Published on 7/21/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2.79 million callable contingent coupon equity notes on SPDR funds
By Kiku Steinfeld
Chicago, July 21 – Citigroup Global Markets Holdings Inc. priced $2.79 million of callable contingent coupon equity-linked securities due May 31, 2024 linked to the worst performing of the SPDR S&P Regional Banking ETF, the Industrial Select Sector SPDR fund 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 quarterly coupon at an annualized rate of 8% if each asset closes at or above its coupon barrier level, 65% 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 valuation date.
If the notes are not redeemed, the payout will be par unless any asset finishes below 65% of its initial level, in which case investors will receive a fixed number of shares of the worst performing underlying equal to its equity ratio or, if the issuer prefers, the cash value of those shares
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 Regional Banking ETF, Industrial Select Sector SPDR fund and SPDR S&P Biotech ETF
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| Amount: | $2,787,000
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| Maturity: | May 31, 2024
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| Contingent coupon: | 8% per year, payable quarterly if each asset 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 if each asset finishes above its final barrier level; otherwise, a fixed number of shares of the worst performing underlying equal to its equity ratio or cash value
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| Call option: | In whole at par plus any coupon due on any quarterly valuation date
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| Initial levels: | $105.12 for Industrial, $128.10 for Bank, $70.69 for Regional Banking
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| Coupon barriers: | $68.328 for Industrial, $83.265 for Biotech, $45.949 for Regional Banking; 65% of initial levels
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| Final barriers: | $68.328 for Industrial, $83.265 for Biotech, $45.949 for Regional Banking; 65% of initial levels
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| Equity ratios: | 9.51294 for Industrial, 7.80640 for Bank, 14.14627 for Regional Banking
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| Pricing date: | May 28
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| Settlement date: | June 3
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17328NRG5
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