Published on 4/25/2013 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1 million contingent coupon securities linked to S&P 500, Euro Stoxx 50
By Toni Weeks
San Luis Obispo, Calif., April 25 - Citigroup Inc. priced $1 million of contingent coupon securities due April 26, 2018 linked to the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay an annualized coupon of 6.9% each quarter if the closing level of each index is equal to or greater than its coupon barrier level, 75% of the initial level. Otherwise, holders will not receive the contingent interest payment for that quarter.
If the final level of the least-performing index is equal to or greater than the final barrier level, 55% of the initial level, the payout at maturity will be par plus the contingent coupon, if any. If the final level of the least-performing index is less than the 55% barrier level, investors will share in those losses.
The initial index levels are the closing index levels on the strike date, April 19.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Inc.
|
| Issue: | Contingent coupon securities
|
| Underlying indexes: | S&P 500 and Euro Stoxx 50
|
| Amount: | $1 million
|
| Maturity: | April 26, 2018
|
| Coupon: | 6.9% per year, payable quarterly, if closing level of each index is equal to or greater than its coupon barrier level; otherwise, no coupon paid for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final level of least-performing index is equal to or greater than final barrier level, par plus the contingent coupon, if any; otherwise, full exposure to decline of least-performing index
|
| Initial index levels: | 1,555.25 for S&P 500 and 2,575.16 for Euro Stoxx 50
|
| Coupon barrier levels: | 1,166.4375 for S&P 500 and 1,931.37 for Euro Stoxx 50, 75% of initial levels
|
| Final barrier levels: | 855.3875 for S&P 500 and 1,416.338 for Euro Stoxx 50, 55% of initial levels
|
| Strike date: | April 19
|
| Pricing date: | April 23
|
| Settlement date: | April 26
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 1730T0TA7
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
