Published on 8/19/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $500,000 callable contingent coupon equity notes on Procter & Gamble, Dow, S&P
By Wendy Van Sickle
Columbus, Ohio, Aug. 19 – Citigroup Global Markets Holdings Inc. priced $500,000 of callable contingent coupon equity-linked securities due June 21, 2023 linked to the least performing of the Dow Jones industrial average, the S&P 500 index and the shares of Procter & Gamble Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each month, the notes pay a contingent coupon at the rate of 7% per year if each asset closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that period.
The notes are callable at par on any quarterly call observation date starting Sept. 16.
The payout at maturity will be par unless any asset has closed below 70% of its initial level during the life of the notes, in which case investors will be exposed to the decline of the worst performing asset.
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 assets: | Dow Jones industrial average, S&P 500 index and Procter & Gamble Co.
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| Amount: | $500,000
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| Maturity: | June 21, 2023
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| Coupon: | 7% per year, paid monthly, unless any asset closes below coupon barrier level on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below its barrier level, in which case 1% loss for every 1% decline of the least performing asset
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| Call: | At par on any quarterly call observation date starting Sept. 16
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| Initial levels: | $132.78 for Procter & Gamble, 34,033.67 for Dow, 4,223.7 for S&P
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| Coupon barrier levels: | $99.585 for Procter & Gamble, 25,525.253 for Dow, 3,167.775 for S&P; 75% of initial levels
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| Final barrier levels: | $92.946 for Procter & Gamble, 23,823.569 for Dow, 2,956.59 for S&P; 70% of initial levels
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| Pricing date: | June 16
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| Settlement date: | June 21
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.6%
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| Cusip: | 17329FTT1
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