Published on 6/28/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.05 million callable contingent coupon equity notes on Nasdaq, Russell
By Wendy Van Sickle
Columbus, Ohio, June 28 – Citigroup Global Markets Holdings Inc. priced $1.05 million of callable contingent coupon equity-linked securities due June 23, 2027 linked to the worst performing of 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 10.3% if each index closes at or above its coupon barrier level, 85% of its initial level, on the valuation date for the period.
The notes will be callable in whole at par plus any coupon due on any quarterly call valuation date after one year.
If the notes have not been called, the payout at maturity will be par unless either index finishes below its 85% buffer level, in which case investors will lose 1% for every 1% that the lesser-performing index falls beyond 15%.
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
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| Amount: | $1,045,000
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| Maturity: | June 23, 2027
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| Contingent coupon: | 10.3% per year, payable monthly if each index closes at or above coupon barrier on valuation date that period
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| Price: | Par
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| Payout at maturity: | Par unless either index finishes below its 85% buffer level, in which case investors will lose 1% for every 1% that the lesser-performing index falls beyond 15%
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| Call option: | In whole at par plus any coupon due on any quarterly call valuation date after one year
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| Initial levels: | 11,265.99 for Nasdaq, 1,665.694 for Russell
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| Coupon barrier levels: | 9,576.092 for Nasdaq, 1,415.84 for Russell; 85% of initial levels
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| Barrier levels: | 9,576.092 for Nasdaq, 1,415.84 for Russell; 85% of initial levels
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| Pricing date: | June 17
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| Settlement date: | June 23
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.85%
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| Cusip: | 17330PPM5
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