Published on 8/25/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $6.25 million callable contingent coupon equity notes on Stoxx, Russell, Nasdaq
By Taylor Fox
New York, Aug. 25 – Citigroup Global Markets Holdings Inc. priced $6.25 million of callable contingent coupon equity-linked securities due Feb. 21, 2031 linked to the worst performing of Euro Stoxx Banks index, the Russell 2000 index and the Nasdaq-100 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 12% 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 valuation date.
If the notes are not redeemed early, the payout will be par plus any final 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.
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, Nasdaq-100 index and Euro Stoxx Banks index
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Amount: | $6,250,000
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Maturity: | Feb. 21, 2031
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Contingent coupon: | 12% 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 plus any final coupon 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 valuation date
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Initial levels: | 81.65 for Stoxx, 13,699.71 for Nasdaq, 2,256.106 for Russell
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Coupon barrier levels: | 57.155 for Stoxx, 9,589.797 for Nasdaq, 1,579.274 for Russell, 70% of initial levels
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Final barrier levels: | 48.99 for Stoxx, 8,219.826 for Nasdaq, 1,353.664 for Russell, 60% of initial levels
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Pricing date: | Feb. 17
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Settlement date: | Feb. 22
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 3.5%
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Cusip: | 17328YWQ3
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