Published on 7/29/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.61 million dual directional barrier securities on three ETFs
By Wendy Van Sickle
Columbus, Ohio, July 29 – Citigroup Global Markets Holdings Inc. priced $1.61 million of 0% dual directional barrier securities due July 29, 2025 linked to the iShares Russell 2000 ETF, the SPDR S&P 500 ETF trust and the Invesco QQQ Trust, series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
If the worst performing ETF finishes at or above its initial level, the payout at maturity will be par plus 200% of the return of the least performing ETF.
If the worst performing ETF falls by up to 35.75%, the payout will be par plus the absolute value of the return of the worst performing ETF.
Otherwise, investors will receive a number of shares of the least performing ETF equal to $1,000 divided by that ETF’s initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Dual directional barrier securities
|
| Underlying ETFs: | iShares Russell 2000 ETF, SPDR S&P 500 ETF trust and Invesco QQQ Trust, series 1
|
| Amount: | $1,606,000
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| Maturity: | July 29, 2025
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If the worst performing ETF finishes at or above its initial level, par plus 200% of the return of the least performing ETF; if the worst performing ETF falls by up to 35.75%, par plus the absolute value of the return of the worst performing ETF; otherwise, number of share of the least performing ETF equal to $1,000 divided by that ETF’s initial share price or, at the issuer’s option, the cash value of those shares
|
| Initial levels: | $320.88 for S&P, $255.56 for QQQ, $146.08 for Russell
|
| Barrier levels: | $206.165 for S&P, $164.197 for QQQ, $93.856 for Russell, 64.25% of initial levels
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| Pricing date: | July 24
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| Settlement date: | July 29
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.75%
|
| Cusip: | 17324XR36
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