Published on 7/31/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $706,000 callable contingent coupon equity notes on Nasdaq, Russell, S&P
By Kiku Steinfeld
Chicago, Aug. 2 – Citigroup Global Markets Holdings Inc. priced $706,000 of callable contingent coupon equity-linked securities due July 19, 2024 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 10.2% if each index closes at or above its coupon barrier level, 90% 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 valuation date.
If the notes are not redeemed early, the payout will be par unless any index finishes below 90% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines beyond 10%.
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, S&P 500 index, Nasdaq-100 index
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| Amount: | $706,000
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| Maturity: | July 19, 2024
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| Contingent coupon: | 10.2% 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 90%, in which case investors will lose 1% for every 1% that the least performing index declines beyond buffer
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| Call option: | In whole at par plus any coupon due on any valuation date
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| Initial levels: | 4,327.16 for S&P, 2,163.238 for Russell, 14,681.38 for Nasdaq
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| Coupon barrier levels: | 3,894.444 for S&P, 1,946.914 for Russell, 13,213.242 for Nasdaq; 90% of initial levels
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| Buffer levels: | 3,894.444 for S&P, 1,946.914 for Russell, 13,213.242 for Nasdaq; 90% 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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| Fees: | 0.45%
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| Cusip: | 17329Q4Q0
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