Published on 9/9/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1 million callable contingent coupon notes on S&P, Dow, Nasdaq
By Kiku Steinfeld
Chicago, Sept. 9 – Citigroup Global Markets Holdings Inc. priced $1 million of callable contingent coupon equity-linked securities due July 5, 2023 linked to the worst performing of the S&P 500 index, the Dow Jones industrial average and the Nasdaq-100 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 5% if each asset closes at or above its coupon barrier level, 70% 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 quarterly call valuation date after six months.
If the notes are not redeemed, the payout will be par unless any index finishes below 64.5% of its initial level, in which case investors will be fully exposed to the loss of the least 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 assets: | S&P 500 index, Nasdaq-100 index and Dow Jones industrial average
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Amount: | $1 million
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Maturity: | July 5, 2023
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Contingent coupon: | 5% per year, payable quarterly if each asset 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 final barrier level, in which case investors will be fully exposed to the loss of the least performing index
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Call option: | In whole at par plus any coupon due on any quarterly call valuation date after six months
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Initial level: | 4,291.80 for S&P, 14,572.75 for Nasdaq, 34,292.29 for Dow
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Coupon barriers: | 3,004.260 for S&P, 10,200.925 for Nasdaq, 24,004.603 for Dow; 70% of initial levels
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Final barriers: | 2,768.211 for S&P, 9,399.424 for Nasdaq, 22,118.527 for Dow; 64.5% of initial levels
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Pricing date: | June 29
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Settlement date: | July 2
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.7%
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Cusip: | 17329FU93
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