Published on 8/19/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.08 million callable contingent coupon equity notes on Nasdaq, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Aug. 19 – Citigroup Global Markets Holdings Inc. priced $1.08 million of callable contingent coupon equity-linked securities due Dec. 22, 2022 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Nasdaq-100 index, 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 6.25% per year if each index closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that period.
The notes are callable at par on any quarterly call observation date.
The payout at maturity will be par unless any index has closed below 60% of its initial level during the life of the notes, in which case investors will be exposed to the decline of the worst performing index.
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 and Nasdaq-100 index
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| Amount: | $1.08 million
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| Maturity: | Dec. 22, 2022
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| Coupon: | 6.25% per year, paid monthly, unless any index 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 index finishes below its barrier level, in which case 1% loss for every 1% decline of the least performing index
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| Call: | At par on any quarterly call observation date
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| Initial levels: | 2,287.46 for Russell, 14,163.81 for Nasdaq, 4,221.86 for S&P
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| Coupon barrier levels: | 1,372.476 for Russell, 8,498.286 for Nasdaq, 2,533.116 for S&P; 60% of initial levels
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| Final barrier levels: | 1,372.476 for Russell, 8,498.286 for Nasdaq, 2,533.116 for S&P; 60% of initial levels
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| Pricing date: | June 17
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| Settlement date: | June 22
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.725%
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| Cusip: | 17329FZB3
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