Published on 4/7/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $900,000 contingent coupon autocalls on ETFs
By Wendy Van Sickle
Columbus, Ohio, April 7 – Citigroup Global Markets Holdings Inc. priced $900,000 of autocallable contingent coupon equity-linked securities due April 2, 2024 linked to the least performing of the iShares Russell 2000 ETF, SPDR Euro Stoxx 50 ETF and SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Each six months, the notes pay a contingent coupon at the rate of 7% per year if the least-performing ETF closes at or above its coupon barrier value, 65% of its initial share price, on the valuation date for that period.
The notes will be automatically called at par if the least-performing ETF closes at or above its initial price on any semiannual valuation date.
The payout at maturity will be par unless the least-performing ETF finishes below its final barrier value, 65% of its initial share price, in which case investors will we fully exposed to the decline of the least-performing ETF.
The notes are guaranteed by Citigroup Inc.
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: | Autocallable contingent coupon equity-linked securities
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Underlying ETFs: | iShares Russell 2000 ETF, SPDR Euro Stoxx 50 ETF and SPDR S&P 500 ETF Trust
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Amount: | $900,000
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Maturity: | April 2, 2024
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Coupon: | 7% per year, payable semiannually if least-performing ETF closes at or above coupon barrier value on valuation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless least-performing ETF finishes below final barrier value, in which case full exposure to decline of least performer
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Call: | Automatically at par if the least-performing ETF closes at or above its initial price on any semiannual valuation date
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Initial share prices: | $217.06 for Russell, $43.69 for Stoxx, $389.50 for S&P
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Coupon barriers: | $141.089 for Russell, $28.399 for Stoxx, $253.175 for S&P, or 65% of initial share prices
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Final barrier values: | $141.089 for Russell, $28.399 for Stoxx, $253.175 for S&P, or 65% of initial share prices
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Pricing date: | March 23
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Settlement date: | March 30
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.2%
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Cusip: | 17329F2V5
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