Published on 12/20/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.5 million callable contingent coupon notes on index, fund
By Kiku Steinfeld
Chicago, Dec. 20 – Citigroup Global Markets Holdings Inc. priced $1.5 million of callable contingent coupon equity-linked securities due Dec. 15, 2022 linked to the least performing of the Russell 2000 index and the Energy Select Sector SPDR fund, 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 10.25% if each underlying asset closes at or above its coupon barrier level, 80% of its initial price, on the related monthly observation date.
The notes will be callable in whole at par on any monthly observation date starting in December 2020 and ending in November 2022.
If each asset finishes at or above its 80% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying assets: | Russell 2000 index and the Energy Select Sector SPDR fund
|
| Amount: | $1,500,000
|
| Maturity: | Dec. 15, 2022
|
| Contingent coupon: | 10.25% per year, payable monthly if each underlying asset closes at or above coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above final barrier, par; otherwise, full exposure to losses of least-performing asset
|
| Call option: | At par on any monthly observation date starting in December 2020 and ending in November 2022
|
| Initial levels: | 1,631.926 for index, $59.67 for fund
|
| Coupon barriers: | 1,305.541 for index, $47.736 for fund; 80% of initial values
|
| Final barriers: | 1,305.541 for index, $47.736 for fund; 80% of initial values
|
| Pricing date: | Dec. 11
|
| Settlement date: | Dec. 16
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.1%
|
| Cusip: | 17327T5V4
|
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