Published on 7/19/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $955,000 callable contingent coupon equity notes on Dow, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, July 19 – Citigroup Global Markets Holdings Inc. priced $955,000 of callable contingent coupon equity-linked securities due March 2, 2023 linked to the worst performing of the Dow Jones industrial average, 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 monthly coupon at an annualized rate of 7% 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 monthly call valuation date after six months.
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.
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, Dow Jones industrial average
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| Amount: | $955,000
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| Maturity: | March 2, 2023
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| Contingent coupon: | 7% per year, payable monthly 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 monthly call valuation date after six months
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| Initial levels: | 13,657.85 for Nasdaq, 34,464.64 for Dow, 2,273.073 for Russell
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| Coupon barrier levels: | 9,560.495 for Nasdaq, 24,125.248 for Dow, 1,591.151 for Russell; 70% of initial levels
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| Barrier levels: | 9,560.495 for Nasdaq, 24,125.248 for Dow, 1,591.151 for Russell; 70% of initial levels
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| Pricing date: | May 27
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| Settlement date: | June 2
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.775%
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| Cusip: | 17329FJY1
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