Published on 4/22/2022 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $6.66 million variable coupon market-linked notes on 10-stock basket
By William Gullotti
Buffalo, N.Y., April 22 – Citigroup Global Markets Holdings Inc. priced $6.66 million of variable coupon market-linked notes due April 21, 2028 tied to the performance of an equally weighted basket of stocks, according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The basket consists of Abbott Laboratories, Adobe Inc., Alphabet Inc., Amazon.com, Inc., Caterpillar Inc., General Motors Co., Medtronic plc, Rockwell Automation, Inc., salesforce.com, inc. and Walt Disney Co.
The notes will pay an annual coupon at a variable rate based upon the weighted average of the modified underlying returns of each basket component, subject to a 9% cap and a 1% floor.
If a basket component closes at or above its initial level on an annual valuation date, the modified underlying return for that component stock will be 9%.
If a component stock’s return is negative on an annual valuation date, the modified underlying return for that component will reflect the same percentage decline of the stock from its initial level, subject to a floor of negative 10%.
The payout at maturity will be par plus the final variable coupon.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Issue: | Variable coupon market-linked notes
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| Guarantor: | Citigroup Inc.
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| Underlying stocks: | Abbott Laboratories, Adobe Inc., Alphabet Inc., Amazon.com, Inc., Caterpillar Inc., General Motors Co., Medtronic plc, Rockwell Automation, Inc., salesforce.com, inc. and Walt Disney Co.; equal weights
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| Amount: | $6,655,000
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| Maturity: | April 21, 2028
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| Coupon: | Paid annually at a variable rate based upon the weighted average of the modified underlying return of each basket component, subject to a 9% maximum and a 1% minimum payment; if a component stock closes at or above its initial level on the corresponding valuation date, the modified underlying return for that component will be 9%; if a component stock declines, the modified return will reflect the same percentage decline, subject to a minimum underlying return of negative 10%
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| Price: | Par
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| Payout at maturity: | Par plus the final variable coupon
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| Initial levels: | $116.29 for Abbott, $425.47 for Adobe, $2,559.22 for Alphabet, $3,055.70 for Amazon, $229.92 for Caterpillar, $40.63 for GM, $108.08 for Medtronic, $261.47 for Rockwell, $187.01 for salesforce, $127.77 for Disney
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| Pricing date: | April 18
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| Settlement date: | April 21
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17330FDL2
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