Published on 11/22/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $717,000 callable contingent coupon equity notes on index, ETFs
By Taylor Fox
New York, Nov. 23 – Citigroup Global Markets Holdings Inc. priced $717,000 of callable contingent coupon equity-linked securities due May 18, 2023 linked to the worst performing of the S&P 500 index, the Financial Select Sector SPDR fund 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 pay a contingent quarterly coupon at an annualized rate of 10% if each asset closes at or above its coupon barrier level, 65% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date.
If the notes are not redeemed, the payout will be par plus any final coupon unless any asset finishes below 65% of its initial level, in which case investors will be fully exposed to the loss of the least 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: | S&P 500 index, Financial Select Sector SPDR Fund and SPDR S&P Regional Banking ETF
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Amount: | $717,000
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Maturity: | May 18, 2023
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Contingent coupon: | 10% per year, payable quarterly if each asset closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | Par plus any coupon unless any asset finishes below 65% of its initial level, in which case investors will be fully exposed to the loss of the least performing asset
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Call option: | In whole at par plus any coupon due on any quarterly valuation date
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Initial levels: | $27.03 for Financial Select, 3,585.15 for S&P, $47.17 for Regional Banking
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Coupon barriers: | $17.570 for Financial Select, 2,330.348 for S&P, $30.661 for Regional Banking; 65% of initial levels
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Final barriers: | $17.570 for Financial Select, 2,330.348 for S&P, $30.661 for Regional Banking; 65% of initial levels
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Pricing date: | Nov. 13
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Settlement date: | Nov. 18
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.5%
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Cusip: | 17328WMN5
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