Published on 5/8/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $4.07 million callable contingent coupon notes on Dow, S&P
By Wendy Van Sickle
Columbus, Ohio, May 8 – Citigroup Global Markets Holdings Inc. priced $4.07 million of callable contingent coupon notes due May 8, 2025, linked to the worst performing of the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Global Markets Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 8% if each asset closes at or above its coupon barrier level, 60% 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 after six months.
If each asset finishes at or above its final barrier level, 60% of its initial level, the payout at maturity will be par plus the coupon, if any. Otherwise, investors will be exposed to the decline of the least-performing asset.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Global Markets Inc.
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| Issue: | Callable contingent coupon notes
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| Underlying assets: | Dow Jones industrial average and S&P 500 index
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| Amount: | $4.07 million
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| Maturity: | May 8, 2025
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| Contingent coupon: | 8% 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: | If each asset finishes at or above final barrier, par plus any coupon; otherwise, exposure to losses of least-performing asset
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| Call option: | In whole at par plus any coupon due on any quarterly valuation date after six months
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| Initial levels: | 23,723.69 for Dow, 2,830.71 for S&P
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| Coupon barriers: | 14,234.214 for Dow, 1,698.426 for S&P; 60% of initial levels
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| Final barriers: | 14,234.214 for Dow, 1,698.426 for S&P; 60% of initial levels
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| Pricing date: | May 1
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| Settlement date: | May 6
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.5%
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| Cusip: | 17328VRH5
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