Published on 9/17/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $510,000 callable contingent coupon securities on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, Sept. 17 – Citigroup Global Markets Holdings Inc. priced $510,000 of 0% callable contingent coupon equity-linked securities due Sept. 30, 2024 linked to the least performing of the iShares MSCI Emerging Markets ETF, the Russell 2000 index 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 will pay a coupon of 7.5% per annum on a monthly basis if the least-performing asset closes at or above its coupon barrier level, 70% 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 monthly call valuation date after one year.
If all the assets finish above their final barrier levels, 70% of their initial levels, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for each 1% decline of the least-performing asset from 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 assets: | iShares MSCI Emerging Markets ETF, the Russell 2000 index and the Nasdaq-100 index
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| Amount: | $510,000
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| Maturity: | Sept. 30, 2024
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| Coupon: | 7.5% per annum on a monthly basis if the least-performing asset closes at or above its coupon barrier value for that period
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| Price: | Par
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| Payout at maturity: | If all the assets finish above final barrier levels, par plus the final coupon; otherwise, 1% loss for each 1% decline of the least-performing asset from its initial level
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| Call: | At par plus any contingent coupon due at the issuer’s option on any monthly call valuation date after one year
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| Initial levels: | $55.50 for ETF, 2,334.396 for Russell and 14,345.18 for Nasdaq
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| Coupon barrier levels: | $38.85 for ETF, 1,634.077 for Russell and 10,041.626 for Nasdaq, 70% of initial levels
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| Final barrier levels: | $38.85 for ETF, 1,634.077 for Russell and 10,041.626 for Nasdaq, 70% 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: | 0.95%
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| Cusip: | 17329FYK4
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