Published on 10/4/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1 million callable contingent coupon equity notes on Russell, Stoxx
By Kiku Steinfeld
Chicago, Oct. 4 – Citigroup Global Markets Holdings Inc. priced $1 million of callable contingent coupon equity-linked securities due Sept. 18, 2029 tied to the worst performing of 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.
The notes pay a contingent quarterly coupon at an annualized rate of 8.85% if each index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that quarter.
After one year, notes will be callable at par plus the coupon on any quarterly valuation date other than the final valuation date.
If each index finishes at or above its final barrier, 60% of its initial level, the payout at maturity will be par plus any coupon due. 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: | Russell 2000 and Euro Stoxx 50
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| Amount: | $1,000,000
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| Maturity: | Sept. 18, 2029
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| Coupon: | 8.85%, payable quarterly if each index closes at or above coupon barrier on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above final barrier, par plus any coupon due; otherwise, full exposure to losses of least-performing index
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| Call option: | After one year, callable at par plus the coupon on any quarterly valuation date other than the final one
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| Initial index levels: | 1,575.066 for Russell and 3,538.86 for Stoxx
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| Coupon barriers: | 1,181.300 for Russell and 2,654.145 for Stoxx, 75% of initial levels
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| Final barriers: | 945.040 for Russell and 2,123.316 for Stoxx, 60% of initial levels
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| Pricing date: | Sept. 13
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| Settlement date: | Sept. 17
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.6%
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| Cusip: | 17327TDL7
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