Published on 1/8/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $2.28 million callable contingent coupon securities on index, ETF
By Wendy Van Sickle
Columbus, Ohio, Jan. 8 – Citigroup Global Markets Holdings Inc. priced $2.28 million of callable contingent coupon equity-linked securities due June 28, 2028 linked to the least performing of the Nasdaq-100 index and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes have a monthly coupon of 8%, paid monthly, if the least-performing asset for that month finishes at or above its coupon barrier value, 80% of its initial value.
The notes may be called at par plus any contingent coupon due by the issuer on any quarterly call valuation date after one year.
If each asset finishes at or above its buffer value, 80% of its initial value, payout will be par plus the final coupon.
Otherwise, investors will lose 1% for each 1% decline of the least-performing asset beyond 20%.
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 assets: | Nasdaq-100 index, VanEck Vectors Gold Miners ETF ETF
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| Amount: | $2,283,000
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| Maturity: | June 28, 2028
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| Coupon: | 8%, paid monthly if each asset finishes at or above its coupon barrier value
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| Price: | Par
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| Payout at maturity: | If each asset finishes at or above final barrier value, par plus the final coupon; otherwise, 1% loss for each 1% decline of the least-performing asset beyond 20%
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| Call: | At par plus any coupon due on any quarterly call valuation date after one year
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| Initial values: | 12,653.14 for Nasdaq, $35.92 for Gold Miners
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| Coupon barriers: | 10,122.512 for Nasdaq, $28.736 for Gold Miners, 80% of initial values
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| Buffer values: | 10,122.512 for Nasdaq, $28.736 for Gold Miners, 80% of initial values
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| Pricing date: | Dec.23
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| Settlement date: | Dec. 29
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 4%
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| Cusip: | 17328YC69
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