Published on 10/7/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.47 million callable contingent coupon equity notes on Dow, Nasdaq, S&P
By Kiku Steinfeld
Chicago, Oct. 7 – Citigroup Global Markets Holdings Inc. priced $1.47 million of callable contingent coupon equity-linked securities due April 14, 2025 linked to the worst performing of the Dow Jones industrial average, the Nasdaq-100 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 5% if each index closes at or above its coupon barrier level, 75% of its initial level, on the valuation date for that period.
After six months, the notes will be callable in whole at par plus any coupon due on any quarterly valuation date.
If the notes are not redeemed early, the payout will be par unless any index closes below 70% 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 assets: | Dow Jones industrial average, S&P 500 index and Nasdaq-100 index
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| Amount: | $1,467,000
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| Maturity: | April 14, 2025
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| Contingent coupon: | 5% 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 unless any index closes below its knock-in level, in which case investors will lose 1% for every 1% that the least performing index declines
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| Call option: | After six months, in whole at par plus any coupon due on any quarterly valuation date
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| Initial levels: | 34,870.16 for Dow, 4,369.55 for S&P, 14,826.09 for Nasdaq
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| Coupon barrier levels: | 26,152.620 for Dow, 3,277.163 for S&P, 11,119.568 for Nasdaq, 75% of initial levels
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| Knock-in levels: | 24,409.112 for Dow, 3,058.685 for S&P, 10,378.263 for Nasdaq, 70% of initial levels
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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: | 2.95%
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| Cusip: | 17329Q3P3
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