Published on 6/2/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $662,000 callable contingent coupon equity notes on index, ETF
Chicago, June 2 – Citigroup Global Markets Holdings Inc. priced $662,000 of callable contingent coupon equity-linked securities due Nov. 24, 2026 linked to the worst performing of the iShares MSCI Emerging Markets ETF and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 6.85% if each underlier 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 potential redemption date after six months.
If the notes are not redeemed early and each underlier finishes at or above the 60% barrier level, the payout at maturity will be par plus any final coupon. Otherwise, investors will lose 1% for every 1% that the worst performer 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: | Callable contingent coupon equity-linked securities
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| Underlying assets: | iShares MSCI Emerging Markets ETF and the S&P 500 index
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| Amount: | $662,000
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| Maturity: | Nov. 24, 2026
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| Contingent coupon: | 6.85% per year, payable quarterly if each underlier 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: | If each underlier finishes at or above final barrier, par plus any final coupon; otherwise, investors will lose 1% for each 1% the worst performer declines from its initial level
|
| Call option: | In whole at par on any quarterly potential redemption date after six months
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| Initial levels: | $50.92 for ETF, 4,697.96 for S&P
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| Coupon barrier levels: | $35.644 for ETF, 3,288.572 for S&P; 70% of initial levels
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| Barrier levels: | $30.552 for ETF, 2,818.776 for S&P; 60% of initial levels
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| Pricing date: | Nov. 19, 2021
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| Settlement date: | Nov. 24, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.125%
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| Cusip: | 17329UK83
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