Published on 5/19/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $875,000 callable contingent coupon equity notes on Russell, S&P 500
By William Gullotti
Buffalo, N.Y., May 19 – Citigroup Global Markets Holdings Inc. priced $875,000 of callable contingent coupon equity-linked securities due Oct. 24, 2022 linked to the worst performing of the Russell 200 index 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 monthly coupon at an annualized rate of 6.8% if each index 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 monthly call valuation date after three months.
If the notes are not redeemed early, the payout will be par unless any index finishes below 70% of its initial level, in which case investors will lose 1% for every 1% that the least performing index 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 indexes: | Russell 2000 index, Dow Jones industrial average and Nasdaq-100 index
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Amount: | $875,000
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Maturity: | Oct. 24, 2022
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Contingent coupon: | 6.8% per year, payable monthly if each index 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 index finishes below its final barrier level, in which case investors will lose 1% for every 1% that the least performing index declines
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Call option: | In whole at par plus any coupon due on any monthly call valuation date after three months
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Initial levels: | 2,232.001 for Russell, 4,163.26 for S&P
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Coupon barrier levels: | 1,562.401 for Russell, 2,914.282 for S&P; 70% of initial levels
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Barrier levels: | 1,562.401 for Russell, 2,914.282 for S&P; 70% of initial levels
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Pricing date: | April 19
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Settlement date: | April 22
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.725%
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Cusip: | 17329FNF7
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