Published on 5/20/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $9.79 million 9.34% callable equity-linked notes on indexes
By Wendy Van Sickle
Columbus, Ohio, May 20 – Citigroup Global Markets Holdings Inc. priced $9.79 million of 9.34% callable equity-linked securities due May 19, 2022 tied 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.
Interest is payable monthly.
The notes will be callable on any monthly review date after six months.
If the notes are not called and the final level of each index is at least equal to its initial level or no index has ever closed below 70% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the least performing index.
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 equity-linked securities
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| Underlying indexes: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
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| Amount: | $9,786,000
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| Maturity: | May 19, 2022
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| Coupon: | 9.34%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par if each index finishes above initial level or no index has ever closed below 70% of its initial value; otherwise, 1% loss for every 1% decline
|
| Call option: | At par plus the coupon on any monthly review date after six months
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| Initial levels: | 4,173.85 for S&P, 13,393.12 for Nasdaq, 2,224.63 for Russell
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| Downside thresholds: | 2,921.695 for S&P, 9,375.184 for Nasdaq1,557.241 for Russell; 70% of initial levels
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| Pricing date: | May 14
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| Settlement date: | May 19
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.25%
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| Cusip: | 17329FR63
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