Published on 6/3/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $886,000 callable contingent coupon equity notes on index, ETFs
By Wendy Van Sickle
Columbus, Ohio, June 3 – Citigroup Global Markets Holdings Inc. priced $886,000 of callable contingent coupon equity-linked securities due Aug. 16, 2024 linked to the worst performing of the Dow Jones industrial average, the Financial Select Sector SPDR fund and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent monthly coupon at an annual rate of 9.15% if each index closes at or above the coupon barrier level, 70% of the initial level, on the valuation date for that period.
The notes will be callable at par plus any coupon on any monthly valuation date after six months.
If the notes are not called and each index finishes at or above its initial level, the payout will be par.
If no index finishes below its 60% final barrier level, the payout will also be par.
Otherwise, investors will be fully exposed to the losses of the worst-performing index.
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: | Dow Jones industrial average, Financial Select Sector SPDR fund and SPDR S&P Biotech ETF
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| Amount: | $886,000
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| Maturity: | Aug. 16, 2024
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| Coupon: | 9.15% annualized rate, payable monthly if each index closes at or above coupon barrier level, on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each index closes at or above initial level; par if no index finishes below final barrier level; otherwise, investors will be exposed to the downside of the worst performer
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| Call option: | At par on any monthly valuation date after six months
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| Initial levels: | 34,021.45 for Dow, $37.29 for Financial Select, $122.48 for S&P
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| Coupon barrier levels: | 23,815.015 for Dow, $26.103 for Financial Select, $85.736 for S&P; 70% of initial levels
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| Final barrier levels: | 20,412.87 for Dow, $22.374 for Financial Select, $73.488 for S&P; 60% of initial levels
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| Pricing date: | May 13
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| Settlement date: | May 18
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.95%
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| Cusip: | 17329FJQ8
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