Published on 11/26/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $915,000 callable contingent coupon equity notes on SPDR funds
By Kiku Steinfeld
Chicago, Nov. 29 – Citigroup Global Markets Holdings Inc. priced $915,000 of callable contingent coupon equity-linked securities due Aug. 18, 2022 linked to the worst performing of the SPDR S&P Metals & Mining ETF and the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 14.45% if each asset 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 quarterly valuation date.
If the notes are not redeemed, the payout will be par unless either asset finishes below 80% of its initial level, in which case investors will lose 1% for every 1% that the least-performing asset declines, payable in shares or in cash at the option of the issuer.
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: | SPDR S&P Metals & Mining ETF, Financial Select Sector SPDR fund
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Amount: | $915,000
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Maturity: | Aug. 18, 2022
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Contingent coupon: | 14.45% per year, payable quarterly if each asset closes at or above its coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | Par if each asset finishes at or above 80% of its initial level; otherwise, full exposure to decline of least performer, payable in shares or in cash at issuer’s option
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Call option: | In whole at par plus any coupon due on any quarterly valuation date
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Initial levels: | $38.58 for Financial, $45.88 for Metals
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Coupon barriers: | $30.864 for Financial, $36.704 for Metals, 80% of initial levels
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Final barriers: | $30.864 for Financial, $36.704 for Metals, 80% of initial levels
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Equity ratios: | 25.92017 for Financial, 21.79599 for Metals
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Pricing date: | Aug. 13
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Settlement date: | Aug. 18
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1%
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Cusip: | 17328NWL8
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