Published on 4/24/2020 in the Prospect News Structured Products Daily.
New Issue: Citi sells $500,000 contingent coupon equity notes on Dow, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, April 24 – Citigroup Global Markets Holdings Inc. priced $500,000 of contingent coupon equity-linked securities due April 24, 2025 linked to the Nasdaq-100 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent monthly coupon at an annualized rate of 5.8% if each index closes at or above its coupon barrier, 70% of its initial level, on the valuation date for that period.
If the final level of each index is greater than or equal to its 60% final barrier level, the payout at maturity will be par plus the contingent coupon, if any. Otherwise, investors will be fully exposed to the decline of the worse performing index.
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: | Contingent coupon equity-linked securities
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| Underlying indexes: | Nasdaq-100 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $500,000
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| Maturity: | April 24, 2025
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| Coupon: | 5.82% per year, payable monthly if both indexes close at or above coupon barrier level on valuation date for that period
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| Price: | Par
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| Payout at maturity: | If final level of each index is greater than or equal to final barrier level, par plus final coupon; otherwise, full exposure to decline of least performing index
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| Initial levels: | 8,832.414 for Nasdaq, 24,242.49 for Dow, 1,229.098 for Russell
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| Coupon barrier levels: | 6,182.69 for Nasdaq, 19,969.743 for Dow, 860.369 for Russell, 70% of initial levels
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| Final barrier levels: | 5,229.448 for Nasdaq, 14,545.494 for Dow, 737.459 for Russell, 60% of initial levels
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| Strike date: | April 17
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| Pricing date: | April 20
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| Settlement date: | April 23
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17328VTQ3
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