Published on 9/8/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2.47 million callable contingent coupon equity notes on Nasdaq, Russell, Dow
By William Gullotti
Buffalo, N.Y., Sept. 8 – Citigroup Global Markets Holdings Inc. priced $2.47 million of callable contingent coupon equity-linked securities due March 30, 2023 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 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 pay a contingent monthly coupon at an annualized rate of 7.1% if each index closes at or above its coupon barrier level, 75% 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 monthly call valuation date after three months.
If the notes have not been called, the payout at maturity will be par unless any index closes below its 65% barrier value during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level.
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, Dow Jones industrial average, Nasdaq-100 index
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| Amount: | $2,473,000
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| Maturity: | March 30, 2023
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| Contingent coupon: | 7.1% per year, payable monthly if each index closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
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| Payout at maturity: | Par unless any index closes below its 65% barrier value during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level
|
| Call option: | In whole at par plus any coupon due on any monthly call valuation date after three months
|
| Initial levels: | 34,433.84 for Dow, 14,345.18 for Nasdaq, 2,334.396 for Russell
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| Coupon barrier levels: | 25,825.38 for Dow, 10,758.885 for Nasdaq, 1,750.797 for Russell; 75% of initial levels
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| Barrier levels: | 22,381.996 for Dow, 9,324.367 for Nasdaq, 1,517.357 for Russell; 65% of initial levels
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| Pricing date: | June 25
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| Settlement date: | June 30
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.225%
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| Cusip: | 17329FTD6
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