Published on 3/16/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $22.93 million callable contingent coupon equity notes on EAFE ETF, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, March 16 – Citigroup Global Markets Holdings Inc. priced $22.93 million of callable contingent coupon equity-linked securities due March 13, 2025 linked to the worst performing of the iShares MSCI EAFE ETF, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 10.82% if each index closes at or above its coupon barrier level, 75% of its initial level, on every day that period.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date after six months.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any index finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines.
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: | Callable contingent coupon equity-linked securities
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Underlying assets: | iShares MSCI EAFE ETF, S&P 500 index and Russell 2000 index
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Amount: | $22,929,000
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Maturity: | March 13, 2025
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Contingent coupon: | 10.82% per year, payable quarterly if each index closes at or above coupon barrier on every day that period
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Price: | Par
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Payout at maturity: | Par plus coupon unless any index finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines
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Call option: | In whole at par plus any coupon due on any quarterly valuation date after six months
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Initial levels: | $75.69 for ETF, 2,285.683 for Russell, 3,898.81 for S&P
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Coupon barriers: | $56.768 for ETF, 1,714.262 for Russell, 2,924.108 for S&P; 75% of initial levels
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Barrier levels: | $45.414 for ETF, 1,371.41 for Russell, 2,339.286 for S&P; 60% of initial levels
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Pricing date: | March 10
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Settlement date: | March 15
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2%
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Cusip: | 17328YXY5
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