Published on 8/5/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.08 million callable contingent coupon equity notes on three ETFs
By William Gullotti
Buffalo, N.Y., Aug. 5 – Citigroup Global Markets Holdings Inc. priced $1.08 million of callable contingent coupon equity-linked securities due June 8, 2023 linked to the worst performing of the Communication Services Select Sector SPDR Fund, the SPDR S&P Regional Banking ETF and the VanEck Vectors Semiconductor 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 12% if each asset closes at or above its coupon barrier level, 75% 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 plus the final coupon unless any asset finishes below 75% 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.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying funds: | Communication Services Select Sector SPDR Fund, SPDR S&P Regional Banking ETF, VanEck Vectors Semiconductor ETF
|
| Amount: | $1.08 million
|
| Maturity: | June 8, 2023
|
| Contingent coupon: | 12% per year, payable quarterly if each fund closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon 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
|
| Call option: | In whole at par plus any coupon due on any quarterly valuation date
|
| Initial levels: | $79.19 for Communications, $70.72 for Banking, $251.48 for Semiconductor
|
| Coupon barriers: | $59.393 for Communications, $53.04 for Banking, $188.61 for Semiconductor; 75% of initial levels
|
| Barrier levels: | $59.393 for Communications, $53.04 for Banking, $188.61 for Semiconductor; 75% of initial levels
|
| Equity levels: | 12.62786 for Communications, 14.14027 for Banking, 3.97646 for Semiconductor; shares per security
|
| Pricing date: | June 4
|
| Settlement date: | June 9
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 17328NUB2
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
