Published on 6/29/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $981,000 autocallable contingent coupon equity notes on ETFs
By Kiku Steinfeld
Chicago, June 29 – Citigroup Global Markets Holdings Inc. priced $981,000 of autocallable contingent coupon equity-linked securities due Dec. 22, 2022 linked to the worst performing of the Financial Select Sector SPDR fund, the SPDR S&P Gold trust and the iShares PHLX Semiconductor 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 5% if each underlying fund closes at or above the coupon barrier level, 70% of the initial level, on the valuation date for that period.
Beginning Sept. 20, the notes will be automatically called at par plus the coupon if each underlying fund closes at or above its initial level on any monthly valuation date.
If the notes have not been called, the payout at maturity will be par unless any fund finishes below its 70% barrier level, in which case investors will be fully exposed to the downside of the worst performer.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying funds: | Financial Select Sector SPDR fund, SPDR S&P Gold trust and iShares PHLX Semiconductor ETF
|
| Amount: | $981,000
|
| Maturity: | Dec. 22, 2022
|
| Coupon: | 5% annualized rate, payable monthly if each underlying closes at or above coupon barrier level, on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any fund finishes below barrier level, in which case full exposure to downside of worst performer
|
| Call: | Beginning Sept. 20, automatically at par plus coupon if each underlying closes at or above initial level on any monthly valuation date
|
| Initial levels: | $35.91 for Financial, $429.81 for Semiconductor, $166.95 for Gold
|
| Coupon barrier levels: | $25.137 for Financial, $300.867 for Semiconductor, $116.865 for Gold; 70% of initial levels
|
| Barrier levels: | $25.137 for Financial, $300.867 for Semiconductor, $116.865 for Gold; 70% of initial levels
|
| Pricing date: | June 21
|
| Settlement date: | June 23
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.725%
|
| Cusip: | 17329FXE9
|
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