Published on 8/13/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.24 million contingent coupon autocalls tied to Nasdaq, S&P
By Wendy Van Sickle
Columbus, Ohio, Aug. 13 – Citigroup Global Markets Holdings Inc. priced $1.24 million of autocallable contingent coupon equity-linked securities due Aug. 5, 2024 linked to the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 7% per year if the laggard index closes at or above its coupon barrier value, 65% of its initial level, on the valuation date for that period.
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 after one year.
If the final level is greater than or equal to the 65% barrier level, the payout will be par. Otherwise, investors will be exposed to the decline of the laggard index.
The notes will be guaranteed by Citigroup Inc.
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 indexes: | S&P 500 index, Nasdaq-100 index
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| Amount: | $1,241,000
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| Maturity: | Aug. 5, 2024
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| Coupon: | 7% per year, payable each quarter if laggard index closes at or above coupon barrier value on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless final level of laggard index is less than barrier level, in which case exposure to loss of laggard index
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| Call: | Automatically at par plus coupon if laggard index closes at or above initial level on any quarterly valuation date after one year
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| Initial levels: | 10,905.88 for Nasdaq, 3,271.12 for S&P
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| Coupon/final barriers: | 7,088.822 for Nasdaq, 2,126.228 for S&P, 65% of initial levels
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| Pricing date: | July 31
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| Settlement date: | Aug. 5
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0%
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| Cusip: | 17328WFQ6
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