Published on 3/25/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2.84 million callable contingent coupon equity notes on S&P, Russell, Nasdaq
By Taylor Fox
New York, March 25 – Citigroup Global Markets Holdings Inc. priced $2.84 million of callable contingent coupon equity-linked securities due March 19, 2026 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 6.25% if each index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date after one year.
If the notes are not redeemed early, the payout will be par unless any index finishes below 65% 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.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index and S&P 500 index
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| Amount: | $2,841,000
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| Maturity: | March 19, 2026
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| Contingent coupon: | 6.25% per year, payable quarterly if each index closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its final barrier 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 after one year
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| Initial levels: | 3,968.94 for S&P, 13,082.54 for Nasdaq, 2,360.168 for Russell
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| Coupon barrier levels: | 2,778.258 for S&P, 9,157.778 for Nasdaq, 1,652.118 for Russell, 70% of initial levels
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| Final barrier levels: | 2,579.811 for S&P, 8,503.651 for Nasdaq, 1,534.109 for Russell, 65% of initial levels
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| Pricing date: | March 15
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| Settlement date: | March 18
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 4.125%
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| Cusip: | 17328YYT5
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