Published on 5/11/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $875,000 callable contingent coupon equity notes on Nasdaq, Russell, Dow
By Kiku Steinfeld
Chicago, May 11 – Citigroup Global Markets Holdings Inc. priced $875,000 of callable contingent coupon equity-linked securities due April 26, 2024 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, 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 6.75% if each index closes at or above its coupon barrier level, 65% 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.
If the notes are not redeemed early, the payout will be par plus any 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.
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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, Dow Jones industrial average and Nasdaq-100 index
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| Amount: | $875,000
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| Maturity: | April 26, 2024
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| Contingent coupon: | 6.75% 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 any 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
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| Call option: | In whole at par plus any coupon due on any quarterly call valuation date
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| Initial levels: | 2,271.856 for Russell, 13,941.44 for Nasdaq, 34,043.49 for Dow
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| Coupon barrier levels: | 1,476.706 for Russell, 9,061.936 for Nasdaq, 22,128.269 for Dow, 65% of initial levels
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| Final barrier levels: | 1,476.706 for Russell, 9,061.936 for Nasdaq, 22,128.269 for Dow, 65% of initial levels
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| Pricing date: | April 23
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| Settlement date: | April 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.6%
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| Cusip: | 17329FQS6
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