Published on 10/3/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $853,000 equity-linked securities on BofA, Goldman
By Kiku Steinfeld
Chicago, Oct. 4 – Citigroup Global Markets Holdings Inc. priced $853,000 of equity-linked securities due July 14, 2022 tied to the least performing of the shares of Bank of America Corp. and Goldman Sachs Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 7.25% per year, payable monthly.
If the final level of each asset is at least as great as 80% of its initial level, the payout at maturity will be par. Otherwise, investors will receive a fixed number of shares of the worst performing underlying equal to its equity ratio or, if the issuer prefers, the cash value of those shares.
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: | Equity-linked securities
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Underlying assets: | Bank of America Corp. and Goldman Sachs Group, Inc.
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Amount: | $853,000
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Maturity: | July 14, 2022
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Coupon: | 7.25%, payable monthly
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Price: | Par
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Payout at maturity: | If each asset finishes at or above barrier, par; otherwise, a fixed number of shares of worst performing asset equal to its equity ratio or cash value
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Initial levels: | $40.04 for BofA, $371.76 for Goldman
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Barrier/threshold levels: | $32.032 for BofA, $297.408 Goldman; 80% of initial levels
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Equity ratios: | 24.97503 for BofA, 2.68991 for Goldman
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Pricing date: | July 9
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Settlement date: | July 14
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1%
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Cusip: | 17328NQV3
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