Published on 8/3/2021 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $3.1 million equity-linked securities on two VanEck gold ETFs
By William Gullotti
Buffalo, N.Y., Aug. 3 – Citigroup Global Markets Holdings Inc. priced $3.1 million of equity-linked securities due Dec. 9, 2021 tied to the least performing of the shares of VanEck Vectors Gold Miners ETF and VanEck Vectors Junior Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 11% per year, or 5.5% over the term, payable monthly.
If each ETF finishes at or above 80% of its initial level, the payout at maturity will be par. Otherwise, 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 discretion.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Equity-linked securities
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| Underlying ETFs: | VanEck Vectors Gold Miners ETF, VanEck Vectors Junior Gold Miners ETF
|
| Amount: | $3,096,000
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| Maturity: | Dec. 9, 2021
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| Coupon: | 11% per year, payable monthly; 5.5% for term of securities
|
| Price: | Par
|
| Payout at maturity: | If each ETF finishes at or above barrier, par; otherwise, investors will receive shares of the worst performer or the cash equivalent at the issuer’s discretion
|
| Initial levels: | $38.68 for Gold Miners, $53.68 for Junior Miners
|
| Barrier levels: | $30.944 for Gold Miners, $42.944 for Junior Miners; 80% of initial levels
|
| Physical delivery: | 25.85315 for Gold Miners, 18.62891 for Junior Miners; share delivery per note
|
| Pricing date: | June 4
|
| Settlement date: | June 9
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.75%
|
| Cusip: | 17328NTK4
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