Published on 9/16/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.15 million callable contingent coupon equity notes on S&P, Nasdaq
Chicago, Sept. 16 – Citigroup Global Markets Holdings Inc. priced $1.15 million of callable contingent coupon equity-linked securities due Oct. 30, 2023 linked to the worst performing of the S&P 500 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 7% if each index closes at or above its coupon barrier level, 50% of its initial level, on the related observation period.
The notes will be callable in whole at par plus any coupon due on any quarterly call valuation date.
If the notes are not redeemed early and both indexes finish above their initial level, the payout will be par. Alternatively, investors will receive par if neither index closes below its 50% knock-in level during the life of the notes.
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: | Nasdaq-100 index, S&P 500 index
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| Amount: | $1,150,000
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| Maturity: | Oct. 30, 2023
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| Contingent coupon: | 7% per year, payable monthly if each index closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par if both indexes finish above initial levels; par if neither index closes below knock-in level during life of the notes; 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 quarterly call valuation date
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| Initial levels: | 14,149.12 for Nasdaq, 4,356.45 for S&P
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| Coupon barrier levels: | 7,074.560 for Nasdaq, 2,178.225 for S&P; 50% of initial levels
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| Barrier levels: | 7,074.560 for Nasdaq, 2,178.225 for S&P; 50% of initial levels
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| Pricing date: | Jan. 25
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| Settlement date: | Jan. 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.725%
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| Cusip: | 17330A2T8
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