Published on 3/2/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.09 million callable contingent coupon equity notes on S&P, QQQ, Dow ETFs
By Wendy Van Sickle
Columbus, Ohio, March 2 – Citigroup Global Markets Holdings Inc. priced $1.09 million of callable contingent coupon equity-linked securities due Feb. 27, 2024 linked to the worst performing of the SPDR S&P 500 ETF trust, the Invesco QQQ trust, series 1 and the SPDR Dow Jones industrial average ETF trust, 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 6% if each ETF closes at or above its coupon barrier level, 60% 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.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any ETF finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the least performing ETF 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 ETFs: | Invesco QQQ trust, series 1, SPDR Dow Jones industrial average ETF trust and SPDR S&P 500 ETF trust
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Amount: | $1.09 million
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Maturity: | Feb. 27, 2024
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Contingent coupon: | 6% per year, payable quarterly if each ETF 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 plus final coupon unless any ETF finishes below its final barrier level, in which case investors will lose 1% for every 1% that the least performing ETF declines
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Call option: | In whole at par plus any coupon due on any quarterly valuation date
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Initial levels: | $332.47 for QQQ, $390.72 for S&P, $315.56 for Dow
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Coupon barrier levels: | $199.482 for QQQ, $234.432 for S&P, $189.336 for Dow, 60% of initial levels
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Final barrier levels: | $199.482 for QQQ, $234.432 for S&P, $189.336 for Dow, 60% of initial levels
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Pricing date: | Feb. 19
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Settlement date: | March 1
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2.3%
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Cusip: | 17328NER5
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