Published on 4/29/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1 million callable contingent coupon equity notes on S&P, Russell, Nasdaq
By Kiku Steinfeld
Chicago, April 29 – Citigroup Global Markets Holdings Inc. priced $1 million of callable contingent coupon equity-linked securities due Jan. 11, 2023 linked to the worst performing of the S&P 500 index, the Russell 2000 index 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 monthly coupon at an annualized rate of 5.8% if each index closes at or above its coupon barrier level, 50% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly call date.
If the notes are not redeemed early, the payout will be par unless any index finishes below 50% 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.
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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 and S&P 500 index
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| Amount: | $1 million
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| Maturity: | Jan. 11, 2023
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| Contingent coupon: | 5.8% per year, payable monthly if each index closes at or above coupon barrier related observation date
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| Price: | Par
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| Payout at maturity: | Par 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
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| Call option: | In whole at par plus any coupon due on any quarterly call date
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| Initial levels: | 13,578.46 for Nasdaq, 2,259.153 for Russell, 4,073.94 for S&P
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| Coupon barrier levels: | 6,789.230 for Nasdaq, 1,129.577 for Russell, 2,036.970 for S&P, 50% of initial levels
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| Final barrier levels: | 6,789.230 for Nasdaq, 1,129.577 for Russell, 2,036.970 for S&P, 50% of initial levels
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| Pricing date: | April 6
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| Settlement date: | April 9
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.725%
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| Cusip: | 17329FBH6
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