Published on 5/26/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $385,000 callable contingent coupon notes on S&P, Dow, Nasdaq
By Kiku Steinfeld
Chicago, May 26 – Citigroup Global Markets Holdings Inc. priced $385,000 of callable contingent coupon equity-linked securities due Feb. 21, 2025, linked to the worst performing of the Nasdaq-100 index, the Dow Jones industrial average and the S&P 500 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 7.5% 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 one year.
If each asset finishes at or above its final barrier level, 70% of its initial level, the payout at maturity will be par plus the coupon. 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: | S&P 500 index, Dow Jones industrial average and Nasdaq-100 index
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Amount: | $385,000
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Maturity: | Feb. 21, 2025
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Contingent coupon: | 7.5% 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 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 one year
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Initial levels: | 9,152.639 for Nasdaq, 23,685.42 for Dow, 2,863.70 for S&P
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Coupon barriers: | 6,406.847 for Nasdaq, 16,579.794 for Dow, 2,004.590 for S&P; 70% of initial levels
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Final barriers: | 6,406.847 for Nasdaq, 16,579.794 for Dow, 2,004.590 for S&P; 70% of initial levels
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Pricing date: | May 15
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Settlement date: | May 20
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 3.75%
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Cusip: | 17328VU40
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