Published on 3/9/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.25 million callable contingent coupon equity notes on three stocks
By Kiku Steinfeld
Chicago, March 9 – Citigroup Global Markets Holdings Inc. priced $1.25 million of callable contingent coupon equity-linked securities due March 1, 2023 linked to the stocks of Crowdstrike Holdings, Inc., Amazon.com, Inc. and Shopify Inc., 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 30% if the least performing stock closes at or above its coupon barrier level, 60% of its initial level, on each day of that period.
The notes will be callable in whole at par plus any coupon due on any semiannual potential redemption date.
If the notes are not redeemed early, the payout will be par plus the return of the least performing stock unless the worst performing stock finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the least performing stock 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 stocks: | Crowdstrike Holdings, Inc., Amazon.com, Inc. and Shopify Inc.
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| Amount: | $1.25 million
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| Maturity: | March 1, 2023
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| Contingent coupon: | 30% per year, payable quarterly if stock closes at or above coupon barrier on each day of that period
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| Price: | Par
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| Payout at maturity: | Par unless least performing stock finishes below its final barrier level, in which case investors will lose 1% for every 1% that the least performing stock declines
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| Call option: | In whole at par plus any coupon due on any semiannual potential redemption date
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| Initial levels: | $3,194.50 for Amazon, $218.39 for Crowdstrike and $1,300.24 for Shopify
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| Coupon barrier levels: | $1,916.700 for Amazon, $131.034 for Crowdstrike and $780.144 for Shopify; 60% of initial levels
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| Final barrier levels: | $1,916.700 for Amazon, $131.034 for Crowdstrike and $780.144 for Shopify; 60% of initial levels
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| Pricing date: | Feb. 24
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| Settlement date: | March 1
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.75%
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| Cusip: | 17328YXW9
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