Published on 6/21/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $3.31 million callable contingent coupon equity notes on index, ETFs
By Wendy Van Sickle
Columbus, Ohio, June 21 – Citigroup Global Markets Holdings Inc. priced $3.31 million of callable contingent coupon equity-linked securities due June 15, 2023 linked to the worst performing of the Dow Jones industrial average and the VanEck Vectors Oil Services ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent semiannual coupon at an annualized rate of 10.05% if each asset closes at or above its coupon barrier level, 60% 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 valuation date.
If the notes are not redeemed, the payout will be par unless either asset finishes below 60% of its initial level, in which case investors will be fully exposed to the loss of the least performing asset.
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: | Dow Jones industrial average and VanEck Vectors Oil Services ETF
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| Amount: | $3.31 million
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| Maturity: | June 15, 2023
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| Contingent coupon: | 10.05% per year, payable semiannually if each asset 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 either asset finishes below 60% of its initial level, in which case investors will be fully exposed to the loss of the least performing asset
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| Call option: | In whole at par plus any coupon due on any valuation date
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| Initial levels: | $68.60 for Regional Banking, 34,479.6 for Dow, $235.35 for VanEck Vectors Oil Services
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| Coupon barriers: | $41.16 for Regional Banking, 20,687.76 for Dow, $141.21 for VanEck Vectors Oil Services; 60% of initial levels
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| Final barriers: | $41.16 for Regional Banking, 20,687.76 for Dow, $141.21 for VanEck Vectors Oil Services; 60% of initial levels
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| Pricing date: | June 11
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| Settlement date: | June 16
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17329FV50
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