Published on 11/9/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $992,000 contingent coupon autocallables on ETF, index
By Wendy Van Sickle
Columbus, Ohio, Nov. 9 – Citigroup Global Markets Holdings Inc. priced $992,000 of autocallable contingent coupon equity-linked securities due May 2, 2028 linked to the least performing of the VanEck Vectors Gold Miners ETF and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 10% per year if the least-performing asset closes at or above its coupon barrier value, 80% of its initial share price, on the valuation date for that month.
The notes will be automatically called at par if the least-performing asset closes at or above its initial price on any quarterly call valuation date after one year.
The payout at maturity will be par unless the least-performing asset finishes below its final buffer value, 80% of its initial share price, in which case investors will be exposed to the decline of the lesser-performing asset beyond 20%.
The notes are guaranteed by Citigroup Inc.
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: | Autocallable contingent coupon equity-linked securities
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| Underlying assets: | VanEck Vectors Gold Miners ETF and Dow Jones industrial average
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| Amount: | $992,000
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| Maturity: | May 2, 2028
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| Coupon: | 10% per year, payable monthly if least-performing asset closes at or above coupon barrier value on valuation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless least-performing asset finishes below final buffer value, in which case exposure to decline of lesser-performing asset beyond 20%
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| Call: | Automatically at par if the least-performing asset closes at or above its initial price on any quarterly call valuation date after one year
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| Initial share prices: | $38.83 for ETF, 27,463.19 for index
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| Coupon barriers: | $31.064 for ETF, 21,970.552 for index, or 80% of initial levels
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| Buffer values: | $31.064 for ETF, 21,970.552 for index, or 80% of initial levels
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| Pricing date: | Oct. 27
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| Settlement date: | Oct. 30
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.75%
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| Cusip: | 17328WZV3
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