Published on 2/14/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $255,000 callable contingent coupon notes on SPDR S&P 500 ETF
Chicago, Feb. 14 – Citigroup Global Markets Holdings Inc. priced $255,000 of callable contingent coupon notes due April 25, 2022 linked to the SPDR S&P 500 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent semiannual coupon at an annualized rate of 6% if the fund closes at or above its coupon barrier level, 85% of the initial value, on the related observation date. Previously unpaid coupons will also be paid.
The notes will be callable at par on Oct. 20, 2021.
If the notes are not called and the fund finishes at or above its 85% barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the fund, payable in shares or cash at the issuer’s option.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity notes
|
| Underlying fund: | SPDR S&P 500 ETF
|
| Amount: | $255,000
|
| Maturity: | April 25, 2022
|
| Contingent coupon: | 6% per year, payable semiannually if underlying fund closes at or above coupon barrier on observation date for that period; previously unpaid coupons will also be paid
|
| Price: | Par
|
| Payout at maturity: | If fund finishes at or above barrier value, par; otherwise, full exposure to decline of fund, payable in shares or cash at the issuer’s option
|
| Call option: | At par on Oct. 20, 2021
|
| Initial values: | $412.17
|
| Coupon barrier: | $350.345, 85% of initial level
|
| Barrier value: | $350.345, 85% of initial level
|
| Equity value: | 2.42618
|
| Pricing date: | April 20, 2021
|
| Settlement date: | April 23, 2021
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 17328NNA2
|
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