Published on 2/15/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $6.14 million callable contingent coupon equity notes on S&P, Russell, Dow
By Taylor Fox
New York, Feb. 16 – Citigroup Global Markets Holdings Inc. priced $6.14 million of callable contingent coupon equity-linked securities due Jan. 23, 2026 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, 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 6% 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 quarterly valuation date after six months.
If the notes are not redeemed early, the payout will be par plus any final coupon 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 S&P 500 index
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Amount: | $6,143,000
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Maturity: | Jan. 23, 2026
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Contingent coupon: | 6% per year, payable quarterly 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 plus any final coupon 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 quarterly valuation date after six months
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Initial levels: | 2,151.137 for Russell, 3,798.91 for S&P, 30,930.52 for Dow
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Coupon barrier levels: | 1,505.796 for Russell, 2,659.237 for S&P, 21,651.364 for Dow, 70% of initial levels
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Final barrier levels: | 1,505.796 for Russell, 2,659.237 for S&P, 21,651.364 for Dow, 70% of initial levels
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Pricing date: | Jan. 19
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Settlement date: | Jan. 22
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 3.5%
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Cusip: | 17328YHF4
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