Published on 12/9/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $870,000 contingent coupon notes linked to indexes
By Angela McDaniels
Tacoma, Wash., Dec. 9 – Citigroup Global Markets Holdings Inc. priced $870,000 of callable contingent coupon equity-linked securities due Nov. 30, 2029 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8.3% 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.
The notes are callable at par quarterly beginning in November 2020 and ending in August 2029.
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.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying indexes: | S&P 500, Nasdaq-100 and Dow Jones industrial average
|
| Amount: | $870,000
|
| Maturity: | Nov. 30, 2029
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| Coupon: | 8.3% 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: | Notes are callable at par quarterly beginning in November 2020 and ending in August 2029
|
| Initial levels: | 3,153.63 for S&P 500, 8,444.709 for Nasdaq-100 and 28.164.00 for Dow
|
| Coupon barrier values: | 2,207.541 for S&P 500, 5,911.296 for Nasdaq-100 and 19,714.80 for Dow, or 70% of initial levels
|
| Final barrier values: | 1,892.178 for S&P 500, 5,066.825 for Nasdaq-100 and 16,898.40 for Dow, or 60% of initial levels
|
| Pricing date: | Nov. 27
|
| Settlement date: | Dec. 3
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 17327TYQ3
|
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