Published on 5/3/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $10.16 million callable contingent coupon equity notes on S&P, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, May 3 – Citigroup Global Markets Holdings Inc. priced $10.16 million of callable contingent coupon equity-linked securities due Oct. 28, 2026 linked to the worst performing of the S&P 500 index, the Russell 2000 index 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 semiannually coupon at an annualized rate of 5% if each index closes at or above its coupon barrier level, 60% 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 semiannual call valuation date.
If the notes are not redeemed early, the payout will be par unless any index finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines.
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, Dow Jones industrial average and S&P 500 index
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| Amount: | $10,159,000
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| Maturity: | Oct. 28, 2026
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| Contingent coupon: | 5% per year, payable semiannually 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 finishes below its final barrier level, in which case investors will lose 1% for every 1% that the least performing index declines
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| Call option: | In whole at par plus any coupon due on any semiannual call valuation date
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| Initial levels: | 34,043.49 for Dow, 13,578.46 for S&P, 2,271.856 for Russell
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| Coupon barrier levels: | 20,426.094 for Dow, 10,862.768 for S&P, 1,363.114 for Russell, 60% of initial levels
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| Buffer levels: | 20,426.094 for Dow, 10,862.768 for S&P, 1,363.114 for Russell, 60% of initial levels
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| Pricing date: | April 23
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| Settlement date: | April 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.5%
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| Cusip: | 17329FAR5
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