Published on 5/10/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $4.55 million callable contingent coupon equity notes on S&P, Russell, Nasdaq
Chicago, May 10 – Citigroup Global Markets Holdings Inc. priced $4.55 million of callable contingent coupon equity-linked securities due March 27, 2025 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 7.65% if each index closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly call date after nine months.
If the notes are not redeemed early, the payout will be par 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.
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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: | $4,552,000
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Maturity: | March 27, 2025
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Contingent coupon: | 7.65% per year, payable monthly if each index closes at or above coupon barrier related observation date
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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
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Call option: | In whole at par plus any coupon due on any quarterly call date after nine months
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Initial levels: | 13,086.51 for Nasdaq, 2,266.843 for Russell, 3,940.59 for S&P
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Coupon barrier levels: | 9,160.557 for Nasdaq, 1,586.790 for Russell, 2,758.413 for S&P, 70% of initial levels
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Final barrier levels: | 7,851.906 for Nasdaq, 1,360.106 for Russell, 2,364.354 for S&P, 60% of initial levels
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Pricing date: | March 22
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Settlement date: | March 25
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.95%
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Cusip: | 17329FBA1
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