Published on 10/25/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.26 million autocallable contingent coupon equity notes on S&P, Stoxx
By Taylor Fox
New York, Oct. 26 – Citigroup Global Markets Holdings Inc. priced $1.26 million of autocallable contingent coupon equity-linked securities due Sept. 26, 2023 linked to the lesser performing of the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each quarter, the notes pay a contingent coupon at the rate of 6% per year if each index closes at or above its barrier level, 80% of its initial level, on the observation date for that period.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par unless any index finishes below its barrier level, 80% of its initial level, in which case investors will lose 1% for every 1% decline of the least 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: | Autocallable contingent coupon equity-linked securities
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| Underlying indexes: | S&P 500 and Euro Stoxx 50
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| Amount: | $1,256,000
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| Maturity: | Sept. 26, 2023
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| Coupon: | 6% per year, payable quarterly if lesser-performing index closes at or above barrier on valuation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its barrier level, in which case 1% loss for every 1% decline of the least performing index
|
| Call: | Automatically called at par if both indexes close at or above initial level on any quarterly call observation date
|
| Initial levels: | 3,281.06 for S&P, 3,160.95 for Stoxx
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| Coupon barriers: | 2,624.848 for S&P, 2,528.76 for Stoxx; 80% of initial levels
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| Final barrier values: | 2,624.848 for S&P, 2,528.76 for Stoxx; 80% of initial levels
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| Pricing date: | Sept. 21
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| Settlement date: | Sept. 24
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17328WL22
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