Published on 12/7/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2.67 million contingent coupon autocalls on Stoxx indexes
By Wendy Van Sickle
Columbus, Ohio, Dec. 7 – Citigroup Global Markets Holdings Inc. priced $2.67 million of autocallable contingent coupon equity-linked securities due May 30, 2028 linked to the least performing of the Euro Stoxx Banks 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 will pay a contingent monthly coupon at an annual rate of 6% if each index closes at or above its 80% coupon barrier value on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any monthly valuation date after one year.
The payout at maturity will be par unless any index finishes below its 85% final buffer level, in which case investors will be exposed to the decline of the worst performing index beyond 15%.
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: | Autocallable contingent coupon equity-linked securities
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Underlying indexes: | Euro Stoxx Banks index and Euro Stoxx 50 index
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Amount: | $2,667,000
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Maturity: | May 30, 2028
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Coupon: | 6% annualized, payable monthly if each index closes at or above coupon barrier on valuation date for that period
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Price: | Par
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Payout at maturity: | If each index finishes at or above final buffer level, par; otherwise, 1% loss for each 1% decline of worse performing index beyond 15%
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Call: | At par if each index closes at or above its initial level on any monthly valuation date after one year
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Initial levels: | 3,507.98 for Stoxx 50, 75.74 for Stoxx Banks
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Coupon barriers: | 2,806.304 for Stoxx 50, 60.592 for Stoxx Banks; 80% of initial levels
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Final buffer levels: | 2,981.783 for Stoxx, 64.379 for Stoxx Banks; 85% of initial levels
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Pricing date: | Nov. 24
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Settlement date: | Nov. 30
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Agent: | Citigroup Global Markets Inc.
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Fees: | 4.25%
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Cusip: | 17328Y4N1
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