Published on 7/28/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $4.06 million contingent income callable notes S&P, Stoxx
By Kiku Steinfeld
Chicago, July 28 – Citigroup Global Markets Holdings Inc. priced $4.06 million of contingent income callable securities due July 21, 2026 linked to the worst performing of the S&P 500 index and the Euro Stoxx 50 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 annual rate of 5.75% if each index closes at or above its coupon barrier level, 75% of its initial index level, on the observation date for that period.
The notes are callable at par on any contingent coupon payment date after six months.
If the notes have not been called, the payout at maturity will be par unless any index finishes below its 75% downside threshold level. Otherwise, investors will lose 1% for every 1% decline of the lesser performing index.
Citigroup Global Markets Inc. is the underwriter with Morgan Stanley Wealth Management as a selected dealer.
Issuer: | Citigroup Global Markets Holdings Inc.
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Guarantor: | Citigroup Inc.
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Issue: | Contingent income callable securities
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Underlying indexes: | S&P 500 index and Euro Stoxx 50 index
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Amount: | $4,055,000
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Maturity: | July 21, 2026
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Coupon: | 5.75% per year, payable each quarter that each index closes at or above coupon barrier on observation date for period
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Price: | Par
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Payout at maturity: | Par unless any index finishes below its downside threshold level; otherwise, investors will lose 1% for every 1% decline of the lesser performing index
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Call option: | At par on any contingent coupon payment date after six months
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Initial levels: | 4,327.16 for S&P, 4,035.77 for Stoxx
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Coupon barriers: | 3,245.370 for S&P, 3,026.828 for Stoxx; 75% of initial levels
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Downside thresholds: | 3,245.370 for S&P, 3,026.828 for Stoxx; 75% of initial levels
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Pricing date: | July 16
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Settlement date: | July 21
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Underwriter: | Citigroup Global Markets Inc.
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Selected dealer: | Morgan Stanley Wealth Management
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Fees: | 3%
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Cusip: | 17329Q2Y5
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