Published on 10/14/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2 million callable contingent coupon equity notes on three indexes
By William Gullotti
Buffalo, N.Y., Oct. 14 – Citigroup Global Markets Holdings Inc. priced $2 million of callable contingent coupon equity-linked securities due July 28, 2026 linked to the worst performing of the MSCI EAFE index, the MSCI Emerging Markets index and the Euro Stoxx 50 index, 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 4.25% 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 six months.
If the notes are not redeemed early, the payout will be par plus the final coupon if each index finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above 60% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying indexes: | MSCI Emerging Markets index, Euro Stoxx 50 index, MSCI EAFE index
|
| Amount: | $2,000,000
|
| Maturity: | July 28, 2026
|
| Contingent coupon: | 4.25% per year, payable monthly if each index closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | If all indexes finish at or above coupon barrier, par plus final coupon; if worst performer finishes below coupon barrier but at or above final barrier, par; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
|
| Call option: | In whole at par plus any coupon due on any monthly call valuation date after six months
|
| Initial levels: | 4,109.1 for Stoxx, 2,307.08 for EAFE, 1,311.3 for EM
|
| Coupon barrier levels: | 2,876.37 for Stoxx, 1,614.956 for EAFE, 917.91 for EM; 70% of initial levels
|
| Barrier levels: | 2,465.46 for Stoxx, 1,384.248 for EAFE, 786.78 for EM; 60% of initial levels
|
| Pricing date: | July 23
|
| Settlement date: | July 28
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.5%
|
| Cusip: | 17329QFQ8
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
