Published on 9/1/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $445,000 callable contingent coupon equity notes on Russell, EM ETF
By Kiku Steinfeld
Chicago, Sept. 1 – Citigroup Global Markets Holdings Inc. priced $445,000 of callable contingent coupon equity-linked securities due Jan. 24, 2025 linked to the worst performing of iShares MSCI Emerging Markets ETF 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 will pay a contingent semiannual coupon at an annual rate of 8% if each asset closes at or above the coupon barrier price, 70% of the initial price, on the valuation date for that period.
The notes will be callable at par on any semiannual valuation date.
If the notes are not called and each asset finishes at or above final barrier price, 70% of its initial level, the payout at maturity will be par. Otherwise, investors will be exposed to the downside of the worst performer.
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 assets: | iShares MSCI Emerging Markets ETF and Russell 2000 index
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Amount: | $445,000
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Maturity: | Jan. 24, 2025
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Coupon: | 8% annualized rate, payable semiannually if each asset 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: | Par if each asset closes at or above final barrier; otherwise, investors will be exposed to the downside of the worst performer
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Call option: | Callable at par plus coupon on any semiannual valuation date
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Initial levels: | $49 for iShares and 1,987.918 for Russell
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Coupon barrier levels: | $34.30 for iShares and 1,391.543 for Russell, 70% of initial levels
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Final barrier levels: | $34.30 for iShares and 1,391.543 for Russell, 70% of initial levels
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Pricing date: | Jan. 21, 2022
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Settlement date: | Jan. 26, 2022
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.5%
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Cusip: | 17329UU82
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