Published on 6/18/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $10.72 million callable contingent income securities on ETFs, Dow
By Wendy Van Sickle
Columbus, Ohio, June 18 – Citigroup Global Markets Holdings Inc. priced $10.72 million of callable contingent income securities due June 15, 2023 linked to the SPDR S&P Regional Banking ETF, the VanEck Vectors Oil Services ETF and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at a rate of 14.65% per year if each asset closes at or above its 70% coupon trigger level on the related quarterly determination date.
The notes will be callable at par on any quarterly determination date.
The payout at maturity will be par unless any asset finishes below 70% of its initial level, in which case investors will be fully exposed to the decline of the least performing asset from its initial level.
The notes are guaranteed by Citigroup Inc.
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 income securities
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| Underlying assets: | SPDR S&P Regional Banking ETF, VanEck Vectors Oil Services ETF and Dow Jones industrial average
|
| Amount: | $10,717,000
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| Maturity: | June 15, 2023
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| Contingent coupon: | 14.65% annualized, payable each quarter that each asset closes at or above 70% coupon trigger level on the determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any asset finishes below 70% of its initial level, in which case investors will be fully exposed to the decline of the least performing asset from its initial level
|
| Call option: | At par on any quarterly determination date
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| Initial asset levels: | 34,466.24 for Dow, $234.06 for VanEck Vectors Oil Services, $68.40 for SPDR S&P Regional Banking
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| Coupon barriers: | 24,126.368 for Dow, $163.842 for VanEck Vectors Oil Services, $47.88 for SPDR S&P Regional Banking; 70% of initial levels
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| Final barriers: | 70% of initial levels
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| Pricing date: | June 10
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| Settlement date: | June 15
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| Agent: | Citigroup Global Markets Inc
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| Fees: | 1.75%
|
| Cusip: | 17329FUZ5
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