Published on 7/12/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.56 million callable contingent coupon equity notes on Russell, Nasdaq, S&P
By William Gullotti
Buffalo, N.Y., July 12 – Citigroup Global Markets Holdings Inc. priced $1.56 million of callable contingent coupon equity-linked securities due March 2, 2026 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 5.25% 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 valuation date after one year.
If the notes are not redeemed early, the payout will be par unless any index finishes below 70% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines from its initial level.
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, Nasdaq-100 index, S&P 500 index
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| Amount: | $1,557,000
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| Maturity: | March 2, 2026
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| Contingent coupon: | 5.25% per year, payable quarterly 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 from its initial level
|
| Call option: | In whole at par any quarterly valuation date after one year
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| Initial levels: | 13,657.73 for Nasdaq, 2,205.75 for Russell, 4,188.13 for S&P
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| Coupon barrier levels: | 9,560.411 for Nasdaq, 1,544.025 for Russell, 2,931.691 for S&P; 70% of initial levels
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| Final barrier levels: | 9,560.411 for Nasdaq, 1,544.025 for Russell, 2,931.691 for S&P; 70% 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: | 3.75%
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| Cusip: | 17329FGL2
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