Published on 2/8/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $724,000 callable contingent coupon securities on indexes
By Wendy Van Sickle
Columbus, Ohio, Feb. 8 – Citigroup Global Markets Holdings Inc. priced $724,000 of 0% callable contingent coupon equity-linked securities due Oct. 27, 2025 linked to the least performing of the Russell 2000 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a coupon of 6.1% per annum on a monthly basis if the least-performing index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
The notes may be called at par plus any coupon due at the issuer’s option on any quarterly call valuation date after one year.
If all the indexes finish above their final barrier levels, 70% of their initial levels, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for each 1% decline of the least-performing index from its initial level.
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, Nasdaq-100 index and Dow Jones industrial average
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| Amount: | $724,000
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| Maturity: | Oct. 27, 2025
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| Coupon: | 6.1% per annum on a monthly basis if the least-performing index closes at or above its coupon barrier value for that period
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| Price: | Par
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| Payout at maturity: | If all the indexes finish above final barrier levels, par plus the final coupon; otherwise, 1% loss for each 1% decline of the least-performing index from its initial level
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| Call: | At par plus any contingent coupon due at the issuer’s option on any quarterly call valuation date after one year
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| Initial levels: | 2,168.758 for Russell, 13,366.4 for Nasdaq and 30,996.98 for Dow
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| Coupon barrier levels: | 1,518.131 for Russell, 9,356.48 for Nasdaq and 21,697.886 for Dow, 70% of initial levels
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| Final barrier levels: | 1,518.131 for Russell, 9,356.48 for Nasdaq and 21,697.886 for Dow, 70% of initial levels
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| Pricing date: | Jan. 22
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| Settlement date: | Jan. 27
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.75%
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| Cusip: | 17328YHT4
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