Published on 11/1/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $840,000 callable contingent coupon equity notes on S&P, Russell
Chicago, Nov. 1 – Citigroup Global Markets Holdings Inc. priced $840,000 of callable contingent coupon equity-linked securities due Sept. 29, 2023 linked to the lesser performing of the S&P 500 index and the Russell 2000 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% if each index closes at or above its coupon barrier level, 85% 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 one year.
If the notes have not been called, the payout at maturity will be par unless either index closes below its 85% buffer level, in which case investors will lose 1% for every 1% that the lesser-performing index finishes beyond the 15% buffer.
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, S&P 500 index
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Amount: | $840,000
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Maturity: | Sept. 29, 2023
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Contingent coupon: | 6% 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 either index closes below its buffer level, in which case investors will lose 1% for every 1% that the lesser-performing index finishes beyond the buffer
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Call option: | In whole at par plus any coupon due on any monthly call valuation date after one year
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Initial levels: | 3,974.54 for S&P, 2,221.482 for Russell
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Coupon barrier levels: | 3,378.359 for S&P, 1,888.260 for Russell; 85% of initial levels
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Buffer levels: | 3,378.359 for S&P, 1,888.260 for Russell; 85% of initial levels
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Pricing date: | March 26
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Settlement date: | March 31
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2.5%
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Cusip: | 17328YSK1
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