Published on 12/9/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $2 million contingent coupon notes linked to indexes
By Angela McDaniels
Tacoma, Wash., Dec. 9 – Citigroup Global Markets Holdings Inc. priced $2 million of callable contingent coupon equity-linked securities due June 1, 2022 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 6.95% per year if each index closes at or above its coupon barrier value, 70% of its initial level, on the determination date for that quarter.
Beginning in February 2020, the notes are callable at par quarterly.
The payout at maturity will be par unless the least-performing index finishes below its final barrier value, 60% of its initial level, in which case investors will be exposed to the least-performing index’s decline from its initial level.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying indexes: | Russell 2000, Dow Jones industrial average and Nasdaq-100
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| Amount: | $2 million
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| Maturity: | June 1, 2022
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| Coupon: | 6.95% per year, payable quarterly if each index closes at or above coupon barrier value on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless least-performing index finishes below final barrier value, in which case exposure to least-performing index’s decline from initial level
|
| Call option: | Beginning in February 2020, at par quarterly
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| Initial levels: | 28,121.68 for Dow, 1,624.231 for Russell 2000 and 8,385.745 for Nasdaq-100
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| Coupon barrier values: | 19,685.176 for Dow, 1,139.962 for Russell 2000 and 5,870.022 for Nasdaq-100, or 70% of initial levels
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| Final barrier values: | 16,873.008 for Dow, 974.539 for Russell 2000 and 5,031.447 for Nasdaq-100, or 60% of initial levels
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| Pricing date: | Nov. 26
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| Settlement date: | Dec. 2
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.95%
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| Cusip: | 17327TZS8
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