Published on 7/8/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $530,000 callable contingent coupon equity notes on four stocks
By William Gullotti
Buffalo, N.Y., July 8 – Citigroup Global Markets Holdings Inc. priced $530,000 of callable contingent coupon equity-linked securities due July 7, 2025 linked to the worst performing of Alphabet Inc., Apple Inc., Microsoft Corp. and PayPal Holdings, Inc., 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 8.6% if each stock 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 valuation date after six months.
If the notes are not redeemed early, the payout will be par unless any stock finishes below 50% of its initial level, in which case investors will lose 1% for every 1% that the least performing stock 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 stocks: | Apple Inc., Alphabet Inc., Microsoft Corp., PayPal Holdings, Inc.
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| Amount: | $530,000
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| Maturity: | July 7, 2025
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| Contingent coupon: | 8.6% per year, payable monthly if each stock 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 stock finishes below its final barrier level, in which case investors will lose 1% for every 1% that the least performing stock declines
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| Call option: | In whole at par any quarterly valuation date after six months
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| Initial levels: | $2,448.89 for Alphabet, $137.27 for Apple, $271.60 for Microsoft, $289.00 for PayPal
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| Coupon barrier levels: | $1,714.223 for Alphabet, $96.089 for Apple, $190.12 for Microsoft, $202.30 for PayPal; 70% of initial levels
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| Final barrier levels: | $1,224.445 for Alphabet, $68.635 for Apple, $135.80 for Microsoft, $144.50 for PayPal; 50% of initial levels
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| Pricing date: | July 1
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| Settlement date: | July 7
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17329FU44
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