Published on 6/29/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $5.94 million callable contingent coupon equity notes on Nasdaq, Russell, S&P
By Kiku Steinfeld
Chicago, June 29 – Citigroup Global Markets Holdings Inc. priced $5.94 million of callable contingent coupon equity-linked securities due June 25, 2026 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each quarter, the notes pay a contingent coupon at the rate of 7.5% per year if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that period.
The notes are callable at par on any quarterly call observation date after six months.
The payout at maturity will be par unless any index finishes below its barrier level, 60% of its initial level, in which case 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.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying indexes: | Russell 2000 index, S&P 500 index and Nasdaq-100 index
|
| Amount: | $5,938,000
|
| Maturity: | June 25, 2026
|
| Coupon: | 7.5% per year, paid quarterly, unless any index closes below coupon barrier level on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below its barrier level, in which case 1% loss for every 1% decline of the least performing index
|
| Call: | At par on any quarterly call observation date after six months
|
| Initial levels: | 4,166.45 for S&P, 2,237.74 for Russell, 14,049.58 for Nasdaq
|
| Coupon barrier levels: | 3,124.838 for S&P, 1,678.309 for Russell, 10,537.185 for Nasdaq; 75% of initial levels
|
| Final barrier levels: | 2,499.870 for S&P, 1,342.647 for Russell, 8,429.748 for Nasdaq; 60% of initial levels
|
| Pricing date: | June 18
|
| Settlement date: | June 25
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | None
|
| Cusip: | 17329FSK1
|
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