Published on 10/14/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2.25 million callable contingent coupon equity notes on banking index, ETF
By William Gullotti
Buffalo, N.Y., Oct. 14 – Citigroup Global Markets Holdings Inc. priced $2.25 million of callable contingent coupon equity-linked securities due July 26, 2024 linked to the performance of the Financial Select Sector SPDR Fund and the Nasdaq-100 index, 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 7.1% if each underlier closes at or above its coupon barrier level, 70% 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 valuation date.
If the notes are not redeemed early and each underlier finishes at or above the 70% final barrier, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% that the worst performer declines from its initial level.
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 assets: | Financial Select Sector SPDR Fund, Nasdaq-100 index
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| Amount: | $2,249,000
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| Maturity: | July 26, 2024
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| Contingent coupon: | 7.1% per year, payable semiannually if each underlier closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
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| Payout at maturity: | If each underlier finishes at or above final barrier, par plus final coupon; otherwise, investors will lose 1% for each 1% the worst performer declines from its initial level
|
| Call option: | In whole at par on any semiannual valuation date
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| Initial levels: | $36.26 for ETF, 15,111.79 for Nasdaq
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| Coupon barrier levels: | $25.382 for ETF, 10,578.253 for Nasdaq; 70% of initial levels
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| Final barrier levels: | $25.382 for ETF, 10,578.253 for Nasdaq; 70% of initial levels
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| Pricing date: | July 23
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| Settlement date: | July 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.5%
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| Cusip: | 17329Q2Z2
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