Published on 6/17/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $8.1 million 4% callable fixed-income notes on Russell, S&P, Nasdaq
By William Gullotti
Buffalo, N.Y., June 17 – Citigroup Global Markets Holdings Inc. priced $8.1 million of 4% callable fixed-income securities due June 14, 2024 linked to the worst 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.
The coupon is payable quarterly.
The notes are callable quarterly at par plus the coupon.
If the notes are not called and each index finishes at or above its 60% trigger level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
Citigroup Global Markets Inc. is the underwriter. Morgan Stanley Wealth Management is a selected dealer.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Callable fixed-income securities
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
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| Amount: | $8.1 million
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| Maturity: | June 14, 2024
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| Coupon: | 4% per year, payable quarterly
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above trigger level, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
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| Call option: | Quarterly, at par plus the coupon
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| Initial levels: | 2,335.808 for Russell, 4,247.44 for S&P, 13,998.3 for Nasdaq
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| Trigger levels: | 1,401.485 for Russell, 2,548.464 for S&P, 8,398.98 for Nasdaq; 60% of initial levels
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| Pricing date: | June 11
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| Settlement date: | June 16
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| Underwriter: | Citigroup Global Markets Inc. with Morgan Stanley Wealth Management as dealer
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| Fees: | 1.25%
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| Cusip: | 17329FXB5
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