Published on 3/13/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $515,000 callable contingent coupon equity notes on Stoxx, EM ETF
By Kiku Steinfeld
Chicago, March 14 – Citigroup Global Markets Holdings Inc. priced $515,000 of callable contingent coupon equity-linked securities due Sept. 19, 2025 linked to the worst performing of the, the iShares MSCI Emerging Markets ETF and the Euro Stoxx 50 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 6.65% if each underlier closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
After one year, the notes will be callable at par plus any coupon due on any quarterly call valuation date.
If the notes have not been called and the worst performer finishes at or above the 70% final barrier, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
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| Underlying assets: | Euro Stoxx 50 index, iShares MSCI Emerging Markets ETF
|
| Amount: | $515,000
|
| Maturity: | Sept. 19, 2025
|
| Contingent coupon: | 6.65% per year, payable quarterly if each underlier closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each underlier finishes at or above the final barrier, par; otherwise, lose 1% for every 1% decline of the worst performer from its initial level
|
| Call option: | Par plus any coupon due on any quarterly call valuation date after one year
|
| Initial levels: | $51.59 for ETF, 4,169.87 for index
|
| Coupon barrier levels: | $36.113 for ETF, 2,918.909 for index; 70% of initial levels
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| Barrier levels: | $36.113 for ETF, 2,918.909 for index; 70% of initial levels
|
| Pricing date: | Sept. 16
|
| Settlement date: | Sept. 21
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| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1%
|
| Cusip: | 17329QQY9
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