Published on 2/8/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $701,000 callable contingent coupon equity notes on four stocks
Chicago, Feb. 8 – Citigroup Global Markets Holdings Inc. priced $701,000 of callable contingent coupon equity-linked securities due April 22, 2025 linked to the worst performing of the stocks of Microsoft Corp., UnitedHealth Group Inc., Visa Inc. and Walmart Inc., 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 9.5% if each stock 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 after six months.
If the notes are not redeemed early and each stock finishes at or above the 50% final barrier, the payout at maturity will be par plus any final coupon. Otherwise, investors will lose 1% for every 1% that the least performing stock declines.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying stocks: | Microsoft Corp., UnitedHealth Group Inc., Visa Inc. and Walmart Inc.
|
| Amount: | $701,000
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| Maturity: | April 22, 2025
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| Contingent coupon: | 9.5% per year, payable monthly if each stock closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above final barrier, par plus any final coupon; otherwise, lose 1% for every 1% decline of the worst performer from its initial level
|
| Call option: | In whole at par plus any coupon due on any quarterly valuation date after six months
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| Initial levels: | $260.74 for Microsoft, $391.01 for UnitedHealth, $226.41 for Visa, $140.61 for Walmart
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| Coupon barrier levels: | $182.518 for Microsoft, $273.707 for UnitedHealth, $158.487 for Visa, $98.427 for Walmart; 70% of initial levels
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| Final barrier levels: | $130.37 for Microsoft, $195.505 for UnitedHealth, $113.205 for Visa, $70.305 for Walmart; 50% of initial levels
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| Pricing date: | April 16
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| Settlement date: | April 21
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.75%
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| Cusip: | 17329FNR1
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