Published on 1/21/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.17 million callable contingent coupon notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Jan. 21 – Citigroup Global Markets Holdings Inc. priced $1.17 million of callable contingent coupon equity-linked securities due Oct. 18, 2024 linked to the worst performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent monthly coupon at an annualized rate of 5.7% if each index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
After one year, the notes will be callable in whole at par plus any coupon due on any quarterly call valuation date.
If each index finishes at or above its final barrier level, 70% 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: | Dow Jones industrial average, S&P 500 index and Russell 2000 index
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Amount: | $1,174,000
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Maturity: | Oct. 18, 2024
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Contingent coupon: | 5.7% per year, payable monthly when each index closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | If each index finishes at or above final barrier, par plus the coupon; otherwise, full exposure to losses of least-performing index
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Call option: | After a year in whole at par plus any coupon due on any quarterly call valuation date
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Initial levels: | 29,030.22 for Dow, 3,289.29 for S&P, 1,682.396 for Russell
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Coupon barriers: | 20,321.154 for Dow, 2,302.503 for S&P, 1,177.677 for Russell; 70% of initial levels
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Final barriers: | 20,321.154 for Dow, 2,302.503 for S&P, 1,177.677 for Russell; 70% of initial levels
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Pricing date: | Jan. 15
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Settlement date: | Jan. 21
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Agent: | Citigroup Global Markets Inc.
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Fees: | 3.75%
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Cusip: | 17327T5X0
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