Published on 3/13/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.56 million callable contingent coupon notes on indexes
Chicago, March 13 – Citigroup Global Markets Holdings Inc. priced $1.56 million of callable contingent coupon equity-linked securities due March 10, 2025 linked to the worst performing of the Euro Stoxx 50 index, the MSCI Emerging Markets index and the S&P MidCap 400 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 11% if each index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any contingent coupon payment date.
If each index finishes at or above its final barrier level, 60% of its initial level, the payout at maturity will be par plus the coupon, if any. 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: | Euro Stoxx 50 index, MSCI Emerging Markets index and S&P MidCap 400 index
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| Amount: | $1,558,000
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| Maturity: | March 10, 2025
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| Contingent coupon: | 11% per year, payable quarterly when each index closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above final barrier, par plus any coupon; otherwise, full exposure to losses of least-performing index
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| Call option: | In whole at par plus any coupon due on any contingent coupon payment date
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| Initial levels: | 3,455.92 for Stoxx, 1,030.67 for EM, 1,851.81 for S&P MidCap
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| Coupon barriers: | 2,419.144 for Stoxx, 721.469 for EM, 1,296.267 for S&P MidCap; 70% of initial levels
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| Final barriers: | 2,073.552 for Stoxx, 618.402 for EM, 1,111.086 for S&P MidCap; 60% of initial levels
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| Strike date: | Feb. 27
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| Pricing date: | Feb. 28
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| Settlement date: | March 4
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.6%
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| Cusip: | 17328V3N8
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