Published on 2/11/2019 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $3 million trigger callable contingent yield notes on three indexes
By Marisa Wong
Morgantown, W.Va., Feb. 11 – Citigroup Global Markets Holdings Inc. priced $3 million of trigger callable contingent yield notes with daily coupon observation due Aug. 12, 2021 linked to the least performing of the S&P 500 index, the Russell 2000 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 if each index closes at or above its coupon barrier, 65% of its initial level, on each day that quarter. The contingent coupon rate is 8.7% per year.
The notes are callable at par of $10 on each quarterly observation date.
If the notes are not called and each index finishes at or above its 65% downside threshold, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. and Citigroup Global Markets Inc. are the agents.
Issuer: | Citigroup Global Markets Holdings Inc.
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Guarantor: | Citigroup Inc.
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Issue: | Trigger callable contingent yield notes with daily coupon observation
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Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50
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Amount: | $3 million
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Maturity: | Aug. 12, 2021
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Coupon: | 8.7% per year, payable for each quarter that each index closes at or above its coupon barrier on each day that quarter
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Price: | Par of $10
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Payout at maturity: | If each index finishes at or above downside threshold, par plus contingent coupon; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
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Call option: | At par on each quarterly observation date
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Initial levels: | 2,706.05 for S&P, 1,505.625 for Russell and 3,150.76 for Stoxx
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Coupon barriers: | 1,758.933 for S&P, 978.656 for Russell and 2,047.994 for Stoxx; 65% of initial levels
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Downside thresholds: | 1,758.933 for S&P, 978.656 for Russell and 2,047.994 for Stoxx; 65% of initial levels
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Pricing date: | Feb. 7
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Settlement date: | Feb. 12
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Agents: | UBS Financial Services Inc. and Citigroup Global Markets Inc.
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Fees: | 1%
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Cusip: | 17326W225
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