Published on 1/11/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.47 million callable contingent coupon equity notes on Nasdaq, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Jan. 11 – Citigroup Global Markets Holdings Inc. priced $1.47 million of callable contingent coupon equity-linked securities due Aug. 29, 2024 clinked to the worst performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent monthly coupon at an annualized rate of 7.5% if each index closes at or above its coupon barrier level, 73% of its initial level, on every day that period.
The notes will be callable in whole at par plus any coupon due on any monthly valuation date after three months.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any index finishes below 70% of its initial level, in which case investors will lose 1% for every 1% that the least performing index 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 indexes: | S&P 500 index, Nasdaq-100 index and Russell 2000 index
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| Amount: | $1,473,000
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| Maturity: | Aug. 29, 2024
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| Contingent coupon: | 7.5% per year, payable monthly if each index closes at or above coupon barrier on every day that period
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| Price: | Par
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| Payout at maturity: | Par plus coupon unless any index finishes below 70% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines
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| Call option: | In whole at par plus any coupon due on any monthly valuation date after three months
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| Initial levels: | 4,486.23 for S&P, 2,230.906 for Russell, 15,357.68 for Nasdaq
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| Coupon barriers: | 3,274.948 for S&P, 1,628.561 for Russell, 11,211.106 for Nasdaq; 73% of initial levels
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| Barrier levels: | 3,140.361 for S&P, 1,561.634 for Russell, 10,750.376 for Nasdaq; 70% of initial levels
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| Pricing date: | Aug. 24
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| Settlement date: | Aug. 27
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.95%
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| Cusip: | 17329QCD0
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