Published on 6/23/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $2.77 million autocallable securities on Dow, Russell, Nasdaq
By Kiku Steinfeld
Chicago, June 23 – Citigroup Global Markets Holdings Inc. priced $2.77 million of 0% autocallable securities due June 16, 2026 linked to the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
If each index closes at or above its applicable call level on any annual valuation date, the notes will be called at par plus a premium of 8% a year. The call level starts at 101% of each index’s initial level and steps up by 1% each year to 105% on June 11, 2026.
If each index finishes at or above 105% of its initial level, the payout at maturity will be par plus 40%. If the least performing index finishes below 105% of its initial level but not below the trigger level, 70% of the initial level, the payout will be par.
Otherwise, investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable securities
|
| Underlying indexes: | Nasdaq-100, Russell 2000, Dow Jones industrial average
|
| Amount: | $2,772,000
|
| Maturity: | June 16, 2026
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above 105% of its initial level, par plus 40%; if any index finishes below 105% of initial level but each index finishes at or above trigger level, par; otherwise, 1% loss for each 1% decline of the worst performing index from its initial level
|
| Call: | Automatically at par plus an annualized premium of 8% if each index closes at or above its applicable call level on any annual valuation date; call level starts at 101% of each index’s initial level and steps up by 1% each year to 105% on June 11, 2026
|
| Initial levels: | 34,479.60 for Dow, 2,335.808 for Russell, 13,998.30 for Nasdaq
|
| Trigger levels: | 24,135.720 for Dow, 1,635.066 for Russell, 9,798.810 for Nasdaq, 70% of initial levels
|
| Pricing date: | June 11
|
| Settlement date: | June 16
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 4.125%
|
| Cusip: | 17329FXN9
|
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