Published on 7/12/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $182,000 callable contingent coupon equity notes on Russell, Dow, S&P
By William Gullotti
Buffalo, N.Y., July 12 – Citigroup Global Markets Holdings Inc. priced $182,000 of callable contingent coupon equity-linked securities due Feb. 29, 2024 linked to the worst performing of the Dow Jones industrial average, 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 quarterly coupon at an annualized rate of 5% if each index closes at or above its coupon barrier level, 85% 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 valuation date after one year.
If the notes are not redeemed early, the payout will be par unless any index finishes below 85% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines beyond 15%.
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, Dow Jones industrial average, S&P 500 index
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| Amount: | $182,000
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| Maturity: | Feb. 29, 2024
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| Contingent coupon: | 5% per year, payable quarterly 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 buffer level, in which case investors will lose 1% for every 1% that the least performing index declines beyond 15%
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| Call option: | In whole at par any quarterly valuation date after one year
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| Initial levels: | 34,312.46 for Dow, 2,205.75 for Russell, 4,188.13 for S&P
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| Coupon barrier levels: | 29,165.591 for Dow, 1,874.888 for Russell, 3,559.911 for S&P; 85% of initial levels
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| Final buffer levels: | 29,165.591 for Dow, 1,874.888 for Russell, 3,559.911 for S&P; 85% of initial levels
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| Pricing date: | May 25
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| Settlement date: | May 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.5%
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| Cusip: | 17329FDE1
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