Published on 4/22/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.04 million callable contingent coupon notes on Dow, Russell
By Sarah Lizee
Olympia, Wash., April 22 – Citigroup Global Markets Holdings Inc. priced $1.04 million of callable contingent coupon equity-linked securities due April 22, 2025 tied to the worst performing of the Russell 2000 index and the Dow Jones industrial average, 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 8.85% if each index 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 quarterly valuation date after one year.
If the notes are not called and each index finishes at or above its final barrier level, 60% of its initial level, the payout at maturity will be par plus any coupon due. 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: | Russell 2000 index and Dow Jones industrial average
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Amount: | $1,035,000
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Maturity: | April 22, 2025
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Contingent coupon: | 8.85% 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 any coupon; otherwise, full exposure to losses of least-performing index
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Call option: | At par plus any coupon due on any valuation date after one year
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Initial levels: | 23,537.68 for Dow, 1,178.089 for Russell
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Coupon barriers: | 14,122.608 for Dow, 706.853 for Russell; 60% of initial levels
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Final barriers: | 14,122.608 for Dow, 706.853 for Russell; 60% of initial levels
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Pricing date: | April 16
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Settlement date: | April 21
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.125%
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Cusip: | 17328VH52
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