Published on 6/16/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $750,000 callable contingent coupon equity notes on three stocks
Chicago, June 16 – Citigroup Global Markets Holdings Inc. priced $750,000 of callable contingent coupon equity-linked securities due Dec. 12, 2024 linked to the worst performing of the stocks of AT&T Inc., Johnson & Johnson and McDonald's Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 14.25% if each stock closes at or above its coupon barrier price, 70% of its initial share price, 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 stock finishes at or above the 70% final barrier, the payout at maturity will be par. 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.
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| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying stocks: | AT&T Inc., Johnson & Johnson and McDonald's Corp.
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| Amount: | $750,000
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| Maturity: | Dec. 12, 2024
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| Coupon: | 14.25% annualized rate, payable quarterly if each stock closes at or above coupon barrier price on valuation date for that period
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above final barrier, par; otherwise, lose 1% for every 1% decline of the worst performer from its initial level
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| Call option: | Par plus any coupon on any quarterly potential redemption date after six months
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| Initial share prices: | $23.08 for AT&T, $163.36 for J&J, $259.91 for McDonald’s
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| Coupon barrier prices: | $16.156 for AT&T, $114.352 for J&J, $181.937 for McDonald’s; 70% of initial share prices
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| Final barrier prices: | $16.156 for AT&T, $114.352 for J&J, $181.937 for McDonald’s; 70% of initial share prices
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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: | 0.6%
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| Cusip: | 17329UXT3
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