Published on 11/28/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $628,000 dual directional barrier securities on tech stocks
By Taylor Fox
New York, Nov. 30 – Citigroup Global Markets Holdings Inc. priced $628,000 of 0% dual directional barrier securities due Nov. 21, 2025 linked to the stocks of Apple Inc., Microsoft Corp. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
If each stock finishes at or above the initial level, the payout at maturity will be par plus 146% of the return of the worst performer.
If the laggard stock falls but finishes at or above the 60% barrier level, the payout at maturity will be par plus two times the absolute value of the laggard stock return.
Otherwise, investors will receive a number of shares of the least performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Dual directional barrier securities
|
| Underlying stocks: | Apple Inc., Microsoft Corp. and Netflix, Inc.
|
| Amount: | $628,000
|
| Maturity: | Nov. 21, 2025
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If laggard stock finishes at or above the initial level, par plus 146% of return of worst performer; if laggard stock falls but finishes at or above barrier level, par plus two times the absolute value of laggard stock return; otherwise, a number of shares of the least performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
|
| Initial stock levels: | $118.03 for Apple, $211.08 for Microsoft and $481.79 for Netflix
|
| Barrier levels: | $70.818 for Apple, $126.648 for Microsoft and $289.074 for Netflix, 60% of initial levels
|
| Equity ratios: | 8.47242 for Apple, 4.73754 for Microsoft and 2.07559 for Netflix
|
| Pricing date: | Nov. 18
|
| Settlement date: | Nov. 23
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 17324X6R6
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
