Published on 2/13/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.81 million callable contingent coupon equity notes on S&P, Russell, Nasdaq
By Kiku Steinfeld
Chicago, Feb. 16 – Citigroup Global Markets Holdings Inc. priced $1.81 million of callable contingent coupon equity-linked securities due Nov. 7, 2022 linked to the worst performing of the Nasdaq-100 index, the S&P 500 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 will pay a contingent monthly coupon at annual rate of 7.7% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be callable at par plus any coupon due on any quarterly call valuation date.
The payout at maturity will be par plus the final coupon unless any index finishes below its 70% barrier, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Indexes: | Nasdaq-100 index, S&P 500 index and Russell 2000 index
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| Amount: | $1,809,000
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| Maturity: | Nov. 7, 2022
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| Coupon: | 7.7% annualized rate, payable monthly if each index closes at or above coupon barrier on observation date
|
| Price: | Par
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| Call option: | At par plus any coupon due on any quarterly call valuation date
|
| Payout at maturity: | Par plus coupon if all indexes finish above barrier levels; otherwise, 1% loss for each 1% decline of worse performing index from initial level
|
| Initial levels: | 3,826.31 for S&P, 13,456.12 for Nasdaq, 2,151.440 for Russell
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| Coupon barriers: | 2,678.417 for S&P, 9,419.284 for Nasdaq, 1,506.008 for Russell; 70% of initial levels
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| Barrier values: | 2,678.417 for S&P, 9,419.284 for Nasdaq, 1,506.008 for Russell; 70% of initial levels
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| Pricing date: | Feb. 2
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| Settlement date: | Feb. 5
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.225%
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| Cusip: | 17328YNX8
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