Published on 12/13/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $500,000 callable contingent coupon notes on three ETFs
By Wendy Van Sickle
Columbus, Ohio, Dec. 13 – Citigroup Global Markets Holdings Inc. priced $500,000 of callable contingent coupon equity-linked securities due Dec. 13, 2023 linked to the least performing of the iShares Russell 2000 ETF, the SPDR Dow Jones Industrial Average ETF Trust and the SPDR S&P 500 ETF Trust, 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 5% if each underlying asset closes at or above its coupon barrier level, 50% of its initial level, on the related quarterly observation date.
The notes will be callable in whole at par quarterly after one year.
If each asset finishes at or above its 50% 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: | iShares Russell 2000 ETF, SPDR Dow Jones Industrial Average ETF Trust and SPDR S&P 500 ETF Trust
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| Amount: | $500,000
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| Maturity: | Dec. 13, 2023
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| Contingent coupon: | 5% 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 one year
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| Initial levels: | $162.82 for Russell, $280.70 for Dow, $314.87 for S&P
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| Coupon barriers: | $81.41 for Russell, $150.35 for Dow, $157.244 for S&P; 50% of initial levels
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| Final barriers: | $81.41 for Russell, $150.35 for Dow, $157.244 for S&P; 50% of initial levels Pricing date: | Dec. 6
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| Settlement date: | Dec. 13
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0%
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| Cusip: | 17327T4P8
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