Published on 8/28/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $2.48 million contingent coupon autocallables on index, ETF
By Wendy Van Sickle
Columbus, Ohio, Aug. 28 – Citigroup Global Markets Holdings Inc. priced $2.48 million of autocallable contingent coupon equity-linked securities due March 2, 2028 linked to the lesser performing of the Dow Jones industrial average and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 10% per year if the lesser-performing asset closes at or above its coupon barrier value, 75% of its initial level, on the observation date for that month.
The notes will be automatically called at par if the lesser-performing asset closes at or above its initial level on any quarterly call observation date after one year.
The payout at maturity will be par unless either asset finishes below its 75% final buffer value, in which case investors will be exposed to the loss of the worst-performing asset beyond the buffer.
The notes are guaranteed by Citigroup Inc.
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: | Autocallable contingent coupon equity-linked securities
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| Underlying ETFs: | Dow Jones industrial average and VanEck Vectors Gold Miners ETF
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| Amount: | $2,484,000
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| Maturity: | March 2, 2028
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| Coupon: | 10% per year, payable monthly if lesser-performing asset closes at or above coupon barrier value on valuation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless lesser-performing asset finishes below final buffer level, in which case exposure to lesser-performing asset’s loss beyond buffer
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| Call: | Automatically at par if lesser-performing asset closes at or above initial level on any quarterly call observation date after one year
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| Initial levels: | $41.60 for ETF, 28,331.92 for index
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| Coupon barriers: | $31.20 for ETF, 21,248.94 for index, 75% of initial levels
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| Final buffer levels: | $31.20 for ETF, 21,248.94 for index, 75% of initial levels
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| Pricing date: | Aug. 26
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| Settlement date: | Aug. 31
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 4%
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| Cusip: | 17328WGL6
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