Published on 8/11/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $597,000 callable contingent coupon notes linked to ETFs, S&P
By Angela McDaniels
Tacoma, Wash., Aug. 11 – Citigroup Global Markets Holdings Inc. priced $597,000 of callable contingent coupon equity-linked securities due Sept. 15, 2025 linked to the least performing of the S&P 500 index, the Utilities Select Sector SPDR fund and the Consumer Staples Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 12.35% per year if each asset closes at or above its knock-in level, 70% of its initial level, on the observation date for that quarter.
The notes are callable at par quarterly.
The payout at maturity will be par unless any asset finishes below its knock-in level, in which case investors will lose 1% for every 1% that the least performing asset declines from its initial level.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying assets: | S&P 500 index, Utilities Select Sector SPDR fund and Consumer Staples Select Sector SPDR fund
|
| Amount: | $597,000
|
| Maturity: | Sept. 15, 2025
|
| Coupon: | 12.35% per year, payable quarterly if each asset closes at or above knock-in level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any asset finishes below knock-in level, in which case 1% loss for every 1% that least performing asset declines from initial level
|
| Call option: | Quarterly at par
|
| Initial levels: | 4,067.36 for index, $77.38 for utilities fund and $73.98 for consumer staples fund
|
| Knock-in levels: | 2,847.152 for index, $54.166 for utilities fund and $51.786 for consumer staples fund, or 70% of initial levels
|
| Pricing date: | Sept. 9, 2022
|
| Settlement date: | Sept. 14, 2022
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.75%
|
| Cusip: | 22553QKS5
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
