Published on 1/27/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.75 million callable contingent coupon notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, Jan. 27 – Citigroup Global Markets Holdings Inc. priced $1.75 million of callable contingent coupon equity-linked securities due Jan. 22, 2024 linked to the worst performing of the Alerian MLP ETF, the Euro Stoxx Banks index and the MSCI Emerging Markets 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 9.2% if each asset closes at or above its coupon barrier level, 60% of its initial level, on the valuation date for that period.
After six months, the notes will be callable in whole at par plus any coupon due on any quarterly call valuation date.
If each asset finishes at or above its final barrier level, 60% of its initial level, the payout at maturity will be par plus the coupon. 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: | Alerian MLP ETF, Euro Stoxx Banks index and MSCI Emerging Markets index
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| Amount: | $1,745,000
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| Maturity: | Jan. 22, 2024
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| Contingent coupon: | 9.2% per year, payable quarterly when each index closes at or above coupon barrier on the valuation date for that period
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| Price: | Par
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| Payout at maturity: | If each asset finishes at or above final barrier, par plus the coupon; otherwise, full exposure to losses of least-performing asset
|
| Call option: | After six months in whole at par plus any coupon due on any quarterly call valuation date
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| Initial levels: | $8.84 for ETF, 95.72 for Stoxx, 1,146.83 for MSCI Emerging
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| Coupon barriers: | $5.304 for ETF, 57.432 for Stoxx, 688.098 for MSCI Emerging; 60% of initial levels
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| Final barriers: | $5.304 for ETF, 57.432 for Stoxx, 688.098 for MSCI Emerging; 60% of initial levels
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| Pricing date: | Jan. 17
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| Settlement date: | Jan. 23
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17327TN77
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