Published on 7/29/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $260,000 callable contingent coupon equity notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, July 29 – Citigroup Global Markets Holdings Inc. priced $260,000 of callable contingent coupon equity-linked securities due June 6, 2024 linked to the performance of the VanEck Vectors Junior Gold Miners ETF, the S&P 500 index and the Russell 2000 index, 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 underlying closes at or above its coupon barrier level, 70% 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 valuation date.
If the notes are not redeemed early, the payout will be par unless any underlying finishes below 50% of its initial level, in which case investors will lose 1% for every 1% that the least performing asset 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: | VanEck Vectors Junior Gold Miners ETF, Russell 2000 index, S&P 500 index
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Amount: | $260,000
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Maturity: | June 6, 2024
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Contingent coupon: | 10.25% 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 least performing asset declines
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Call option: | In whole at par on any quarterly valuation date
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Initial levels: | $54.89 for ETF, 4,202.04 for S&P, 2,294.742 for Russell
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Coupon barrier levels: | $38.423 for ETF, 2,941.428 for S&P, 1,606.319 for Russell; 70% of initial levels
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Final barrier levels: | $27.445 for ETF, 2,101.02 for S&P, 1,147.371 for Russell; 50% of initial levels
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Pricing date: | June 1
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Settlement date: | June 4
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.45%
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Cusip: | 17329FLZ5
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