Published on 2/1/2022 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.28 million dual directional barrier securities on S&P, Russell
By Kiku Steinfeld
Chicago, Feb. 1 – Citigroup Global Markets Holdings Inc. priced $1.28 million of 0% dual directional barrier securities due Jan. 24, 2025 linked to 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.
If each index finishes at or above the initial level, the payout at maturity will be par plus the return of the laggard index, capped at 18%.
If the laggard index falls but finishes at or above the 65% barrier level, the payout at maturity will be par plus the absolute value of the laggard index return.
Otherwise, investors will lose 1% for every 1% that the laggard index declines from its initial level.
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: | Dual directional barrier securities
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Underlying indexes: | S&P 500 index and Russell 2000 index
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Amount: | $1,283,000
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Maturity: | Jan. 24, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If laggard index finishes at or above the initial level, par plus return of laggard index, capped at 18%; if laggard index falls but finishes at or above barrier level, par plus the absolute value of its return; otherwise, 1% loss for each 1% decline of laggard
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Initial index levels: | 4,482.73 for S&P, 2,024.037 for Russell
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Barrier levels: | 2,913.775 for S&P, 1,315.624 for Russell; 65% of initial levels
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Pricing date: | Jan. 20
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Settlement date: | Jan. 25
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 3.2%
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Cusip: | 17329URC7
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