Published on 6/24/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $3.53 million callable contingent coupon equity notes on indexes, ETF
By William Gullotti
Buffalo, N.Y., June 16 – Citigroup Global Markets Holdings Inc. priced $3.53 million of callable contingent coupon equity-linked securities due Feb. 15, 2023 linked to the performance of the iShares Russell 2000 ETF, the Dow Jones industrial average and the Nasdaq-100 index, 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% if each underlying closes at or above its coupon barrier level, 80% 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 unless any underlying finishes below 70% of its initial level, in which case investors will lose 1% for every 1% that the least performing asset 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 assets: | iShares Russell 2000 ETF, Nasdaq-100 index, Dow Jones industrial average
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| Amount: | $3,527,000
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| Maturity: | Feb. 15, 2023
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| Contingent coupon: | 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 performing asset declines
|
| Call option: | In whole at par on any quarterly valuation date
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| Initial levels: | $219.66 for ETF, 34,742.82 for Dow, 13,359.08 for Nasdaq
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| Coupon barrier levels: | $175.728 for ETF, 27,794.256 for Dow, 10,687.264 for Nasdaq; 80% of initial levels
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| Final barrier levels: | $153.762 for ETF, 24,319.974 for Dow, 9,351.356 for Nasdaq; 70% of initial levels
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| Pricing date: | May 10
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| Settlement date: | May 13
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.225%
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| Cusip: | 17329FHN7
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