dow Jones industrial average, S&P 500 index, Russell 2000 index
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| Amount: | $2,228,000
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| Maturity: | June 28, 2030
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| Coupon: | 6%, payable quarterly if assets close above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par if each asset closes at or above barrier level; otherwise, full exposure to loss of least performing asset
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| Call: | At par if worst-performing asset closes at or above initial level on any quarterly autocall date after six months
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| Initial index levels: | 25,745.60 for Dow, 1,413.315 for Russell, 3,083.76 for S&P
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| Coupon barrier levels: | 18,021.920 for Dow, 989.321 for Russell, 2,158.632 for S&P, 70% of initial levels
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| Barrier levels: | 15,447.360 for Dow, 847.989 for Russell, 1,850.256 for S&P, 60% of initial levels
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| Pricing date: | June 25
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| Settlement date: | June 30
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.5%
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| Cusip: | 17328VQY9
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