Published on 4/4/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.65 million callable contingent coupon equity notes Stoxx, Stoxx Banks
By William Gullotti
Buffalo, N.Y., April 4 – Citigroup Global Markets Holdings Inc. priced $1.65 million of callable contingent coupon equity-linked securities due May 8, 2031 linked to the worst performing of the Euro Stoxx 50 index and the Euro Stoxx Banks index, 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 10% if each index closes at or above its coupon barrier level, 75% 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 potential redemption date.
If the notes are not redeemed early, the payout will be par plus any coupon unless any index finishes below 60% 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: | Euro Stoxx Banks index, Euro Stoxx 50 index
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| Amount: | $1,650,000
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| Maturity: | May 8, 2031
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| Coupon: | 10% 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 from its initial level
|
| Call option: | In whole at par plus any coupon due on any quarterly potential redemption date
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| Initial levels: | 91.03 for Stoxx Banks, 3,924.8 for Stoxx 50
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| Coupon barrier levels: | 68.273 for Stoxx Banks, 2,943.6 for Stoxx 50; 75% of initial levels
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| Final barrier levels: | 54.618 for Stoxx Banks, 2,354.88 for Stoxx 50; 60% of initial levels
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| Pricing date: | May 4, 2021
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| Settlement date: | May 7, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.7%
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| Cusip: | 17329FLN2
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