Published on 3/19/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.43 million callable contingent coupon notes on indexes
By Wendy Van Sickle
Columbus, Ohio, March 19 – Citigroup Global Markets Holdings Inc. priced $1.43 million of callable contingent coupon equity-linked securities due March 18, 2030 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 quarterly coupon at an annualized rate of 11% 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 valuation date.
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 fully exposed to the decline of the least-performing asset.
Citigroup Global Markets Inc. is the agent.
| 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: | Nasdaq-100 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $1,425,000
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| Maturity: | March 18, 2030
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| Contingent coupon: | 11% per year, payable quarterly when 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, full exposure to losses of least-performing asset
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| Call option: | In whole at par plus any coupon due on any valuation date
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| Initial levels: | 8,530.337 for Nasdaq, 25,864.78 for Dow, 1,449.221 for Russell
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| Coupon barriers: | 5,118.202 for Nasdaq, 15,518.868 for Dow, 869.533 for Russell; 60% of initial levels
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| Final barriers: | 5,118.202 for Nasdaq, 15,518.868 for Dow, 869.533 for Russell; 60% of initial levels
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| Strike date: | March 6
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| Pricing date: | March 9
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| Settlement date: | March 16
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1.2%
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| Cusip: | 17328V7B0
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