Published on 9/15/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $905,000 callable contingent coupon equity notes on S&P, Russell
By Kiku Steinfeld
Chicago, Sept. 15 – Citigroup Global Markets Holdings Inc. priced $905,000 of callable contingent coupon equity-linked securities due Jan. 31, 2025 linked to the worst performing of the Russell 2000 index and the S&P 500 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 7% if each index closes at or above the coupon barrier level, 70% of the initial level, on the valuation date for that period.
The notes may be called at the issuer’s discretion at par on any semiannual valuation date.
If the notes are not called and each index finishes at or above its final barrier level, 70% 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: | S&P 500 index, Russell 2000 index
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Amount: | $905,000
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Maturity: | Jan. 31, 2025
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Coupon: | 7% annualized rate, payable semiannually if each index closes at or above coupon barrier level, on valuation date for that period
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Price: | Par
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Payout at maturity: | Par if each index finishes at or above final barrier; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
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Call: | Callable at the issuer’s discretion at par on any semiannual valuation date
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Initial levels: | 4,431.85 for S&P, 1,968.508 for Russell
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Coupon barrier levels: | 3,102.295 for S&P, 1,377.956 for Russell; 70% of initial levels
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Final barrier levels: | 3,102.295 for S&P, 1,377.956 for Russell; 70% of initial levels
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Pricing date: | Jan. 28, 2022
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Settlement date: | Feb. 2, 2022
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1.5%
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Cusip: | 17330AEV0
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