Published on 5/20/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $5.93 million callable contingent coupon securities on Russell, S&P, Dow
By Kiku Steinfeld
Chicago, May 20 – Citigroup Global Markets Holdings Inc. priced $5.93 million of callable contingent coupon equity-linked securities due May 19, 2021 linked to the worst performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each month, the notes will pay a contingent coupon at an annualized rate of 18.4% if the notes close at or above the coupon barrier, 70% of the initial level, on the related observation date.
Beginning Aug. 14, the notes will be callable in whole at par plus any coupon due on any monthly call date.
The payout at maturity will be par plus any coupon unless any index finishes below its initial level and any index closes below its 60% knock-in level during the life of the notes, in which case investors will be exposed to the decline of the least-performing index from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying indexes: | Dow Jones industrial average, Russell 2000 index, S&P 500 index
|
| Amount: | $5,934,000
|
| Maturity: | May 19, 2021
|
| Coupon: | 18.4%, payable monthly if each index closes above coupon barrier on related observation date
|
| Price: | Par
|
| Call option: | Beginning Aug. 14, at par plus any coupon due on any monthly call date
|
| Payout at maturity: | Par plus any coupon unless any index finishes below initial level and any index closes below knock-in level during life of notes, in which case exposure to losses of least-performing index from initial level
|
| Initial levels: | 2,852.50 for S&P, 1,237.554 for Russell, 23,625.34 for Dow
|
| Coupon barriers: | 1,996.750 for S&P, 866.288 for Russell, 16,537.738 for Dow; 70% of initial levels
|
| Barriers: | 1,711.500 for S&P, 742.532 for Russell, 14,175.204 for Dow; 60% of initial levels
|
| Pricing date: | May 14
|
| Settlement date: | May 19
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.875%
|
| Cusip: | 17328VXX3
|
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