Published on 6/19/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $719,000 callable contingent coupon equity notes on indexes, ETF
By Kiku Steinfeld
Chicago, June 21 – Citigroup Global Markets Holdings Inc. priced $719,000 of callable contingent coupon equity-linked securities due Aug. 26, 2024 linked to the worst performing of the S&P 500 index, the iShares Russell 2000 ETF 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 will pay a contingent monthly coupon at an annual rate of 6.14% if each asset closes at or above the coupon barrier price, 70% of the initial price, on the valuation date for that month.
The notes will be callable at par on any monthly call valuation date after six months.
If the notes are not called and each asset finishes at or above final barrier price, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will be exposed to the downside of the worst performer.
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 assets: | iShares Russell 2000 ETF, Nasdaq-100 index, S&P 500 index
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| Amount: | $719,000
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| Maturity: | Aug. 26, 2024
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| Coupon: | 6.14% annualized rate, payable monthly if each asset closes at or above coupon barrier price on valuation date for that month
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| Price: | Par
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| Payout at maturity: | Par if each asset closes at or above final barrier; otherwise, investors will be exposed to the downside of the worst performer
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| Call option: | Callable at par plus coupon on any monthly call valuation date after six months
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| Initial levels: | 4,155.86 for S&P, $219.97 for iShares and 13,411.74 for Nasdaq
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| Coupon barrier levels: | 2,909.102 for S&P, $153.979 for iShares and 9,388.218 for Nasdaq, 70% of initial levels
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| Final barrier levels: | 2,493.516 for S&P, $131.982 for iShares and 8,047.044 for Nasdaq, 60% of initial levels
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| Pricing date: | May 21
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| Settlement date: | May 26
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.95%
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| Cusip: | 17329FGF5
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