Published on 10/2/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $90,000 buffer securities on S&P, Dow Jones ETFs
By Wendy Van Sickle
Columbus, Ohio, Oct. 2 – Citigroup Global Markets Holdings Inc. priced $90,000 of 0% buffer securities due Sept. 28, 2023 linked to the SPDR S&P 500 ETF trust and the SPDR Dow Jones industrial average ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
If the least performing asset finishes above its initial level, the payout at maturity will be par plus the gain of that asset, capped at 40%.
If the least-performing asset finishes flat or falls by up to 10%, payout will be par. Otherwise, investors will receive $100 in cash plus a number of shares of the least performing asset equal to $1,000 divided by that asset’s initial share price.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Buffer securities
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| Underlying assets: | SPDR S&P 500 ETF trust and SPDR Dow Jones industrial average ETF trust
|
| Amount: | $90,000
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| Maturity: | Sept. 28, 2023
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus any gain of least performing asset, capped at 40%; if least performing asset falls by up to 10%, par; otherwise, $100 in cash plus number of shares of least performing asset equal to its equity ratio
|
| Initial levels: | $271.70 for Dow trust and $328.73 for S&P trust
|
| Buffer levels: | $244.53 for Dow trust and $295.857 for S&P trust, 90% of initial levels
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| Equity ratios: | 3.68052 for Dow trust and 3.04201 for S&P trust; equal to $1,000 divided by initial level
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 30
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| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 2%
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| Cusip: | 17324XW89
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