Published on 5/12/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.41 million callable contingent coupon equity notes on four indexes
By Kiku Steinfeld
Chicago, May 12 – Citigroup Global Markets Holdings Inc. priced $1.41 million of callable contingent coupon equity-linked securities due April 28, 2026 linked to the worst performing of the Dow Jones industrial average, the Nasdaq-100 index, 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 monthly coupon at an annualized rate of 6.25% if each index closes at or above its coupon barrier level, 70% of its initial level, on each day of that monthly period.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date.
If the notes are not redeemed early, the payout will be par unless any index closes below 50% 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: | Dow Jones industrial average, S&P 500 index, Russell 2000 index and Nasdaq-100 index
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Amount: | $1,409,000
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Maturity: | April 28, 2026
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Contingent coupon: | 6.25% per year, payable monthly if each index closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | Par unless any index closes below its knock-in 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
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Initial levels: | 34,043.49 Dow, 4,180.17 for S&P, 13,941.44 for Nasdaq, 2,271.856 for Russell
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Coupon barrier levels: | 23,830.443 for Dow, 2,926.119 for S&P, 9,759.008 for Nasdaq, 1,590.299 for Russell, 70% of initial levels
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Knock-in levels: | 17,021.745 for Dow, 2,090.085 S&P, 6,970.720 for Nasdaq, 1,135.928 for Russell, 50% of initial levels
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Pricing date: | April 23
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Settlement date: | April 28
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.6%
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Cusip: | 17329FNM2
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