Published on 9/17/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $954,000 callable contingent coupon notes on Nasdaq, Dow, S&P
By Kiku Steinfeld
Chicago, Sept. 17 – Citigroup Global Markets Holdings Inc. priced $954,000 of callable contingent coupon equity-linked securities due Sept. 14, 2023 linked to the worst performing of the S&P 500 index, the Dow Jones industrial average and the Nasdaq-100 index, 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 9.4% 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 quarterly valuation date after six months.
If the notes are not redeemed, the payout will be par plus any final coupon unless any index finishes below 65% of its initial level, in which case investors will be fully exposed to the loss of the least performing index.
Citigroup Global Markets Inc.is the underwriter.
Issuer: | Citigroup Global Markets Holdings Inc.
|
Guarantor: | Citigroup Inc.
|
Issue: | Callable contingent coupon equity-linked securities
|
Underlying assets: | Dow Jones industrial average, S&P 500 index and Nadaq-100 index
|
Amount: | $954,000
|
Maturity: | Sept. 14, 2023
|
Contingent coupon: | 9.4% per year, payable quarterly if each asset closes at or above coupon barrier on valuation date for that period
|
Price: | Par
|
Payout at maturity: | Par plus any coupon unless any index finishes below 65% of its initial level, in which case investors will be fully exposed to the loss of the least performing index
|
Call option: | In whole at par plus any coupon due on any quarterly valuation date after six months
|
Initial levels: | 3,398.96 for S&P, 11,395.85 for Nasdaq, 27,940.47 for Dow
|
Coupon barriers: | 2,379.272 for S&P, 7,977.095 for Nasdaq, 19,558.329 for Dow; 70% of initial levels
|
Downside threshold levels: | 2,209.324 for S&P, 7,407.303 for Nasdaq, 18,161.306 for Dow; 65% of initial levels
|
Pricing date: | Sept. 9
|
Settlement date: | Sept. 14
|
Underwriter: | Citigroup Global Markets Inc.
|
Fees: | 0.95%
|
Cusip: | 17328WBU1
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.