Published on 7/22/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2.65 million callable contingent coupon equity notes on four stocks
By William Gullotti
Buffalo, N.Y., July 22 – Citigroup Global Markets Holdings Inc. priced $2.65 million of callable contingent coupon equity-linked securities due Jan. 20, 2023 linked to the worst performing of Alphabet Inc., Apple Inc., Amazon.com, Inc. and Netflix, Inc., 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 8.35% if each stock 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.
If the notes are not redeemed early, the payout will be par unless any stock finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the least performing stock declines.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Global Markets Holdings Inc.
|
Guarantor: | Citigroup Inc.
|
Issue: | Callable contingent coupon equity-linked securities
|
Underlying stocks: | Apple Inc., Alphabet Inc., Amazon.com, Inc., Netflix, Inc.
|
Amount: | $2,646,000
|
Maturity: | Jan. 20, 2023
|
Contingent coupon: | 8.35% per year, payable monthly if each stock closes at or above coupon barrier on the valuation date for that period
|
Price: | Par
|
Payout at maturity: | Par unless any stock finishes below its final barrier level, in which case investors will lose 1% for every 1% that the least performing stock declines
|
Call option: | In whole at par on any quarterly valuation date
|
Initial levels: | $2,625.33 for Alphabet, $148.48 for Apple, $3,631.20 for Amazon, $542.95 for Netflix
|
Coupon barrier levels: | $1,837.731 for Alphabet, $103.936 for Apple, $2,541.84 for Amazon, $380.065 for Netflix; 70% of initial levels
|
Final barrier levels: | $1,575.198 for Alphabet, $89.088 for Apple, $2,178.72 for Amazon, $325.77 for Netflix; 60% of initial levels
|
Pricing date: | July 15
|
Settlement date: | July 20
|
Underwriter: | Citigroup Global Markets Inc.
|
Fees: | 2.225%
|
Cusip: | 17329Q2L3
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.