Published on 6/29/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $3.31 million callable contingent coupon equity notes on index, ETF
By Kiku Steinfeld
Chicago, June 29 – Citigroup Global Markets Holdings Inc. priced $3.31 million of callable contingent coupon equity-linked securities due June 21, 2024 linked to the worst performing of the Nasdaq-100 index and the Financial Select Sector SPDR fund, 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 7% if each asset closes at or above its coupon barrier level, 70% 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 70% 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: | Nasdaq-100 index and Financial Select Sector SPDR fund
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| Amount: | $3,310,000
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| Maturity: | June 21, 2024
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| Contingent coupon: | 7% 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 70% 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: | 14,049.58 for Nasdaq, $35.23 for Financial
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| Coupon barriers: | 9,834.706 for Nasdaq, $24.661 for Financial; 70% of initial levels
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| Final barriers: | 9,834.706 for Nasdaq, $24.661 Financial; 70% of initial levels
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| Pricing date: | June 18
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| Settlement date: | June 23
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.5%
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| Cusip: | 17329FSW5
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