Citigroup will not issue any more of its three series of C-Tracks ETNs

By Toni Weeks

San Luis Obispo, Calif., June 15 – Citigroup Inc. said it does not intend to issue any additional notes in its three series of C-Tracks exchange-traded notes, according to a press release.

However, the ETNs will continue to trade on the NYSE Arca.

The decision affects Citi’s C-Tracks ETNs due Nov. 12, 2020 linked to the Citi Volatility Index Total Return (NYSE: CVOL), its C-Tracks ETNs due Sept. 28, 2023 linked to the Miller/Howard MLP Fundamental index (NYSE: MLPC) and its C-Tracks ETNs due Sept. 16, 2024 linked to the Miller/Howard Strategic Dividend Reinvestor (NYSE: DIVC).

According to the press release, Citigroup expects its affiliate, Citigroup Global Markets Inc., to continue to sell any ETNs that it holds or may acquire, including any notes issued by Citigroup Inc. prior to Monday and not yet sold to the public as well as notes previously issued by Citigroup that CGMI may repurchase from the public from time to time.

Based on the closing price of the notes as of June 15, the following principal amount of ETNs are outstanding:

• CVOL: $5.99 billion held by public and $1 billion held by CGMI, with market values of $3.37 million and $565,337, respectively;

• MLPC: $107.16 million held by public and $67.84 million held by CGMI, with market values of $101.8 million and $64.45 million, respectively; and

• DIVC: $45.06 million held by public and $54.94 million held by CGMI, with market values of $48.94 million and $59.66 million, respectively.

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