Published on 7/6/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $8.02 million callable contingent coupon equity notes on Dow, two ETFs
By William Gullotti
Buffalo, N.Y., July 6 – Citigroup Global Markets Holdings Inc. priced $8.02 million of callable contingent coupon equity-linked securities due July 6, 2023 linked to the worst performing of the Dow Jones industrial average, the VanEck Vectors Oil Services ETF and the SPDR S&P Regional Banking 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 9.55% if each underlying closes at or above its coupon barrier level, 60% 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 underlying finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the worst performer 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 assets: | SPDR S&P Regional Banking ETF, Dow Jones industrial average, VanEck Vectors Oil Services ETF
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Amount: | $8,017,000
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Maturity: | July 6, 2023
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Contingent coupon: | 9.55% per year, payable quarterly if each underlying 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 underlying finishes below its final barrier level, in which case investors will lose 1% for every 1% that the worst performer 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: | $218.93 for Oil ETF, $65.53 for Banking ETF, 34,502.51 for Dow
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Coupon barrier levels: | $131.358 for Oil ETF, $39.318 for Banking ETF, 20,701.506 for Dow; 60% of initial levels
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Barrier levels: | $131.358 for Oil ETF, $39.318 for Banking ETF, 20,701.506 for Dow; 60% of initial levels
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Pricing date: | June 30
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Settlement date: | July 6
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.75%
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Cusip: | 17329Q2C3
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