Published on 7/27/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $3.52 million equity-linked securities on two ETFs
By William Gullotti
Buffalo, N.Y., July 27 – Citigroup Global Markets Holdings Inc. priced $3.52 million of equity-linked securities due Jan. 27, 2022 tied to the least performing of the shares of Invesco QQQ Trust, Series 1 and SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 6% per year, payable monthly.
If each ETF finishes at or above 85% of its initial level, the payout at maturity will be par. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that ETF’s initial share price or the cash equivalent at the issuer’s discretion.
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: | Equity-linked securities
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Underlying ETFs: | Invesco QQQ Trust, Series 1, SPDR S&P 500 ETF Trust
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Amount: | $3,523,000
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Maturity: | Jan. 27, 2022
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Coupon: | 6% per year, payable monthly; 3% for term of securities
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Price: | Par
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Payout at maturity: | If each ETF finishes at or above barrier, par; otherwise, investors will receive shares of the worst performer or the cash equivalent at the issuer’s discretion
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Initial levels: | $363.95 for QQQ, $435.46 for SPDR
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Barrier levels: | $309.358 for QQQ, $370.141 for SPDR; 85% of initial levels
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Physical delivery: | 2.74763 for QQQ, 2.29642 for SPDR; share delivery per note
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Pricing date: | July 22
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Settlement date: | July 27
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.75%
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Cusip: | 17328NUW6
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