Published on 7/19/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $950,000 autocallable contingent coupon equity notes on ETFs
By Wendy Van Sickle
Columbus, Ohio, July 19 – Citigroup Global Markets Holdings Inc. priced $950,000 of autocallable contingent coupon equity-linked securities due July 13, 2023 linked to the worst performing of the Energy Select Sector SPDR fund, the Materials Select Sector SPDR fund and the iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent monthly coupon at an annual rate of 7.75% if each underlying fund closes at or above the coupon barrier level, 70% of the initial level, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if each underlying fund closes at or above its initial level on any quarterly valuation date.
If the notes have not been called, the payout at maturity will be par unless any fund finishes below its 70% barrier level, in which case investors will be exposed to the loss of the laggard ETF.
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 funds: | Energy Select Sector SPDR fund, iShares Russell 2000 ETF, Materials Select Sector SPDR fund
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Amount: | $950,000
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Maturity: | July 13, 2023
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Coupon: | 7.75% annualized rate, payable monthly if each underlying closes at or above coupon barrier level, on valuation date for that period
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Price: | Par
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Payout at maturity: | Par unless any fund finishes below barrier level, in which case exposure to loss of laggard ETF
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Call: | Automatically at par plus coupon if each underlying closes at or above initial level on any quarterly valuation date
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Initial levels: | $82.89 for Materials, $52.85 for Energy Select Sector, $226.38 for iShares Russell 2000
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Coupon barrier levels: | $58.086 for Materials, $36.995 for Energy Select Sector, $158.466 for iShares Russell 2000; 70% of initial levels
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Barrier levels: | $58.086 for Materials, $36.995 for Energy Select Sector, $158.466 for iShares Russell 2000; 70% of initial levels
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Pricing date: | July 9
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Settlement date: | July 14
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2%
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Cusip: | 17329Q6M7
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