Published on 4/11/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $905,000 contingent coupon autocallables linked to Dow, Russell, S&P
Chicago, April 13 – Citigroup Global Markets Holdings Inc. priced $905,000 of autocallable contingent coupon equity-linked securities due March 28, 2024 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 10.34% per year if the least-performing underlier closes at or above its coupon barrier value, 50% of its initial share price, on the valuation date for that period.
Beginning in March 2021, the notes will be automatically called at par plus the coupon if the least-performing underlier closes at or above its initial level on any potential autocall date.
The payout at maturity will be par unless the least-performing underlier finishes below its final barrier value, 50% of its initial level, in which case investors will lose 1% for every 1% that the least-performing underlier declines from its initial level.
The notes are guaranteed by Citigroup Inc.
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: | Autocallable contingent coupon equity-linked securities
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| Underliers: | Russell 2000 index, S&P 500 index and Dow Jones industrial average
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| Amount: | $905,000
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| Maturity: | March 28, 2024
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| Coupon: | 10.34% per year, payable quarterly if least-performing underlier closes at or above coupon barrier value on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless least-performing underlier finishes below final barrier value, in which case 1% loss for every 1% that least-performing underlier declines from initial level
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| Call: | Beginning in March 2021, automatically at par plus coupon if least-performing underlier closes at or above initial level on any potential autocall date
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| Initial levels: | 1,002.417 for Russell, 2,237.40 for S&P, 18,591.93 for Dow
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| Coupon barriers: | 501.209 for Russell, 1,118.700 for S&P, 9,295.965 for Dow, 50% of initial levels
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| Final barriers: | 501.209 for Russell, 1,118.700 for S&P, 9,295.965 for Dow, 50% of initial levels
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| Pricing date: | March 23
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| Settlement date: | March 26
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.75%
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| Cusip: | 17328VBX7
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