Published on 7/9/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $842,000 callable contingent coupon equity notes on Nasdaq, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, July 9 – Citigroup Global Markets Holdings Inc. priced $842,000 of callable contingent coupon equity-linked securities due May 30, 2025 linked to the worst performing of 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.
The notes pay a contingent monthly coupon at an annualized rate of 6.8% if each index 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 quarterly call valuation date after one year.
If the notes are not redeemed early, the payout will be par unless any index finishes below 65% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines.
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 indexes: | Russell 2000 index, Dow Jones industrial average, Nasdaq-100 index
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| Amount: | $842,000
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| Maturity: | May 30, 2025
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| Contingent coupon: | 6.8% per year, payable monthly if each index 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 any index finishes below its final barrier level, in which case investors will lose 1% for every 1% that the least performing index declines
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| Call option: | In whole at par plus any coupon due on any quarterly call valuation date after one year
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| Initial levels: | 34,312.46 for Dow, 2,205.75 for Russell, 13,657.73 for Nasdaq
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| Coupon barrier levels: | 24,018.722 for Dow, 1,544.025 for Russell, 9,560.411 for Nasdaq; 70% of initial levels
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| Barrier levels: | 22,303.099 for Dow, 1,433.738 for Russell, 8,877.525 for Nasdaq; 65% of initial levels
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| Pricing date: | May 25
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| Settlement date: | May 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.95%
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| Cusip: | 17329FLL6
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