Published on 8/26/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $595,000 callable contingent coupon equity notes on Nasdaq, Russell, S&P
By William Gullotti
Buffalo, N.Y., Aug. 26 – Citigroup Global Markets Holdings Inc. priced $595,000 of callable contingent coupon equity-linked securities due March 27, 2025 linked to the worst performing of the Nasdaq-100 index, 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 monthly coupon at an annualized rate of 7.55% if each index closes at or above its coupon barrier level, 70% 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 other than the final.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any index finishes below 70% 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, S&P 500 index, Nasdaq-100 index
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Amount: | $595,000
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Maturity: | March 27, 2025
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Contingent coupon: | 7.55% 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 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 other than the final
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Initial levels: | 4,266.49 for S&P, 14,365.96 for Nasdaq, 2,333.622 for Russell
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Coupon barrier levels: | 2,986.543 for S&P, 10,056.172 for Nasdaq, 1,633.535 for Russell; 70% of initial levels
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Barrier levels: | 2,986.543 for S&P, 10,056.172 for Nasdaq, 1,633.535 for Russell; 70% of initial levels
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Pricing date: | June 24
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Settlement date: | June 29
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.45%
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Cusip: | 17329FWN0
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