Published on 3/25/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $653,000 callable contingent coupon notes on Dow, S&P
By Wendy Van Sickle
Columbus, Ohio, March 25 – Citigroup Global Markets Holdings Inc. priced $653,000 of callable contingent coupon equity-linked securities due Dec. 8, 2022 linked to the worst performing of the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
quarterly, the notes will pay a contingent coupon at an annual rate of 5.4% if each index closes at or above its coupon barrier level, 65% of its initial level, on the related observation date.
The notes will be callable at par plus any coupon on any quarterly observation date.
If the notes are not called and each index finishes at or above its downside threshold level, 65% of its initial level, the payout at maturity will be par plus any coupon. Otherwise, investors will lose 1% for every 1% decline of the least-performing index.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the agent.
| 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: | Dow Jones industrial average, S&P 500 index
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| Amount: | $653,000
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| Maturity: | Dec. 8, 2022
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| Coupon: | 5.4% per year, payable quarterly if each index closes at or above its coupon barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus any coupon unless any index finishes below downside threshold level, in which case 1% loss for every 1% decline of worst performing index
|
| Call option: | At par plus any coupon on any quarterly observation date
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| Initial levels: | 30,924.14 for Dow, 3,768.47 for S&P
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| Coupon barrier levels: | 20,100.691 for Dow, 2,449.506 for S&P; 65% of initial levels
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| Downside thresholds: | 20,100.691 for Dow, 2,449.506 for S&P; 65% of initial levels
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| Pricing date: | March 4
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| Settlement date: | March 9
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.725%
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| Cusip: | 17328YVN1
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