Published on 5/31/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $500,000 callable contingent coupon notes on indexes
By Kiku Steinfeld
Chicago, June 1 – Citigroup Global Markets Holdings Inc. priced $500,000 of callable contingent coupon equity linked securities notes due May 25, 2021 linked to the worst performing of the S&P 500 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent monthly coupon at an annualized rate of 21.5% 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 monthly valuation date after three months.
The payout at maturity will be par plus any coupon unless any index closes below its 60% knock-in level during the life of the notes and any index finishes below its initial level, 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 assets: | S&P 500 index, Dow Jones industrial average and Russell 2000 index
|
| Amount: | $500,000
|
| Maturity: | May 25, 2021
|
| Contingent coupon: | 21.5% per year, payable monthly if each asset closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon unless any index closes below knock-in level during life of notes and any index finishes below initial level, in which case full exposure to losses of least-performing index
|
| Call option: | In whole at par plus any coupon due on any monthly valuation date after three months
|
| Initial levels: | 24,575.90 for Dow, 1,346.927 for Russell, 2,971.61 for S&P
|
| Coupon barriers: | 17,203.130 for Dow, 942.849 for Russell, 2,080.127 for S&P; 70% of initial levels
|
| Knock-in levels: | 14,745.540 for Dow, 808.156 for Russell, 1,782.966 for S&P; 60% of initial levels
|
| Pricing date: | May 20
|
| Settlement date: | May 26
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.6%
|
| Cusip: | 17328VHZ6
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
