Published on 12/15/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $523,000 callable contingent coupon equity notes on three funds
By Kiku Steinfeld
Chicago, Dec. 15 – Citigroup Global Markets Holdings Inc. priced $523,000 of callable contingent coupon equity-linked securities due March 2, 2023 linked to the worst performing of the VanEck Vectors Semiconductor ETF, the SPDR S&P Biotech ETF and the Health Care 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 quarter coupon at an annualized rate of 7.95% if each asset closes at or above its coupon barrier level, 70% 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 any fund finishes below 70% of its initial level, in which case investors will be fully exposed to the loss of the least performing fund.
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: | VanEck Vectors Semiconductor ETF, SPDR S&P Biotech ETF and Health Care Select Sector SPDR fund
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| Amount: | $523,000
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| Maturity: | March 2, 2023
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| Contingent coupon: | 7.95% per year, payable quarterly if each asset closes at or above coupon barrier level on the valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus unless any fund finishes below barrier level, in which case investors will be fully exposed to the loss of the least performing fund
|
| Call option: | In whole at par plus any coupon due on any quarterly valuation date
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| Initial level: | $135.31 for Health Care, $129.16 for Biotech, $266.80 for Semiconductor
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| Coupon barriers: | $94.717 for Health Care, $90.412 for Biotech, $186.760 for Semiconductor; 70% of initial levels
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| Final barriers: | $94.717 for Health Care, $90.412 for Biotech, $186.760 for Semiconductor; 70% of initial levels
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| Pricing date: | Aug. 25
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| Settlement date: | Aug. 30
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.225%
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| Cusip: | 17329QAB6
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