Published on 6/5/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $718,000 callable contingent coupon equity notes on Russell, VanEck ETF
By William Gullotti
Buffalo, N.Y., June 7 – Citigroup Global Markets Holdings Inc. priced $718,000 of callable contingent coupon equity-linked securities due May 9, 2024 linked to the worst performing of the Russell 2000 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 pay a contingent monthly coupon at an annualized rate of 7.7% if each underlying closes at or above its coupon barrier level, 70% 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 call valuation date after six months.
If the notes are not redeemed early, the payout will be par unless any underlying finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the worst performer declines.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying assets: | Russell 2000 index, VanEck Vectors Gold Miners ETF
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| Amount: | $718,000
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| Maturity: | May 9, 2024
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| Contingent coupon: | 7.7% per year, payable monthly if each underlying 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 underlying finishes below its final barrier level, in which case investors will lose 1% for every 1% that the least performer declines
|
| Call option: | In whole at par plus any coupon due on any quarterly call valuation date after six months
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| Initial levels: | $36.76 for VanEck, 2,241.421 for Russell
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| Coupon barrier levels: | $25.732 for VanEck, 1,568.995 for Russell; 70% of initial levels
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| Barrier levels: | $22.056 for VanEck, 1,344.853 for Russell; 60% of initial levels
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| Pricing date: | May 6
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| Settlement date: | May 11
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.95%
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| Cusip: | 17329FF82
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