Published on 8/15/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $7.49 million callable contingent coupon notes on Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, Aug. 15 – Citigroup Global Markets Holdings Inc. priced $7.49 million of callable contingent coupon equity-linked securities due Aug. 16, 2029 tied to the worst performing of the Russell 2000 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.
The notes pay a contingent quarter coupon at an annualized rate of 7% if each underlying index closes at or above its coupon barrier level, 60% of its initial price, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon on any quarterly redemption date after one year.
If each index finishes at or above its barrier level, 60% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to the decline of the least-performing index.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying indexes: | Russell 2000 and Dow Jones industrial average
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| Amount: | $7,488,000
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| Maturity: | Aug. 16, 2029
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| Contingent coupon: | 7%, payable quarterly if each underlying index closes at or above coupon barrier level on valuation date for that period
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above barrier level, par plus coupon; otherwise, full exposure to losses of least-performing index
|
| Call option: | Callable at par plus any coupon on any quarterly redemption date after one year
|
| Initial index levels: | 1,494.275 for Russell and 25,907.37 for Dow
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| Coupon barriers: | 896.565 for Russell and 15,544.422 for Dow, 60% of initial levels
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| Final barriers: | 896.565 for Russell and 15,544.422 for Dow, 60% of initial levels
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| Pricing date: | Aug. 12
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| Settlement date: | Aug. 15
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2%
|
| Cusip: | 17327TLL8
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