Published on 7/30/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.12 million callable contingent coupon equity notes on ETFs, index
By Kiku Steinfeld
Chicago, July 30 – Citigroup Global Markets Holdings Inc. priced $1.12 million of callable contingent coupon equity-linked securities due July 20, 2023 linked to the worst performing of the Energy Select Sector SPDR fund, the VanEck Vectors Oil Services ETF 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 15% if each asset closes at or above its coupon barrier level, 73% 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, the payout will be par unless any asset finishes below 73% of its initial level, in which case investors will be fully exposed to the loss of the least performing asset.
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: | Energy Select Sector SPDR fund, VanEck Vectors Oil Services ETF and S&P 500 index
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Amount: | $1,124,000
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Maturity: | July 20, 2023
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Contingent coupon: | 15% per year, payable quarterly if each asset 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 asset finishes below 73% of its initial level, in which case investors will be fully exposed to the loss of the least performing asset
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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: | $48.68 for Energy, 4,327.16 for S&P, $189.35 for Oil
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Coupon barriers: | $35.536 for Energy, 3,158.827 for S&P, $138.226 for Oil; 73% of initial levels
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Final barriers: | $35.536 for Energy, 3,158.827 for S&P, $138.226 for Oil; 73% of initial levels
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Pricing date: | July 16
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Settlement date: | July 21
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.75%
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Cusip: | 17329QHT0
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