Published on 8/17/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $4.73 million callable contingent coupon equity notes on Nasdaq, Russell, S&P
By Sarah Lizee
Olympia, Wash., Aug. 17 – Citigroup Global Markets Holdings Inc. priced $4.73 million of callable contingent coupon equity-linked securities due Feb. 15, 2023 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each month, the notes pay a contingent coupon at the rate of 8.5% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
The notes are callable at par on any quarterly call observation date starting Feb. 10, 2022.
The payout at maturity will be par unless any index has closed below 65% of its initial level during the life of the notes, in which case investors will be exposed to the decline of the worst 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: | Callable contingent coupon equity-linked securities
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Underlying indexes: | Russell 2000 index, S&P 500 index and Nasdaq-100 index
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Amount: | $4,726,000
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Maturity: | Feb. 15, 2023
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Coupon: | 8.5% per year, paid monthly, unless any index closes below coupon barrier level on observation date for that period
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Price: | Par
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Payout at maturity: | Par unless any index finishes below its barrier level, in which case 1% loss for every 1% decline of the least performing index
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Call: | At par on any quarterly call observation date starting Feb. 10, 2022
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Initial levels: | 15,053.58 for Nasdaq, 2,239.363 for Russell, 4,436.75 for S&P
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Coupon barrier levels: | 10,537.506 for Nasdaq, 1,567.554 for Russell, 3,105.725 for S&P; 70% of initial levels
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Final barrier levels: | 9,784.827 for Nasdaq, 1,455.586 for Russell, 2,883.888 for S&P; 65% of initial levels
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Pricing date: | Aug. 10
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Settlement date: | Aug. 13
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.725%
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Cusip: | 17329QKM1
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