Published on 5/12/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2.4 million callable contingent coupon equity notes on gold, silver ETFs
By Kiku Steinfeld
Chicago, May 12 – Citigroup Global Markets Holdings Inc. priced $2.4 million of callable contingent coupon equity-linked securities due April 28, 2025 linked to the lesser performing of the iShares Silver trust, the SPDR Gold trust and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at annual rate of 7.9% if each ETF closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be callable at par plus any coupon due on any quarterly potential redemption date after one year.
The payout at maturity will be par plus any final coupon unless either ETF finishes below its 60% barrier, in which case investors will lose 1% for each 1% decline of the worst performing ETF from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| ETFs: | iShares Silver trust, SPDR Gold trust and VanEck Vectors Gold Miners ETF
|
| Amount: | $2,395,000
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| Maturity: | April 28, 2025
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| Coupon: | 7.9%, payable quarterly if each ETF closes at or above coupon barrier on observation date
|
| Price: | Par
|
| Call option: | At par plus any coupon due on any quarterly potential redemption date after one year
|
| Payout at maturity: | Par plus any coupon if both ETFs finish above barrier levels; otherwise, 1% loss for each 1% decline of worse performing ETF from initial level
|
| Initial levels: | $24.14 for iShares, $166.40 for SPDR, $36.06 for Gold Miners
|
| Coupon barriers: | $16.898 for iShares, $116.480 for SPDR, $25.242 for Gold Miners, 70% of initial levels
|
| Barrier values: | $14.484 for iShares, $99.840 for SPDR, $21.636 for Gold Miners, 60% of initial levels
|
| Pricing date: | April 23
|
| Settlement date: | April 28
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.95%
|
| Cusip: | 17329FDY7
|
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