Published on 10/2/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.07 million autocallable securities linked to Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, Oct. 2 – Citigroup Global Markets Holdings Inc. priced $1.07 million of 0% autocallable securities due Sept. 28, 2023 linked to the worst performing of the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Citigroup Inc.
If each index closes at or above its initial level on an annual valuation date, the notes will be called at par plus a premium of 6.5% a year.
If each index finishes at or above its initial level the payout will be par plus the least-performing index return. If the least performing index falls but not below the buffer level, 85% of the initial level, the payout will be par.
Otherwise, investors will lose 1% for each 1% decline of the worst performing index beyond the 15% buffer.
Citigroup Global Markets Inc. is the agent.
Issuer: | Citigroup Global Markets Holdings Inc.
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Guarantor: | Citigroup Inc.
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Issue: | Autocallable securities
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Underlying indexes: | Russell 2000 index, Dow Jones industrial average
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Amount: | $1,066,000
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Maturity: | Sept. 28, 2023
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If each index finishes at or above its initial level par plus least-performing index return; if either index falls but not below buffer level, par; otherwise, 1% loss for each 1% decline of the worst performing index beyond 15% buffer
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Call: | Automatically at par plus an annualized premium of 6.5% if each index closes at or above its initial level on an annual valuation date
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Initial levels: | 1,474.908 for Russell, 27,173.96 for Dow
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Buffer levels: | 1,253.672 for Russell, 23,097.866 for Dow, 85% of initial levels
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Pricing date: | Sept. 25
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Settlement date: | Sept. 30
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Agent: | Citigroup Global Markets Inc.
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Fees: | 3%
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Cusip: | 17328WFY9
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