Published on 8/10/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.5 million callable contingent coupon equity notes on Stoxx, Russell, Dow
By William Gullotti
Buffalo, N.Y., Aug. 10 – Citigroup Global Markets Holdings Inc. priced $1.5 million of callable contingent coupon equity-linked securities due May 19, 2022 linked to the worst performing of the Euro Stoxx 50 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 monthly coupon at an annualized rate of 7%, or 6.417% for the term, 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 monthly call valuation date after three months.
If the notes are not redeemed early, the payout will be par 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 from its initial level.
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, Euro Stoxx 50 index
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| Amount: | $1.5 million
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| Maturity: | May 19, 2022
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| Contingent coupon: | 7% per year, or 6.417% for the term of the securities, payable monthly 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 from initial level
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| Call option: | In whole at par plus any coupon due on any monthly call valuation date after three months
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| Initial levels: | 34,393.75 for Dow, 4,132.67 for Stoxx, 2,326.145 for Russell
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| Coupon barrier levels: | 24,075.625 for Dow, 2,892.869 for Stoxx, 1,628.302 for Russell; 70% of initial levels
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| Barrier levels: | 24,075.625 for Dow, 2,892.869 for Stoxx, 1,628.302 for Russell; 70% of initial levels
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| Pricing date: | June 14
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| Settlement date: | June 17
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | None
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| Cusip: | 17329FTN4
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