Published on 6/28/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $5.32 million callable contingent coupon equity notes on S&P, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, June 28 – Citigroup Global Markets Holdings Inc. priced $5.32 million of callable contingent coupon equity-linked securities due June 23, 2025 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 semiannual coupon at an annualized rate of 10% if each index closes at or above its coupon barrier level, 60% 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 semiannual call valuation date.
If the notes are not redeemed early and each index finishes at or above 60% of its initial level, the payout at maturity will be par. 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: | $5,321,000
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| Maturity: | June 23, 2025
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| Contingent coupon: | 10% per year, payable semiannually 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; 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 semiannual call valuation date
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| Initial levels: | 11,265.99 for Nasdaq, 3,674.84 S&P, 1,665.694 for Russell
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| Coupon barrier levels: | 6,759.594 for Nasdaq, 2,204.904 for S&P, 999.416 for Russell; 60% of initial levels
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| Barrier levels: | 6,759.594 for Nasdaq, 2,204.904 for S&P, 999.416 for Russell; 60% 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: | 0%
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| Cusip: | 17330PBZ1
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