Published on 6/29/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.21 million callable contingent coupon notes on three funds
By Wendy Van Sickle
Columbus, Ohio, June 29 – Citigroup Global Markets Holdings Inc. priced $1.21 million of callable contingent coupon notes due June 28, 2022 linked to the Financial Select Sector SPDR fund, the SPDR S&P Bank ETF and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annualized rate of 12.5% if each asset closes at or above its coupon barrier, 55% of its initial level, on every day that period.
After six months, the notes will be callable at par quarterly.
If the notes are not called and the final level of each asset is greater than or equal to its 55% final barrier level, the payout at maturity will be par plus any contingent coupon due. Otherwise, investors will be fully exposed to the decline of the worse performing asset.
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: | Callable contingent coupon equity-linked securities
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Underlying assets: | Financial Select Sector SPDR fund, SPDR S&P Bank ETF and SPDR S&P Regional Banking ETF
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Amount: | $1,212,000
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Maturity: | June 28, 2022
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Coupon: | 12.5% per year, payable quarterly if all assets close at or above coupon barrier level on every day that period
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Price: | Par
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Payout at maturity: | If final level of each asset is greater than or equal to barrier level, par plus any coupon; otherwise, full exposure to decline of least performing asset
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Call option: | At par plus any coupon on any quarterly potential redemption date after six months
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Initial levels: | $23.82 for Financial, $32.30 for Bank, $39.05 for Regional Banking
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Coupon barrier levels: | $13.101 for Financial, $17.765 for Bank, $21.478 for Regional Banking, 55% of initial levels
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Barrier levels: | $13.101 for Financial, $17.765 for Bank, $21.478 for Regional Banking, 55% of initial levels
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Pricing date: | June 23
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Settlement date: | June 26
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.5%
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Cusip: | 17324XP79
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