Published on 11/22/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2.79 million callable contingent coupon equity notes on Nasdaq, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Nov. 22 – Citigroup Global Markets Holdings Inc. priced $2.79 million of callable contingent coupon equity-linked securities due Nov. 7, 2024 linked to the worst performing of the Nasdaq-100 index, 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 7.35% if each index closes at or above its coupon barrier level, 75% 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 call valuation date after three months.
If the notes have not been called, the payout at maturity will be par unless any index closes below its 70% barrier level during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level.
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, Nasdaq-100 index
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| Amount: | $2,793,000
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| Maturity: | Nov. 7, 2024
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| Contingent coupon: | 7.35% 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 barrier level during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level
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| Call option: | In whole at par plus any coupon due on any monthly call valuation date after three months
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| Initial levels: | 4,402.66 for S&P, 15,083.39 for Nasdaq, 2,196.322 for Russell
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| Coupon barrier levels: | 3,301.995 for S&P, 11,312.543 for Nasdaq, 1,647.242 for Russell; 75% of initial levels
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| Barrier levels: | 3,081.682 for S&P, 10,558.373 for Nasdaq, 1,537.425 for Russell; 70% of initial levels
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| Pricing date: | Aug. 4
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| Settlement date: | Aug. 9
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.95%
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| Cusip: | 17329QAK6
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