Published on 11/4/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $8.9 million 7% callable equity-linked notes on S&P, Dow
By Wendy Van Sickle
Columbus, Ohio, Nov. 4 – Citigroup Global Markets Holdings Inc. priced $8.9 million of 7% callable equity-linked securities due Feb. 7, 2022 tied to the worst performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Interest is payable quarterly.
The notes will be callable quarterly after six months.
If both indexes finish at or above 65% of their initial levels, the payout will be par.
Otherwise, investors will lose 1% for every 1% decline of the lesser-performing index.
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 equity-linked securities
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Underlying indexes: | S&P 500 index, Dow Jones industrial average
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Amount: | $8,902,000
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Maturity: | Feb. 7, 2022
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Coupon: | 7%, payable quarterly
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Price: | Par
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Payout at maturity: | If both indexes finish at or above 65% of their initial levels, par; otherwise, investors will lose 1% for every 1% decline of the lesser-performing index
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Call option: | Quarterly after six months
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Initial index levels: | 3,310.24 for S&P and 26,925.05 for Dow
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Buffer levels: | 2,151.656 for S&P and 17,501.283 for Dow; 65% of initial levels
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Pricing date: | Nov. 2
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Settlement date: | Nov. 5
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.5%
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Cusip: | 17328WWA2
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