Published on 1/13/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $850,000 callable contingent coupon notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, Jan. 13 – Citigroup Global Markets Holdings Inc. priced $850,000 callable contingent coupon equity-linked securities due Jan. 13, 2026 tied to the worst performing of the Nasdaq-100 index, 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 will pay a quarterly coupon at an annualized rate of 9% if the worst performing index closes at or above its 70% coupon barrier value on the relevant valuation date.
The notes may be called at par plus any coupon, in whole but not in part, at the option of the issuer on any quarterly contingent coupon payment date beginning July 8, 2020.
The payout at maturity will be par plus the final coupon if the worst performing index closes at or above its 60% final barrier value.
Otherwise investors will be fully exposed to the losses of the worst 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 contingent coupon equity-linked securities
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Underlying indexes: | Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average
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Amount: | $850,000
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Maturity: | Jan. 13, 2026
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Coupon: | 9% annualized rate, payable quarterly if worst performing index closes at or above coupon barrier value
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Price: | Par
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Payout at maturity: | Par plus final coupon if worst performing index closes at or above final barrier value, otherwise full exposure to losses of worst performing index
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Call: | At par plus any coupon at option of issuer on any quarterly contingent coupon payment date beginning July 8, 2020
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Initial levels: | 8,846.449 Nasdaq, 1,658.305 for Russell and 28,583.68 for Dow
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Coupon barrier levels: | 6,192.514 Nasdaq, 1,160.814 for Russell and 20,008.576 for Dow, 70% of initial levels
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Final barrier values: | 5,307.869 Nasdaq, 994.983 for Russell and 17,150.208 for Dow, 60% of initial levels
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Pricing date: | Jan. 8
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Settlement date: | Jan. 13
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Agent: | Citigroup Global Markets Inc.
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Fees: | 0.25%
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Cusip: | 17327TV52
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