Published on 6/18/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $95,000 callable contingent coupon notes on Dow, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, June 18 – Citigroup Global Markets Holdings Inc. priced $95,000 of callable contingent coupon notes due June 17, 2024, linked to the worst performing of the S&P 500 index, the Dow Jones industrial average and the Russell 2000 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 monthly coupon at an annualized rate of 7% if each asset closes at or above its coupon barrier level, 70% 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 monthly valuation date after six months.
If each asset finishes at or above its final barrier level, 65% 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: | S&P 500 index, Dow Jones industrial average and Russell 2000 index
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Amount: | $95,000
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Maturity: | June 17, 2024
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Contingent coupon: | 7% per year, payable monthly 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 monthly valuation date after six months
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Initial levels: | 1,387.685 for Russell, 25,605.54 for Dow, 3,041.31 for S&P
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Coupon barriers: | 971.38 for Russell, 17,923.878 for Dow, 2,128.917 for S&P; 70% of initial levels
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Final barriers: | 901.995 for Russell, 16,643.601 for Dow, 1,976.852 for S&P; 65% of initial levels
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Pricing date: | June 12
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Settlement date: | June 17
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2.5%
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Cusip: | 17328VPT1
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