Published on 11/9/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $890,000 callable contingent coupon equity notes on Dow, Gold Miners
By Kiku Steinfeld
Chicago, Nov. 9 – Citigroup Global Markets Holdings Inc. priced $890,000 of callable contingent coupon equity-linked securities due June 30, 2026 linked to the performance of the VanEck Vectors Gold Miners ETF and the Dow Jones industrial average, 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 6.5% if each underlying closes at or above its coupon barrier level, 80% 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 one year.
If the notes are not redeemed early, the payout will be par plus the final coupon if each underlier finishes at or above the 85% final buffer. Otherwise, investors will lose 1% for every 1% that the least performing asset declines beyond 15%.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying assets: | VanEck Vectors Gold Miners ETF, Dow Jones industrial average
|
| Amount: | $890,000
|
| Maturity: | June 30, 2026
|
| Contingent coupon: | 6.5% per year, payable monthly if each underlying closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each underlier finishes at or above final buffer, par plus the final coupon; otherwise, investors will lose 1% for each 1% the worst performer declines below the buffer
|
| Call option: | In whole at par plus any coupon due on any monthly valuation date after one year
|
| Initial levels: | $33.68 for ETF, 35,058.52 for Dow
|
| Coupon barrier levels: | $26.944 for ETF, 28,046.816 for Dow; 80% of initial levels
|
| Final buffer levels: | $28.628 for ETF, 29,799.742 for Dow; 85% of initial levels
|
| Pricing date: | July 27
|
| Settlement date: | July 30
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.75%
|
| Cusip: | 17329FUA0
|
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