Published on 1/5/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $192,000 contingent coupon autocalls on Gold Miners, Dow
By Wendy Van Sickle
Columbus, Ohio, Jan. 5 – Citigroup Global Markets Holdings Inc. priced $192,000 of autocallable contingent coupon equity-linked securities due June 26, 2028 linked to the worst 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.
The notes are guaranteed by Citigroup, Inc.
The notes will pay a contingent monthly coupon at an annual rate of 8% if each asset closes at or above its 80% coupon barrier value on the observation date for that month.
The notes will be called at par if each asset closes at or above its initial level on any quarterly call review date after one year.
The payout at maturity will be par plus any coupon unless any asset finishes below its 80% buffer level, in which case investors will be exposed to the decline of the worst performing asset beyond 20%.
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: | VanEck Vectors Gold Miners ETF and Dow Jones industrial average
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| Amount: | $192,000
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| Maturity: | June 26, 2028
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| Coupon: | 8% annualized, payable monthly if each asset closes at or above coupon barrier on valuation date for that month
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| Price: | Par
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| Payout at maturity: | If each asset finishes at or above buffer level, par plus any coupon; otherwise, 1% loss for each 1% decline of worse performing asset beyond 20%
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| Call: | At par if each asset closes at or above its initial level on any quarterly call review date after one year
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| Initial levels: | 30,216.45 for Dow, $36.35 for ETF
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| Coupon barriers: | 24,173.16 for Dow, $29.08 for ETF, 80% of initial levels
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| Buffer level levels: | 24,173.16 for Dow, $29.08 for ETF, 80% of initial levels
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| Pricing date: | Dec. 21
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| Settlement date: | Dec. 24
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.5%
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| Cusip: | 17328Y4K7
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