AUS
NZ
UK
CA
USA
IND
Citigroup Global Markets Australia Pty Limited has informed the ASX that trading in four CitiFirst MINI Warrant series—covering Monadelphous Group, Coles Group, BlueScope Steel, and National Australia Bank—has been suspended following Stop Loss Trigger Events occurring on 1 July 2026. The impacted series, identified by ASX codes MNDKOP, COLKOB, BSLKOA, and NABKOA, include both MINI Long and MINI Short structures. Investors holding these products have a limited timeframe to sell back to Citi at the Stop Loss Amount prior to automatic termination, making timely action critical for those affected.
Key Points
- Issuer: Citigroup Global Markets Australia Pty Limited (CTW) for CitiFirst MINI products
- Four CitiFirst MINI series—MNDKOP, COLKOB, BSLKOA, and NABKOA—were suspended on 1 July 2026 after breaching Stop Loss Trigger Events
- Underlying securities are Monadelphous Group Ltd, Coles Group Ltd, BlueScope Steel Ltd, and National Australia Bank Ltd
- Holders can sell back to Citi on the ASX from 2pm the trading day after the event until 4pm the following trading day; failure to sell results in automatic termination and payment of the Stop Loss Amount within 10 Business days
- Investors should act swiftly during the Stop Loss Trading Close window and contact their adviser or CitiFirst at 1300 30 70 70 for assistance
Four CitiFirst MINI Series Halted on 1 July 2026 Following Stop Loss Breaches
In a company update dated 1 July 2026, Citigroup Global Markets Australia Pty Limited confirmed that four CitiFirst MINI warrant series have been suspended from trading on the ASX. This suspension follows Stop Loss Trigger Events affecting each series, which cover securities in the materials, consumer staples, and banking sectors of the Australian Equity market.
The suspended series are MNDKOP (Monadelphous Group Ltd), COLKOB (Coles Group Ltd), BSLKOA (BlueScope Steel Ltd), and NABKOA (National Australia Bank Ltd). Each series has a conversion ratio of 1, meaning each MINI corresponds to one unit of the respective underlying parcel. The suspensions took effect on 1 July 2026, with the notice addressed to ASX Warrants at the exchange’s Sydney office.
Stop Loss Trigger Details: Termination Process for MINI Longs and MINI Shorts
The Terms of Issue for CitiFirst MINI products define a Stop Loss Trigger Event differently depending on product direction. For MINI Longs, the trigger occurs if the underlying parcel price trades at or below the Stop Loss Trigger Level at any time. For MINI Shorts, the trigger happens if the underlying parcel price trades at or above the Stop Loss Trigger Level. Upon triggering, the relevant MINI series is suspended from trading.
This feature acts as an automatic circuit breaker to limit losses for both issuers and holders. The suspension initiates a structured wind-down process, allowing holders a temporary opportunity to exit their positions through a brief resumption of trading on the ASX. Understanding this process is vital for holders managing their positions after a Stop Loss Trigger Event.
Strike Prices and Stop Loss Levels for the Suspended MINI Series
The update detailed strike prices, conversion ratios, and stop loss levels for each suspended series. MNDKOP, linked to Monadelphous Group Ltd, has a Strike Price of $37.41 and a stop loss level of $31.80 per underlying parcel. COLKOB, tied to Coles Group Ltd, features a strike price of $19.7024 and a stop loss level of $22.65, consistent with a MINI Short structure given the stop loss level is above the strike price.
BSLKOA, representing BlueScope Steel Ltd, carries a strike price of $26.0296 and a stop loss level of $31.24, also indicating a MINI Short. NABKOA, associated with National Australia Bank Ltd, has a strike price of $32.8989 and a stop loss level of $36.85, again reflecting a MINI Short orientation. All four series maintain a conversion ratio of 1. The announcement did not disclose the total number of MINIs issued or aggregate cash amounts payable.
Stop Loss Trading Window: Instructions for Holders of MNDKOP, COLKOB, BSLKOA, and NABKOA
Following suspension, Citigroup outlined a process for temporary trading resumption. Starting at 2pm on the trading day after the Stop Loss Trigger Event, Citi will post a bid on the ASX at the Cash Amount specified in the Terms of Issue. This bid remains available until 4pm on the subsequent trading day, known as the Stop Loss Trading Close.
During this period, holders can sell their CitiFirst MINIs back to Citi on the ASX at the Stop Loss Amount. This is a limited-time opportunity requiring active participation. Holders seeking prompt payment should act within this window, as the process changes significantly if they miss the Stop Loss Trading Close.
Automatic Termination and Payment If Holders Do Not Sell Within the Window
If holders do not sell before the Stop Loss Trading Close, the product does not expire without compensation. Citi is required under the Terms of Issue to pay the Stop Loss Amount per MINI within 10 business days after the trading day following the Stop Loss Trigger Event. Upon payment, the MINI expires.
This automatic termination provides certainty for holders unable or unwilling to transact during the trading window. However, the payment timing—up to 10 business days later—differs from immediate settlement via on-market sale. Holders should consider this timing and consult financial advisers accordingly.
MINI Longs on Monadelphous Group and BlueScope Steel Reach Downside Limits
MNDKOP and, pending confirmation, the BlueScope series are MINI Long products where a price decline to or below the stop loss level triggers suspension. For MNDKOP, Monadelphous Group Ltd’s underlying parcel price traded at or below $31.80, activating the event. BlueScope Steel Ltd’s BSLKOA series, with a stop loss of $31.24, similarly reached its trigger.
Monadelphous Group operates in engineering services across resources, energy, and infrastructure sectors, while BlueScope Steel is a major Australian steel producer. Share prices for both are influenced by commodity prices, project pipelines, and industrial activity. The update did not comment on reasons for these price movements.
MINI Shorts on Coles Group and NAB Triggered by Price Increases Above Stop Loss Levels
COLKOB and NABKOA are MINI Short products, where the stop loss is triggered if the underlying price rises to or above the stop loss level. COLKOB’s stop loss is $22.65 versus a strike price of $19.7024, indicating Coles Group Ltd’s price reached or exceeded $22.65. NABKOA’s stop loss is $36.85 against a strike of $32.8989, showing National Australia Bank Ltd’s price hit or surpassed $36.85.
Coles Group is one of Australia’s leading supermarket chains, and National Australia Bank is among the country’s four major banks. Both are large-cap ASX constituents commonly referenced in structured product series. The update did not provide context on the timing or causes of these price moves; investors should consult market data and advisers for further insight.
Role of CitiFirst MINIs in Australia’s Structured Product Market
CitiFirst MINIs are exchange-traded leveraged products issued by Citigroup Global Markets Australia Pty Limited, which holds an Australian Financial Services Licence (AFSL 240992) and participates in both the ASX Group and Cboe Australia. MINIs belong to a broader category of structured financial instruments including SFIs, Trading Warrants, Turbos, and Instalments, all traded on Australian exchanges.
These products offer leveraged exposure to underlying securities, indices, or other Assets without direct ownership. The Stop Loss mechanism is a key risk management feature unique to MINI products, designed to limit losses by triggering an orderly wind-down process that ensures holders receive residual value. However, leveraged products inherently carry higher risk than direct share ownership.
Contact Details and Guidance for CitiFirst MINI Holders
Citigroup advises affected holders to contact their financial adviser or the CitiFirst team at 1300 30 70 70 with any questions about the suspended series. Given the limited timeframe of the Stop Loss Trading Close, prompt communication is crucial for holders to understand their Options and the timeline for payments or sales.
Key upcoming dates include the Citi bid opening at 2pm on the first trading day after 1 July 2026, the Stop Loss Trading Close at 4pm the following trading day, and, for holders who do not sell, receipt of the Stop Loss Amount within 10 business days. Investors holding MNDKOP, COLKOB, BSLKOA, or NABKOA should review their positions in light of this update and seek appropriate advice. The immediate impact on the underlying securities’ share prices was not evident from public information.
