Published on 6/16/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $550,000 callable contingent coupon equity notes on S&P, Russell, Nasdaq
Chicago, June 16 – Citigroup Global Markets Holdings Inc. priced $550,000 of callable contingent coupon equity-linked securities due June 12, 2023 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 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 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 monthly potential redemption date starting after three months.
If the worst performer finishes below its initial level but at or above its 70% final barrier level, the payout at maturity will be par plus any coupon due. Otherwise, investors will lose 1% for every 1% decline of the worst performer 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 indexes: | Russell 2000 index, Nasdaq-100 index, S&P 500 index
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| Amount: | $550,000
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| Maturity: | June 12, 2023
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| Contingent coupon: | 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: | If all indexes finish at or above final barrier, par plus any final coupon; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
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| Call option: | In whole at par plus any coupon due on any monthly potential redemption date after three months
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| Initial levels: | 16,325.66 for Nasdaq, 2,253.788 for Russell, 4,686.75 for S&P
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| Coupon barrier levels: | 13,060.528 for Nasdaq, 1,803.03 for Russell, 3,749.4 for S&P; 80% of initial levels
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| Barrier levels: | 11,427.962 for Nasdaq, 1,577.652 for Russell, 3,280.725 for S&P; 70% of initial levels
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| Pricing date: | Dec. 7, 2021
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| Settlement date: | Dec. 10, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.65%
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| Cusip: | 17329UP88
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