Published on 3/19/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $763,000 callable contingent coupon equity notes on indexes
By Taylor Fox
New York, March 19 – Citigroup Global Markets Holdings Inc. priced $763,000 of callable contingent coupon equity-linked securities due March 14, 2024 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, 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 7.5% if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that period.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date starting Sept. 9, 2022.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any index finishes below 60% 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.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying indexes: | S&P 500 index, Nasdaq-100 index and Russell 2000 index
|
| Amount: | $763,000
|
| Maturity: | March 14, 2024
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| Contingent coupon: | 7.5% per year, payable quarterly if each index closes at or above coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless any index finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines
|
| Call option: | In whole at par plus any coupon due on any quarterly valuation date starting Sept. 9, 2022
|
| Initial levels: | 3,875.44 for S&P, 2,245.059 for Russell, 12,794.49 for Nasdaq
|
| Coupon barriers: | 2,906.58 for S&P, 1,683.794 for Russell, 9,595.868 for Nasdaq; 75% of initial levels
|
| Barrier levels: | 2,325.264 for S&P, 1,347.035 for Russell, 7,676.694 for Nasdaq; 60% of initial levels
|
| Pricing date: | March 9
|
| Settlement date: | March 12
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.95%
|
| Cusip: | 17328YZM9
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