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Published on 10/6/2021 in the Prospect News Structured Products Daily.

New Issue: Citigroup sells $500,000 13.05% equity-linked securities on Square, JPMorgan, Visa

By William Gullotti

Buffalo, N.Y., Oct. 6 – Citigroup Global Markets Holdings Inc. priced $500,000 of equity-linked securities due July 26, 2022 tied to the least performing of the shares of Square, Inc., JPMorgan Chase & Co. and Visa 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 13.05% per year, payable quarterly.

If each stock finishes at or above 75% of its initial level, the payout at maturity will be par plus the final fixed coupon. Otherwise, investors will receive shares of the worst performer equal to $1,000 divided by that stock’s initial price or the cash equivalent at the issuer’s option.

Citigroup Global Markets Inc. is the underwriter.

Issuer:Citigroup Global Markets Holdings Inc.
Guarantor:Citigroup Inc.
Issue:Equity-linked securities
Underlying assets:Square, Inc., JPMorgan Chase & Co., Visa Inc.
Amount:$500,000
Maturity:July 26, 2022
Coupon:13.05%, payable quarterly
Price:Par
Payout at maturity:If each stock finishes at or above barrier, par plus final fixed coupon; otherwise, receive a number of shares equal to the worst performer’s equity ratio
Initial levels:$237.52 for Square, $151.91 for JPM, $248.12 for Visa
Barrier levels:$178.14 for Square, $113.933 for JPM, $186.09 for Visa; 75% of initial levels
Equity Ratio:4.21017 for Square, 6.58285 for JPM, 4.03031 for Visa; shares delivered per security
Strike date:July 16
Pricing date:July 19
Settlement date:July 26
Underwriter:Citigroup Global Markets Inc.
Fees:0.25%
Cusip:17328NXP8

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