Published on 8/13/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $530,000 of callable contingent coupon notes on index, ETF, stock
By Wendy Van Sickle
Columbus, Ohio, Aug. 13 – Citigroup Global Markets Holdings Inc. priced $530,000 of callable contingent coupon equity-linked securities due Aug. 13, 2024 linked to the least performing of the Russell 2000 index, the shares of Valero Energy Corp. and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent monthly coupon at an annualized rate of 14% if each underlying asset closes at or above its coupon barrier level, 65% of its initial level, on the related monthly observation date.
The notes will be callable in whole at par monthly after six months.
If each asset finishes at or above its 50% 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: | Russell 2000 index, Valero Energy Corp., SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $530,000
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| Maturity: | Aug. 13, 2024
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| Contingent coupon: | 14% per year, payable each month that each underlying asset closes at or above coupon barrier on observation date for that month
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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 monthly after six months
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| Initial levels: | $22.50 for ETF, 1,532.132 for Russell, $78.76 for Valero
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| Coupon barriers: | $14.625 for ETF, 995.886 for Russell, $51.194 for Valero; 65% of initial levels
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| Final barriers: | $11.25 for ETF, 766.066 for Russell, $39.38 for Valero; 50% of initial levels
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| Pricing date: | Aug. 8
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| Settlement date: | Aug. 13
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.5%
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| Cusip: | 17327TDS2
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