Published on 6/14/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $240,000 callable contingent coupon equity notes on Nasdaq, Russell, Dow
By William Gullotti
Buffalo, N.Y., June 14 – Citigroup Global Markets Holdings Inc. priced $240,000 of callable contingent coupon equity-linked securities due May 26, 2026 linked to the worst performing of the Nasdaq-100 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 5% 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 call valuation date after one year.
If the notes are not redeemed early, the payout will be par unless any index finishes below 65% 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, Nasdaq-100 index
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Amount: | $240,000
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Maturity: | May 26, 2026
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Contingent coupon: | 5% 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 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 call valuation date after one year
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Initial levels: | 34,084.15 for Dow, 13,494.09 for Nasdaq, 2,207.76 for Russell
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Coupon barrier levels: | 23,858.905 for Dow, 9,445.863 for Nasdaq, 1,545.432 for Russell; 70% of initial levels
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Barrier levels: | 22,154.698 for Dow, 8,771.159 for Nasdaq, 1,435.044 for Russell; 65% of initial levels
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Pricing date: | May 20
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Settlement date: | May 25
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 4.125%
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Cusip: | 17329FPF5
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