Published on 9/29/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.53 million contingent coupon equity notes on three financial stocks
By William Gullotti
Buffalo, N.Y., Sept. 29 – Citigroup Global Markets Holdings Inc. priced $1.53 million of contingent coupon equity-linked securities due July 13, 2023 linked to the worst performing of Fifth Third Bancorp, Goldman Sachs Group, Inc. and JPMorgan Chase & Co., 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 3.27% if each stock closes at or above its coupon barrier level, 50% of its initial level, on the valuation date for that period.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any stock finishes below 70% of its initial level, in which case investors will lose 1% for every 1% that the least performing stock declines beyond 30%.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Contingent coupon equity-linked securities
|
| Underlying stocks: | Fifth Third Bancorp, Goldman Sachs Group, Inc., JPMorgan Chase & Co.
|
| Amount: | $1,525,000
|
| Maturity: | July 13, 2023
|
| Contingent coupon: | 3.27% per year, payable semiannually if each stock closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon unless any stock finishes below its final buffer level, in which case investors will lose 1% for every 1% that the least performing stock declines below the final buffer
|
| Initial levels: | $37.07 for Fifth Third, $367.67 for Goldman Sachs, $153.59 for JPMorgan
|
| Coupon barrier levels: | $18.535 for Fifth Third, $183.835 for Goldman Sachs, $76.795 for JPMorgan; 50% of initial levels
|
| Final buffer levels: | $25.949 for Fifth Third, $257.369 for Goldman Sachs, $107.513 for JPMorgan; 70% of initial levels
|
| Strike date: | July 7
|
| Pricing date: | July 8
|
| Settlement date: | July 13
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.8%
|
| Cusip: | 17329Q3Q1
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
