Published on 8/25/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $4.67 million callable contingent coupon notes on Dow, Nasdaq, S&P
By Taylor Fox
New York, Aug. 25 – Citigroup Global Markets Holdings Inc. priced $4.67 million of 0% callable contingent coupon equity-linked securities due Feb. 12, 2026 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent coupon of 7.5% per annum on a quarterly basis if the least-performing index closes at or above its coupon barrier level, 60% of its initial level, on the valuation date for that period.
The notes may be called at par plus any coupon due at the issuer’s option on any quarterly call valuation date after six months.
The payout at maturity will be par if all indexes finish above their final barrier values, 60% of their initial levels.
Otherwise, investors will lose 1% for each 1% decline of the least-performing index from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying indexes: | S&P 500 index, Nasdaq-100 index and Dow Jones industrial average
|
| Amount: | $4,670,000
|
| Maturity: | Feb. 12, 2026
|
| Coupon: | 7.5% per annum on a quarterly basis if the least-performing index closes at or above its coupon barrier value for that period
|
| Price: | Par
|
| Payout at maturity: | Par if all indexes finish above their final barrier levels; otherwise, 1% loss for each 1% decline of the least-performing index from its initial level
|
| Call: | At par plus any contingent coupon due at the issuer’s option on any quarterly call valuation date after six months
|
| Initial levels: | 3,915.59 for S&P, 13,695.02 for Nasdaq and 31,385.76 for Dow
|
| Coupon barrier levels: | 2,349.354 for S&P, 8,217.012 for Nasdaq and 18,831.456 for Dow, 60% of initial levels
|
| Final barrier levels: | 2,349.354 for S&P, 8,217.012 for Nasdaq and 18,831.456 for Dow, 60% of initial levels
|
| Pricing date: | Feb. 8
|
| Settlement date: | Feb. 11
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.5%
|
| Cusip: | 17328YQ72
|
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