Published on 10/1/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $4.46 million callable contingent coupon equity notes on index, ETF
By Kiku Steinfeld
Chicago, Oct. 1 – Citigroup Global Markets Holdings Inc. priced $4.46 million of callable contingent coupon equity-linked securities due Sept. 20, 2024 linked to the worst performing of the S&P 500 index and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent semiannual coupon at an annualized rate of 10.5% if each underlying 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 semiannual call valuation date.
If the notes are not redeemed early, the payout will be par unless any underlying finishes below 70% of its initial level, in which case investors will lose 1% for every 1% that the worst performer 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 assets: | SPDR S&P Biotech ETF, S&P 500 index
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| Amount: | $4,464,000
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| Maturity: | Sept. 20, 2024
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| Contingent coupon: | 10.5% per year, payable semiannually if each underlying closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
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| Payout at maturity: | Par unless any underlying finishes below its final barrier level, in which case investors will lose 1% for every 1% that the worst performer declines from its initial level
|
| Call option: | In whole at par plus any coupon due on semiannual call valuation date
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| Initial levels: | $132.88 for ETF, 4,432.99 for S&P
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| Coupon barrier levels: | $93.016 for ETF, 3,103.093 for S&P; 70% of initial levels
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| Barrier levels: | $93.016 for ETF, 3,103.093 for S&P; 70% of initial levels
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| Pricing date: | Sept. 17
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| Settlement date: | Sept. 22
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0%
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| Cusip: | 17329QPP9
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