Published on 2/24/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.06 million callable contingent coupon equity notes on Nasdaq, Russell, Dow
By William Gullotti
Buffalo, N.Y., Feb. 24 – Citigroup Global Markets Holdings Inc. priced $1.06 million of callable contingent coupon equity-linked securities due Oct. 27, 2022 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 7.6% 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 monthly call valuation date after three months.
If the notes are not redeemed early, the payout will be par unless any index finishes below its initial level and ever closes below its knock-in level, 70% of its initial level, at any point during the life of the notes, 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.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying indexes: | Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index
|
| Amount: | $1,059,000
|
| Maturity: | Oct. 27, 2022
|
| Contingent coupon: | 7.6% per year, payable monthly if each index closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below initial level and worst performer ever closes below its knock-in level during the life of the notes, in which case investors will lose 1% for every 1% that the least performing index declines
|
| Call option: | In whole at par plus any coupon due on any monthly call valuation date after three months
|
| Initial levels: | 33,815.9 for Dow, 13,762.36 for Nasdaq, 2,232.614 for Russell
|
| Coupon barrier levels: | 23,671.13 for Dow, 9,633.652 for Nasdaq, 1,562.83 for Russell; 70% of initial levels
|
| Knock-in levels: | 23,671.13 for Dow, 9,633.652 for Nasdaq, 1,562.83 for Russell; 70% of initial levels
|
| Pricing date: | April 22, 2021
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| Settlement date: | April 27, 2021
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 2.225%
|
| Cusip: | 17329FPU2
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