Published on 7/7/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.28 million callable contingent coupon equity notes on Dow, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, July 7 – Citigroup Global Markets Holdings Inc. priced $1.28 million of callable contingent coupon equity-linked securities due July 3, 2025 linked to the worst performing of the Dow Jones industrial average, 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 10% if each index closes at or above its coupon barrier level, 65% 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 call date after three months.
At maturity, if the worst performer finishes at or above 60% of its initial level, the payout at maturity will be par plus the coupon, if any. 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, Dow Jones industrial average
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Amount: | $1,277,000
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Maturity: | July 3, 2025
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Contingent coupon: | 10% 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 worst performer finishes at or above final barrier, par plus coupon, if any; 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 call date after three months
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Initial levels: | 11,637.77 for Nasdaq, 1,738.841 for Russell, 30,946.99 for Dow
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Coupon barrier levels: | 7,564.551 for Nasdaq, 1,130.247 for Russell, 20,115.544 for Dow; 65% of initial levels
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Barrier levels: | 6,982.662 for Nasdaq, 1,043.305 for Russell, 18,568.194 for Dow; 60% of initial levels
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Pricing date: | June 28
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Settlement date: | July 1
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.95%
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Cusip: | 17330PML0
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