Published on 7/1/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.5 million callable contingent coupon notes on three funds
By Wendy Van Sickle
Columbus, Ohio, July 1 – Citigroup Global Markets Holdings Inc. priced $1.5 million of callable contingent coupon notes due June 27, 2030 linked to the Health Care Select Sector SPDR fund, the Consumer Staples Select Sector SPDR fund and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annualized rate of 9% if each asset closes at or above its coupon barrier, 70% of its initial level, on the valuation date for that period.
After one year, the notes will be callable at par quarterly.
If the notes are not called and the final level of each asset is greater than or equal to its 70% final barrier level, the payout at maturity will be par plus any contingent coupon due. Otherwise, investors will be fully exposed to the decline of the worst performing asset.
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: | Callable contingent coupon equity-linked securities
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Underlying assets: | Consumer Staples Select Sector SPDR fund, Health Care Select Sector SPDR fund and Technology Select Sector SPDR fund
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Amount: | $1.5 million
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Maturity: | June 27, 2030
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Coupon: | 9% per year, payable quarterly if all assets close at or above coupon barrier level on related valuation date
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Price: | Par
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Payout at maturity: | If final level of each asset is greater than or equal to barrier level, par plus any coupon; otherwise, full exposure to decline of least performing asset
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Call option: | At par plus any coupon on any quarterly potential redemption date after one year
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Initial levels: | $57.91 for Consumer Staples, $97.75 for Health Care, $102.27 for Technology
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Coupon barrier levels: | $40.537 for Consumer Staples, $68.425 for Health Care, $71.589 for Technology, 70% of initial levels
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Barrier levels: | $40.537 for Consumer Staples, $68.425 for Health Care, $71.589 for Technology, 70% of initial levels
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Pricing date: | June 24
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Settlement date: | June 29
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 4.05%
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Cusip: | 17328VZV5
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