Published on 5/4/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.13 million callable contingent coupon notes on Russell, Nasdaq, Dow
By Wendy Van Sickle
Columbus, Ohio, May 4 – Citigroup Global Markets Holdings Inc. priced $1.13 million of callable contingent coupon equity-linked securities due April 25, 2025 linked to the worst performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 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 10.15% if each index closes at or above its coupon barrier level, 80% 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 observation date.
If the notes are not redeemed early, the payout will be par plus any final coupon unless any index finishes below 70% of its initial level, in which case investors will be fully exposed to the loss of the least performing index.
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: | Dow Jones industrial average, Russell 2000 index, Nasdaq-100 index
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| Amount: | $1.13 million
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| Maturity: | April 25, 2025
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| Coupon: | 10.15% per year, payable monthly if each index closes at or above coupon barrier on the valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus any coupon unless any index finishes below its final barrier level, in which case investors will lose 1% for each 1% decline of the worst performer
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| Call option: | In whole at par plus any coupon due on any quarterly observation date
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| Initial levels: | 13,356.87 Nasdaq, 33,811.4 for Dow, 1,940.665 for Russell
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| Coupon barrier levels: | 10,685.496 for Nasdaq, 27,049.12 for Dow, 1,552.532for Russell; 80% of initial levels
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| Final barrier levels: | 9,349.809 for Nasdaq, 23,667.98 for Dow, 1,358.466 for Russell; 70% of initial levels
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| Pricing date: | April 22
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| Settlement date: | April 27
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 2.75%
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| Cusip: | 17330FHU8
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