Published on 6/2/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $24.06 million callable contingent coupon notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, June 2 – Citigroup Global Markets Holdings Inc. priced $24.06 million of callable contingent coupon notes due May 30, 2025 linked to the least performing of the S&P 500 index, Russell 2000 index and the iShares MSCI EAFE exchange-traded fund, 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 9.51% if each underlying asset closes at or above its coupon barrier level, 80% of its initial price, on every day that quarter.
The notes will be callable in whole at par on any observation date after six months.
If each asset finishes at or above its barrier level, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon notes
|
| Underlying assets: | S&P 500 index, Russell 2000 index, iShares MSCI EAFE ETF
|
| Amount: | $24,063,000
|
| Maturity: | May 30, 2025
|
| Contingent coupon: | 9.51% per year, payable quarterly if each underlying asset closes at or above coupon barrier level on every day that quarter
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above barrier level, par; otherwise, full exposure to losses of least-performing asset
|
| Call option: | Callable at par on any observation date after six months
|
| Initial values: | 4,188.13 for S&P, $80.54 for MSCI EAFE, 2,205.75 for Russell
|
| Coupon barriers: | 3,350.504 for S&P, $64.432 for MSCI EAFE, 1,764.6 for Russell, 80% of initial levels
|
| Barriers: | 2,512.878 for S&P, $48.324 for MSCI EAFE, 1,323.45 for Russell, 60% of initial levels
|
| Pricing date: | May 25
|
| Settlement date: | May 28
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 17329FQ98
|
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