Published on 8/16/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.35 million callable contingent coupon equity notes on three ETFs
By Kiku Steinfeld
Chicago, Aug. 16 – Citigroup Global Markets Holdings Inc. priced $1.35 million of callable contingent coupon equity-linked securities due Aug. 3, 2023 linked to the worst performing of the Technology Select Sector SPDR Fund, the SPDR S&P Retail ETF and the VanEck Vectors Oil Services 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 10.25% if each asset closes at or above its coupon barrier level, 60% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date.
If the notes are not redeemed early, the payout will be par unless any asset finishes below 60% of its initial level, in which case investors will receive a number of shares of the worst performer equal to $1,000 divided by that ETF’s initial share price or the cash equivalent at the issuer’s option.
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 funds: | Technology Select Sector SPDR Fund, SPDR S&P Retail ETF and VanEck Vectors Oil Services ETF
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| Amount: | $1,349,000
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| Maturity: | Aug. 3, 2023
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| Contingent coupon: | 10.25% per year, payable quarterly if each fund closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below final barrier level, in which case investors will lose 1% for every 1% that the least performing asset declines, payable as shares or the cash equivalent at the issuer’s option
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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: | $95.27 for Retail, $153.40 for Technology, $190.87 for Oil
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| Coupon barriers: | $57.162 for Retail, $92.04 for Technology, $114.522 for Oil; 60% of initial levels
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| Barrier levels: | $57.162 for Retail, $92.04 for Technology, $114.522 for Oil; 60% of initial levels
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| Equity ratios: | 10.49648 for Retail, 6.51890 for Technology, 5.23917 for Oil
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| Pricing date: | July 30
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| Settlement date: | Aug. 4
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 17328NYW2
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