Published on 12/12/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $5.29 million callable contingent coupon notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Dec. 12 – Citigroup Global Markets Holdings Inc. priced $5.29 million of callable contingent coupon equity-linked securities due Dec. 8, 2022 linked to the least performing of the Stoxx Europe 600 Banks index, the MSCI Emerging Markets index 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 11.2% if each underlying index closes at or above its coupon barrier level, 75% of its initial level, on the related quarterly observation date.
The notes will be callable in whole at par quarterly.
If each index finishes at or above its 65% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing index.
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 indexes: | Stoxx Europe 600 Banks index, MSCI Emerging Markets index and S&P 500 index
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Amount: | $5.29 million
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Maturity: | Dec. 8, 2022
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Contingent coupon: | 11.2% per year, payable each quarter that each underlying index 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 index finishes at or above final barrier, par; otherwise, full exposure to losses of least-performing index
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Call option: | At par quarterly
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Initial levels: | 135.94 for Stoxx, 3,117.43 for S&P, 1,042.85 for EM
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Coupon barriers: | 101.995 for Stoxx, 2,338.073 for S&P, 782.138 for EM; 75% of initial levels
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Final barriers: | 88.361 for Stoxx, 2,026.33 for S&P, 677.853 for EM; 65% of initial levels
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Pricing date: | Dec. 5
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Settlement date: | Dec. 10
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Agent: | Citigroup Global Markets Inc.
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Fees: | 1.75%
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Cusip: | 17327T2C9
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