Published on 7/12/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.64 million callable contingent coupon equity notes on Dow, VanEck Gold
By William Gullotti
Buffalo, N.Y., July 12 – Citigroup Global Markets Holdings Inc. priced $1.64 million of callable contingent coupon equity-linked securities due May 29, 2026 linked to the worst performing of the Dow Jones industrial average and the VanEck Vectors Gold Miners ETF, 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 7.25% if each underlying closes at or above its coupon barrier level, 80% 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 one year.
If the notes are not redeemed early, the payout will be par unless any underlying finishes below 85% of its initial level, in which case investors will lose 1% for every 1% that the worst performer falls below 15%.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying assets: | VanEck Vectors Gold Miners ETF, Dow Jones industrial average
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| Amount: | $1,636,000
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| Maturity: | May 29, 2026
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| Contingent coupon: | 7.25% per year, payable monthly if each underlying closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any underlying finishes below its final buffer level, in which case investors will lose 1% for every 1% that the worst performer falls below the buffer
|
| Call option: | In whole at par plus any coupon due on any monthly call valuation date after one year
|
| Initial levels: | $39.52 for ETF, 34,312.46 for Dow
|
| Coupon barrier levels: | $31.616 for ETF, 27,449.968 for Dow; 80% of initial levels
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| Buffer levels: | $33.592 for ETF, 29,165.591 for Dow; 85% of initial levels
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| Pricing date: | May 25
|
| Settlement date: | May 28
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| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.75%
|
| Cusip: | 17329FLU6
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