Published on 3/4/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $752,000 callable contingent coupon equity notes on Nasdaq, Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, March 4 – Citigroup Global Markets Holdings Inc. priced $752,000 of callable contingent coupon equity-linked securities due Feb. 23, 2024 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at annual rate of 9.2% if each underlier closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be callable at par plus any coupon due on any quarterly call valuation date after six months.
The payout at maturity will be par plus the final coupon unless any underlier finishes below its 70% barrier, in which case investors will lose 1% for each 1% decline of the worst performing underlier.
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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| Underliers: | Dow Jones industrial average, Nasdaq-100 index, Russell 2000 index
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| Amount: | $752,000
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| Maturity: | Feb. 23, 2024
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| Coupon: | 9.2%, payable quarterly if each underlier closes at or above coupon barrier on related observation date
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| Price: | Par
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| Call option: | At par plus any coupon due on any quarterly call valuation date after six months
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| Payout at maturity: | Par plus coupon if all indexes close above final barrier level; otherwise 1% loss for each 1% decline of worst performing underlier
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| Initial levels: | 2,266.689 for Russell, 31,494.32 for Dow, 13,580.78 for Nasdaq
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| Coupon barriers: | 1,586.682 for Russell, 22,046.024 for Dow, 9,506.546 for Nasdaq; 70% of initial levels
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| Final barrier values: | 1,586.682 for Russell, 22,046.024 for Dow, 9,506.546 for Nasdaq; 70% of initial levels
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| Pricing date: | Feb. 19
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| Settlement date: | Feb. 24
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.95%
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| Cusip: | 17328YSP0
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