Published on 6/30/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.37 million 7% single observation ELKS on SPDR S&P 500 ETF trust
By Wendy Van Sickle
Columbus, Ohio, June 30 – Citigroup Inc. priced $1.37 million of 7% single observation Equity LinKed Securities due Dec. 29, 2020 linked to SPDR S&P 500 ETF trust shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par in cash unless the stock finishes below the downside threshold level, 75% of the initial share price, in which case the payout will be a number of trust shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Inc.
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Issue: | Single observation Equity LinKed Securities
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Underlying stock: | SPDR S&P 500 ETF trust
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Amount: | $1,367,000
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Maturity: | Dec. 29, 2020
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Coupon: | 7%, payable monthly
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Price: | Par
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Payout at maturity: | If stock finishes below downside threshold price, 3.20461 trust shares; otherwise, par in cash
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Initial level: | $312.05
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Downside threshold: | $234.038, 75% of initial price
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Pricing date: | June 23
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Settlement date: | June 26
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.75%
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Cusip: | 17324XM80
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