Published on 12/5/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1 million barrier securities on equal stock basket
By Taylor Fox
New York, Dec. 7 – Citigroup Global Markets Holdings Inc. priced $1 million of 0% barrier securities due May 26, 2022 linked to an equally weighted basket comprise of the stocks of CSX Corp., Fastenal Co., L3Harris Technologies, Inc., Landstar System, Inc., Norfolk Southern Corp., Old Dominion Freight Line, Inc., Quanta Services, Inc., Sherwin-Williams Co., Union Pacific Corp. and United Rentals, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
If the final level of the basket is greater than or equal to its initial level, the payout at maturity will be par plus 150% of the return of the basket up to a maximum payout of par plus 23%.
If the final level of the basket is less than its initial level but greater than or equal to its 95% barrier level, the payout will be par.
If the final level of the basket is less than the 95% barrier level, investors will be fully exposed to the decline of the basket.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Barrier securities
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| Underlying basket: | CSX Corp., Fastenal Co., L3Harris Technologies, Inc., Landstar System, Inc., Norfolk Southern Corp., Old Dominion Freight Line, Inc., Quanta Services, Inc., Sherwin-Williams Co., Union Pacific Corp. and United Rentals, Inc.; equally weighted
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| Amount: | $1 million
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| Maturity: | May 26, 2022
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the final level of the basket is greater than or equal to its initial level, 150% of the return, capped at 23%; if the final level of the basket is less than its initial level but greater than or equal to its 95% barrier level, par; otherwise, full exposure to the decline of basket
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| Initial levels: | $92.06 for CSX, $47.91 for Fastenal, $194.10 for L3Harris, $129.82 for Landstar, $242.85 Norfolk, $202.24 for Old Dominion, $68.91 for Quanta, $734.13 for Sherwin-Williams, $207.39 for Union Pacific and $226.31for United Rentals
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| Barrier level: | 95% of initial level
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| Pricing date: | Nov. 23
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| Settlement date: | Nov. 27
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.9%
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| Cusip: | 17328Y4W1
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