Published on 4/8/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $636,000 callable contingent coupon notes on Dow, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, April 8 – Citigroup Global Markets Holdings Inc. priced $636,000 of callable contingent coupon equity-linked securities due April 1, 2025, 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 13.75% 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 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 fully 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 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: | $636,000
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| Maturity: | April 1, 2025
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| Contingent coupon: | 13.75% 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, 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 after six months
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| Initial levels: | 7,588.373 for Nasdaq, 21,636.78 for Dow, 1,131.988 for Russell
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| Coupon barriers: | 5,311.861 for Nasdaq, 15,145.746 for Dow, 792.392 for Russell; 70% of initial levels
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| Final barriers: | 4,553.024 for Nasdaq, 12,982.068 for Dow, 679.193 for Russell; 60% of initial levels
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| Pricing date: | March 27
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| Settlement date: | April 1
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.125%
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| Cusip: | 17328VGA2
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