Published on 9/16/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.06 million callable contingent coupon equity notes on three ETFs
By Taylor Fox
New York, Sept. 16 – Citigroup Global Markets Holdings Inc. priced $1.06 million of callable contingent coupon equity-linked securities due March 2, 2023 linked to the worst performing of the SPDR S&P 500 ETF trust, the Communication Services Select Sector SPDR Fund and the Technology Select Sector SPDR Fund, 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 10.5% if each ETF closes at or above its coupon barrier level, 75% 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 potential redemption date after six months.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any ETF finishes below 75% of its initial level, in which case investors will lose 1% for every 1% that the least performing ETF declines, payable either in shares of the worst performer or cash at the issuer’s option.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying ETFs: | Communication Services Select Sector SPDR Fund, Technology Select Sector SPDR Fund and SPDR S&P 500 ETF trust
|
| Amount: | $1,058,000
|
| Maturity: | March 2, 2023
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| Contingent coupon: | 10.5% per year, payable quarterly if each ETF closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless any ETF finishes below its final barrier level, in which case investors will lose 1% for every 1% that the least performing ETF declines, payable either in shares or cash
|
| Call option: | In whole at par plus any coupon due on any quarterly valuation date after six months
|
| Initial levels: | $71.29 for Communication Services, $382.33 for S&P, $130 for Technology Select
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| Coupon barrier levels: | $53.468 for Communication Services, $286.748 for S&P, $97.5 for Technology Select, 75% of initial levels
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| Final barrier levels: | $53.468 for Communication Services, $286.748 for S&P, $97.5 for Technology Select, 75% of initial levels
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| Pricing date: | Feb. 25
|
| Settlement date: | March 2
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.7%
|
| Cusip: | 17328NDS4
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