Published on 7/27/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.57 million callable contingent coupon equity notes on Nasdaq, Russell, S&P
By William Gullotti
Buffalo, N.Y., July 27 – Citigroup Global Markets Holdings Inc. priced $1.57 million of callable contingent coupon equity-linked securities due July 25, 2025 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 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 7.3% 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 call valuation date.
If the notes are not redeemed early, the payout will be par unless any index finishes below 70% 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: | Russell 2000 index, S&P 500 index, Nasdaq-100 index
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| Amount: | $1.57 million
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| Maturity: | July 25, 2025
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| Contingent coupon: | 7.3% 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
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| Call option: | In whole at par plus any coupon due on any quarterly call valuation date
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| Initial levels: | 4,367.48 for S&P, 14,940.17 for Nasdaq, 2,199.475 for Russell
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| Coupon barrier levels: | 3,275.61 for S&P, 11,205.128 for Nasdaq, 1,649.606 for Russell; 75% of initial levels
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| Barrier levels: | 3,057.236 for S&P, 10,458.119 for Nasdaq, 1,539.633 for Russell; 70% of initial levels
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| Pricing date: | July 22
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| Settlement date: | July 27
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.95%
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| Cusip: | 17329QJL5
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