Published on 6/16/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $692,000 callable contingent coupon equity notes on Nasdaq, Russell, S&P
By Kiku Steinfeld
Chicago, June 16 – Citigroup Global Markets Holdings Inc. priced $692,000 of callable contingent coupon equity-linked securities due Nov. 22, 2024 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 4.85% if each index closes at or above its coupon barrier level, 75% 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 six months.
If the notes are not redeemed early, the payout will be par unless any index finishes below 55% 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, S&P 500 index and Nasdaq-100 index
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Amount: | $692,000
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Maturity: | Nov. 22, 2024
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Contingent coupon: | 4.85% per year, payable quarterly 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 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 any quarterly valuation date after six months
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Initial levels: | 4,115.68 for S&P, 2,193.642 for Russell, 13,237.91 for Nasdaq
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Coupon barrier levels: | 3,086.760 for S&P, 1,645.232 for Russell, 9,928.433 for Nasdaq, 75% of initial levels
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Final barrier levels: | 2,263.624 for S&P, 1,206.503 for Russell, 7,280.851 for Nasdaq, 55% of initial levels
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Pricing date: | May 19
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Settlement date: | May 24
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2.45%
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Cusip: | 17329FPT5
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