Published on 8/23/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $7.55 million callable contingent coupon equity notes on Nasdaq, Russell
By William Gullotti
Buffalo, N.Y., Aug. 23 – Citigroup Global Markets Holdings Inc. priced $7.55 million of callable contingent coupon equity-linked securities due Aug. 21, 2026 linked to the worst performing of the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent monthly coupon at an annualized rate of 5.3% if each index closes at or above its coupon barrier level, 85% 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 quarterly call valuation date after one year.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any index finishes below 85% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines below 85%.
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, Nasdaq-100 index
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| Amount: | $7,551,000
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| Maturity: | Aug. 21, 2026
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| Contingent coupon: | 5.3% per year, payable monthly 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 plus the final coupon 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 beyond 15%
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| Call option: | In whole at par plus any coupon due on any quarterly call valuation date after one year
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| Initial levels: | 14,857.92 for Nasdaq, 2,158.78 for Russell
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| Coupon barrier levels: | 12,629.232 for Nasdaq, 1,834.963 for Russell; 85% of initial levels
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| Barrier levels: | 12,629.232 for Nasdaq, 1,834.963 for Russell; 85% of initial levels
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| Pricing date: | Aug. 18
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| Settlement date: | Aug. 23
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.5%
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| Cusip: | 17329QKX7
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