Published on 11/19/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $9.67 million callable contingent coupon notes on indexes, fund
By Sarah Lizee
Olympia, Wash., Nov. 19 – Citigroup Global Markets Holdings Inc. priced $9.67 million of callable contingent coupon equity-linked securities due Nov. 17, 2023 linked to the least performing of the Russell 2000 index, the iShares MSCI EAFE ETF and the S&P 500 index, 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 9.2% if each underlying asset closes at or above its coupon barrier level, 80% of its initial level, on the related quarterly observation date.
The notes will be callable in whole at par quarterly after six months.
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: | Russell 2000 index, iShares MSCI EAFE ETF and S&P 500 index
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Amount: | $9,669,000
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Maturity: | Nov. 17, 2023
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Contingent coupon: | 9.2% 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 quarterly after six months
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Initial levels: | 1,588.786 for Russell, 3,096.63 for S&P, $67.89 for ETF
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Coupon barriers: | 1,271.029 for Russell, 2,477.304 for S&P, $54.312 for ETF; 80% of initial levels
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Final barriers: | 953.272 for Russell, 1,857.978 for S&P, $40.734 for ETF; 60% of initial levels
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Pricing date: | Nov. 14
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Settlement date: | Nov. 19
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Agent: | Citigroup Global Markets Inc.
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Fees: | 2.25%
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Cusip: | 17327TGW0
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