Published on 11/13/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $700,000 callable contingent coupon notes on indexes, fund
By Sarah Lizee
Olympia, Wash., Nov. 13 – Citigroup Global Markets Holdings Inc. priced $700,000 of callable contingent coupon equity-linked securities due Nov. 8, 2024 linked to the least performing of the MSCI Emerging Markets index, the iShares MSCI Emerging Markets ETF 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 9.75% if each underlying asset closes at or above its coupon barrier level, 70% of its initial level, on the related quarterly observation date.
The notes will be callable in whole at par quarterly.
If each asset finishes at or above its 60% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
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 assets: | MSCI Emerging Markets index, iShares MSCI Emerging Markets ETF and S&P MidCap 400 index
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| Amount: | $700,000
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| Maturity: | Nov. 8, 2024
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| Contingent coupon: | 9.75% per year, payable each quarter that each underlying asset closes at or above coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each asset finishes at or above final barrier, par; otherwise, full exposure to losses of least-performing asset
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| Call option: | At par quarterly
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| Initial levels: | 1,049.19 for EM index, 1,983.50 for S&P MidCap, $43.22 for EM ETF
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| Coupon barriers: | 734.433 for EM index, 1,388.450 for S&P MidCap, $30.254 for EM ETF; 70% of initial levels
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| Final barriers: | 629.514 for EM index, 1,190.100 for S&P MidCap, $25.932 for EM ETF; 60% of initial levels
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| Pricing date: | Nov. 4
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| Settlement date: | Nov. 7
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.2%
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| Cusip: | 17327TYW0
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