Published on 3/28/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $435,000 callable contingent coupon equity notes on S&P, Russell, Nasdaq
Chicago, March 29 – Citigroup Global Markets Holdings Inc. priced $435,000 of callable contingent coupon equity-linked securities due Dec. 1, 2022 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 monthly coupon at an annualized rate of 11% 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 monthly valuation date after one year.
If the notes are not redeemed early, the payout will be par unless any index finishes below 70% of its initial level on any day during the life of the notes and if the worst performer finishes below 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 indexes: | Russell 2000 index, Nasdaq-100 index and S&P 500 index
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Amount: | $435,000
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Maturity: | Dec. 1, 2022
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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 finishes below its knock-in level on any day during the life of the notes and if the worst performer finishes below its initial 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 monthly valuation after one year
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Initial levels: | 3,811.15 for S&P, 12,909.44 for Nasdaq, 2,201.051 for Russell
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Coupon barrier levels: | 2,667.805 for S&P, 9,036.608 for Nasdaq, 1,540.736 for Russell, 70% of initial levels
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Knock-in levels: | 2,667.805 for S&P, 9,036.608 for Nasdaq, 1,540.736 for Russell, 70% of initial levels
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Pricing date: | Feb. 26
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Settlement date: | March 3
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.75%
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Cusip: | 17328YSE5
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