Published on 9/21/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $500,000 callable contingent coupon equity notes on two stocks, ETF
By William Gullotti
Buffalo, N.Y., Sept. 21 – Citigroup Global Markets Holdings Inc. priced $500,000 of callable contingent coupon equity-linked securities due Sept. 19, 2024 linked to the performance of the shares of SPDR S&P 500 ETF Trust, Microsoft Corp. and JPMorgan Chase & Co., 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 11.6% if each underlier 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 monthly valuation date after six months.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any underlier finishes below 70% of its initial level, in which case investors will lose 1% for every 1% that the worst performer declines 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: | SPDR S&P 500 ETF Trust, Microsoft Corp., JPMorgan Chase & Co.
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| Amount: | $500,000
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| Maturity: | Sept. 19, 2024
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| Contingent coupon: | 11.6% per year, payable monthly if each underlier 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 plus final coupon unless any underlier finishes below its final barrier level, in which case investors will lose 1% for every 1% that the least performing underlier declines from initial level
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| Call option: | In whole at par plus any coupon due on any monthly valuation date after six months
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| Initial levels: | $447.17 for ETF, $305.22 for Microsoft, $158.09 for JPMorgan
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| Coupon barrier levels: | $313.019 for ETF, $213.654 for Microsoft, $110.663 for JPMorgan; 70% of initial levels
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| Final barrier levels: | $313.019 for ETF, $213.654 for Microsoft, $110.663 for JPMorgan; 70% of initial levels
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| Pricing date: | Sept. 16
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| Settlement date: | Sept. 21
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.75%
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| Cusip: | 17329QWG1
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