Published on 12/26/2019 in the Prospect News Structured Products Daily.
New Issue: Citi sells $700,000 callable contingent coupon notes on index, ETFs
By Sarah Lizee
Olympia, Wash., Dec. 26 – Citigroup Global Markets Holdings Inc. priced $700,000 of callable contingent coupon equity-linked securities due Dec. 22, 2023 linked to the least performing of the Russell 2000 index, the SPDR S&P Biotech ETF and the SPDR S&P Regional Banking 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 7.85% if each underlying asset closes at or above its coupon barrier level, 60% of its initial level, on the related monthly observation date.
The notes will be callable in whole at par quarterly after one year.
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: | Russell 2000 index, SPDR S&P Biotech ETF and SPDR S&P Regional Banking ETF
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| Amount: | $700,000
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| Maturity: | Dec. 22, 2023
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| Contingent coupon: | 7.85% 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 quarterly after one year
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| Initial levels: | 1,671.902 for Russell, $96.70 for biotech fund, $58.59 for banking fund
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| Coupon barriers: | 1,003.141 for Russell, $58.020 for biotech fund, $35.154 for banking fund; 60% of initial levels
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| Final barriers: | 1,003.141 for Russell, $58.020 for biotech fund, $35.154 for banking fund; 60% of initial levels
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 24
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 3.5%
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| Cusip: | 17327TQ82
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