Published on 4/12/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $500,000 callable contingent coupon equity notes on ETF, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, April 12 – Citigroup Global Markets Holdings Inc. priced $500,000 of callable contingent coupon equity-linked securities due March 30, 2023 linked to the worst performing of the iShares Russell 2000 Value ETF, the Russell 2000 index and the S&P 500 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 10% if each asset closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that monthly period.
The notes will be callable in whole at par plus any coupon due on any monthly valuation date after three months.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any asset finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the least performing asset declines.
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: | iShares Russell 2000 Value ETF, S&P 500 index and Russell 2000 index
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| Amount: | $500,000
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| Maturity: | March 30, 2023
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| Contingent coupon: | 10% per year, payable monthly if each asset 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 final coupon unless any asset finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the least performing asset declines
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| Call option: | In whole at par plus any coupon due on any monthly valuation date after three months
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| Initial levels: | $160.18 for ETF, 2,221.482 for Russell and 3,974.54 for S&P
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| Coupon barrier levels: | $120.135 for ETF, 1,666.112 for Russell and 2,980.905 for S&P, 75% of initial levels
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| Final barrier levels: | $96.108 for ETF, 1,332.889 for Russell and 2,384.724 for S&P, 60% of initial levels
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| Pricing date: | March 26
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| Settlement date: | March 31
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.45%
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| Cusip: | 17329F2D5
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