Published on 2/20/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $8.31 million callable contingent coupon equity notes on indexes, ETF
By Kiku Steinfeld
Chicago, Feb. 22 – Citigroup Global Markets Holdings Inc. priced $8.31 million of callable contingent coupon equity-linked securities due Feb. 9, 2023 linked to the worst performing of the Russell 2000 index, the SPDR S&P Regional Banking ETF and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 10.25% if each asset closes at or above the coupon barrier price, 65% of the initial price, on the valuation date for that quarter.
The notes will be callable at par on any quarterly call valuation date.
If the notes are not called and each asset finishes at or above final barrier price, 65% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be exposed to the downside of the worst performer.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying assets: | SPDR S&P Regional Banking ETF, S&P 500 index, Russell 2000 index
|
| Amount: | $8,311,000
|
| Maturity: | Feb. 9, 2023
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| Coupon: | 10.25% annualized rate, payable quarterly if each asset closes at or above coupon barrier price on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if each asset closes at or above final barrier; otherwise, investors will be exposed to the downside of the worst performer
|
| Call option: | Callable at par plus coupon on any quarterly call valuation date
|
| Initial levels: | 2,233.327 for Russell, 3,886.83 for S&P and $58.95 for ETF
|
| Coupon barrier levels: | 1,451.663 for Russell, 2,526.440 for S&P and $38.318 for ETF, 65% of initial levels
|
| Final barrier levels: | 1,451.663 for Russell, 2,526.440 for S&P and $38.318 for ETF, 65% of initial levels
|
| Pricing date: | Feb. 5
|
| Settlement date: | Feb. 10
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.75%
|
| Cusip: | 17328YRT3
|
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