Published on 4/12/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.2 million callable contingent coupon equity notes on Dow, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, April 12 – Citigroup Global Markets Holdings Inc. priced $1.2 million of callable contingent coupon equity-linked securities due April 2, 2026 linked to the worst performing of the Dow Jones industrial average, 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 quarterly coupon at an annualized rate of 6% if each index closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that quarterly period.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date after six months.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any index finishes below 65% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines.
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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| Underlying assets: | Dow Jones industrial average, S&P 500 index and Russell 2000 index
|
| Amount: | $1.2 million
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| Maturity: | April 2, 2026
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| Contingent coupon: | 6% per year, payable quarterly if each index closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon unless any index finishes below 65% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines
|
| Call option: | In whole at par plus any coupon due on any quarterly valuation date after six months
|
| Initial levels: | 33,171.37 for Dow, 2,221.482 for Russell and 3,974.54 for S&P
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| Coupon barrier levels: | 21,561.301 for Dow, 1,403.143 for Russell and 2,581.209 for S&P, 65% of initial levels
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| Final barrier levels: | 21,561.301 for Dow, 1,403.143 for Russell and 2,581.209 for S&P, 65% of initial levels
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| Pricing date: | March 29
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| Settlement date: | March 31
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.85%
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| Cusip: | 17329F3L6
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