Published on 5/17/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.82 million contingent coupon callables linked to indexes
By Kiku Steinfeld
Chicago, May 18 – Citigroup Global Markets Holdings Inc. priced $1.82 million of callable contingent coupon equity-linked securities due Nov. 12, 2021 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 month, the notes pay a contingent coupon at the rate of 10% per year if the least-performing underlier closes at or above its coupon barrier value, 70% of its initial share price, on the valuation date for that period.
The notes will be callable at par plus any coupon on any monthly call date beginning in August.
The payout at maturity will be par plus any coupon unless the least-performing underlier finishes below its final barrier value, 60% 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: | Callable 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: | $1,820,000
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| Maturity: | Nov. 12, 2021
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| Coupon: | 10% per year, payable monthly 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 plus any coupon 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
|
| Call option: | At par plus any coupon on any monthly call date beginning in August
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| Initial index levels: | 24,331.32 for Dow, 1,329.638 for Russell, 2,929.80 for S&P 500
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| Coupon barriers: | 17,031.924 for Dow, 930.747 for Russell, 2,050.860 for S&P 500; 70% of initial levels
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| Final barriers: | 14,598.792 for Dow, 797.783 for Russell, 1,757.880 for S&P 500; 60% of initial levels
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| Pricing date: | May 8
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| Settlement date: | May 13
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.25%
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| Cusip: | 17328VHW3
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