Published on 4/3/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.11 million callable contingent coupon equity notes on Nasdaq, Dow
By Kiku Steinfeld
Chicago, April 5 – Citigroup Global Markets Holdings Inc. priced $1.11 million of callable contingent coupon equity-linked securities due March 17, 2026 linked to the worst performing of 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 pay a contingent monthly coupon at an annualized rate of 5.5% if each index closes at or above its coupon barrier level, 85% 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 plus unless any index finishes below 85% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines beyond 15%.
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: | Dow Jones industrial average and Nasdaq-100 index
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Amount: | $1,109,000
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Maturity: | March 17, 2026
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Contingent coupon: | 5.5% 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 final buffer level, in which case investors will lose 1% for every 1% that the least performing index declines beyond 15%
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Call option: | In whole at par plus any coupon due on any monthly valuation date after one year
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Initial levels: | 12,937.29 for Nasdaq, 32,778.64 for Dow
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Coupon barrier levels: | 10,996.697 for Nasdaq, 27,861.844 for Dow, 85% of initial levels
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Final buffer levels: | 10,996.697 for Nasdaq, 27,861.844 for Dow, 85% of initial levels
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Pricing date: | March 12
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Settlement date: | March 17
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 3.75%
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Cusip: | 17328YZ80
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