Published on 6/26/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $3.69 million contingent coupon autocallable notes on indexes
By Sarah Lizee
Olympia, Wash., June 26 – Citigroup Global Markets Holdings Inc. priced $3.69 million of autocallable contingent coupon equity-linked securities due June 23, 2025 tied 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.
The notes carry a coupon of 9.2% per year, payable quarterly if each asset closes above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be automatically redeemed at par if the worst-performing asset closes at or above its initial level on any quarterly autocall date after six months.
If the notes are not called and each asset closes at or above its 60% final barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the loss 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: | Autocallable contingent coupon equity-linked securities
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| Underlying assets: | Dow Jones industrial average, S&P 500 index, Russell 2000 index
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| Amount: | $3,685,000
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| Maturity: | June 23, 2025
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| Coupon: | 9.2%, payable quarterly if assets close above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par if each asset closes at or above barrier level; otherwise, full exposure to loss of least performing asset
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| Call: | At par if worst-performing asset closes at or above initial level on any quarterly autocall date after six months
|
| Initial index levels: | 26,080.10 for Dow, 1,427.075 for Russell, 3,115.34 for S&P
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| Coupon barrier levels: | 18,256.070 for Dow, 998.953 for Russell, 2,180.738 for S&P, 70% of initial levels
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| Final barrier levels: | 15,648.060 for Dow, 856.245 for Russell, 1,869.204 for S&P, 60% of initial levels
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| Pricing date: | June 18
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| Settlement date: | June 23
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.7%
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| Cusip: | 17328VV72
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