Published on 10/7/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $4.66 million callable contingent coupon equity notes on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Oct. 7 – Citigroup Global Markets Holdings Inc. priced $4.66 million of callable contingent coupon equity-linked securities due Sept. 23, 2022 linked to the worst performing of the Russell 2000 index and the S&P 500 index, 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 7.4% if each index closes at or above its coupon barrier level, 65% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par on any monthly call date.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any index finishes below 65% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines.
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 indexes: | Russell 2000 index, S&P 500 index
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Amount: | $4,655,000
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Maturity: | Sept. 23, 2022
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Contingent coupon: | 7.4% per year, payable monthly if each index 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 index finishes below 65% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines
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Call option: | In whole at par on any monthly call date
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Initial levels: | 2,145.86 for Russell, 4,249.35 for S&P
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Coupon barriers: | 1,394.809 for Russell, 2,762.078 for S&P, 65% of initial levels
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Barrier levels: | 1,394.809 for Russell, 2,762.078 for S&P, 65% of initial levelsels
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Pricing date: | July 20
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Settlement date: | July 23
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.5%
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Cusip: | 17329QDV9
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