Published on 10/26/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.09 million callable contingent coupon equity notes on S&P, Nasdaq, Russell
Chicago, Oct. 26 – Citigroup Global Markets Holdings Inc. priced $1.09 million of callable contingent coupon equity-linked securities due Nov. 30, 2023 linked to the worst performing of the S&P 500 index, the Nasdaq-100 index 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 pay a contingent monthly coupon at an annualized rate of 9.5% if each index closes at or above its coupon barrier level, 50% 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 valuation date after three months.
The payout at maturity will be par if all three indexes close above their initial levels or no index closes below its 50% knock-in level during the life of the notes. Otherwise, investors will be fully exposed to the losses 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 indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
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| Amount: | $1,092,000
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| Maturity: | Nov. 30, 2023
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| Contingent coupon: | 9.5% 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: | Par if all three indexes close above initial levels or no index closes below knock-in level during the life of the notes; otherwise, full exposure to losses of worst performer
|
| Call option: | In whole at par plus any coupon due on any monthly call valuation date after three months
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| Initial levels: | 2,040.929 for Russell, 4,384.65 for S&P, 14,189.16 for Nasdaq
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| Coupon barrier levels: | 1,020.465 for Russell, 2,192.325 for S&P, 7,094.58 for Nasdaq; 50% of initial levels
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| Knock-in levels: | 1,020.465 for Russell, 2,192.325 for S&P, 7,094.58 for Nasdaq; 50% of initial levels
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| Pricing date: | Feb. 25
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| Settlement date: | March 2
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.725%
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| Cusip: | 17330AK68
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