Published on 5/11/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $750,000 callable contingent coupon equity notes on Dow, Nasdaq, Russell
By William Gullotti
Buffalo, N.Y., May 11 – Citigroup Global Markets Holdings Inc. priced $750,000 of callable contingent coupon equity-linked securities due April 12, 2024 linked to the worst performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 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 7.6% 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 call valuation after six months.
If the notes are not redeemed early, the payout will be par unless any index finishes below 70% 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: | Dow Jones industrial average, Russell 2000 index, Nasdaq-100 index
|
| Amount: | $750,000
|
| Maturity: | April 12, 2024
|
| Contingent coupon: | 7.6% per year, payable monthly if each index closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| 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 monthly call valuation after six months
|
| Initial levels: | 33,800.6 for Dow, 13,845.05 for Nasdaq, 2,243.474 for Russell
|
| Coupon barrier levels: | 23,660.42 for Dow, 9,691.535 for Nasdaq, 1,570.432 for Russell, 70% of initial levels
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| Barrier levels: | 23,660.42 for Dow, 9,691.535 for Nasdaq, 1,570.432 for Russell, 70% of initial levels
|
| Pricing date: | April 9
|
| Settlement date: | April 14
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.95%
|
| Cusip: | 17329FGV0
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