Published on 7/16/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.02 million callable contingent coupon notes on Dow, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, July 16 – Citigroup Global Markets Holdings Inc. priced $1.02 million of callable contingent coupon equity-linked securities due April 12, 2021 linked to the worst performing of the Nasdaq-100 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 Inc.
The notes pay a contingent monthly coupon at an annualized rate of 10.1% if each index 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 starting in October.
If the notes are not called and each index finishes at or above its final barrier level, 70% of its initial level, the payout at maturity will be par plus the final coupon, if any. Otherwise, investors will be fully exposed to the decline of the least-performing index.
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 indexes: | Nasdaq-100 index, Dow Jones industrial average and Russell 2000 index
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Amount: | $1,024,000
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Maturity: | April 12, 2021
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Contingent coupon: | 10.1% per year, payable quarterly if each index 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 index finishes at or above final barrier, par plus final coupon, if any; otherwise, full exposure to losses of least-performing index
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Call option: | In whole at par plus any coupon due on any monthly valuation date starting in October
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Initial levels: | 9,961.163 for Nasdaq, 1,421.207 for Russell, 25,890.18 for Dow
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Coupon barriers: | 7,366.807 for Nasdaq, 991.197 for Russell, 18,123.126 for Dow; 70% of initial levels
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Final barriers: | 7,366.807 for Nasdaq, 991.197 for Russell, 18,123.126 for Dow; 70% of initial levels
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Pricing date: | July 7
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Settlement date: | July 10
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.6%
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Cusip: | 17328W5R5
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