Published on 10/26/2020 in the Prospect News Structured Products Daily.
New Issue: Citi prices $500,000 autocallable contingent coupon equity notes on Russell, Dow, S&P
By Taylor Fox
New York, Oct. 26 – Citigroup Global Markets Holdings Inc. priced $500,000 of autocallable contingent coupon equity-linked securities due Sept. 28, 2021 linked to the worst performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each month, the notes pay a contingent coupon at the rate of 9.35% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par unless any index finishes below its barrier level, 70% of its initial level, in which case investors will lose 1% for every 1% decline of the least performing index.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying indexes: | Dow Jones industrial average, S&P 500 index and Russell 2000 index
|
| Amount: | $500,000
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| Maturity: | Sept. 28, 2021
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| Coupon: | Each month, notes pay contingent coupon at rate of 9.35% per year unless any index closes below coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below its barrier level, in which case 1% loss for every 1% decline of the least performing index
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly call observation date
|
| Initial levels: | 1,485.252 for Russell, 27,147.7 for Dow, 3,281.06 for S&P
|
| Coupon barrier levels: | 1,039.676 for Russell, 19,003.39 for Dow, 2,296.742 for S&P; 70% of initial levels
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| Final barrier levels: | 1,039.676 for Russell, 19,003.39 for Dow, 2,296.742 for S&P; 70% of initial levels
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| Pricing date: | Sept. 23
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| Settlement date: | Sept. 28
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| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
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| Cusip: | 17328WTE8
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