Published on 10/2/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.45 million contingent coupon autocallables on index, ETF
By Wendy Van Sickle
Columbus, Ohio, Oct. 2 – Citigroup Global Markets Holdings Inc. priced $1.45 million of autocallable contingent coupon equity-linked securities due March 30, 2028 linked to the least performing of the Dow Jones industrial average and the VanEck Vectors Gold Miners ETF, 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 asset closes at or above its coupon barrier value, 80% of its initial share price, on the valuation date for that month.
The notes will be automatically called at par if the least-performing asset closes at or above its initial price on any quarterly valuation date after one year.
The payout at maturity will be par unless the least-performing asset finishes below its final buffer value, 80% of its initial share price, in which case investors will be exposed to the decline of the lesser-performing asset beyond 20%.
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: | Autocallable contingent coupon equity-linked securities
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| Underlying assets: | Dow Jones industrial average, VanEck Vectors Gold Miners ETF
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| Amount: | $1,449,000
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| Maturity: | March 30, 2028
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| Coupon: | 10% per year, payable monthly if least-performing asset closes at or above coupon barrier value on valuation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless least-performing asset finishes below buffer value, in which exposure to decline of lesser-performing asset beyond 20%
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| Call: | Automatically at par if the least-performing asset closes at or above its initial price on any quarterly call valuation date after one year
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| Initial share prices: | 27,173.96 for index $38.42 for ETF
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| Coupon barriers: | 21,739.168 for index, $30.736 for ETF, or 80% of initial share prices
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| Buffer values: | 21,739.168 for index, $30.736 for ETF, or 80% of initial share prices
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 30
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.75%
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| Cusip: | 17328WBP2
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