Published on 4/28/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $27.01 million contingent income callable notes S&P, Dow, Nasdaq
By William Gullotti
Buffalo, N.Y., April 28 – Citigroup Global Markets Holdings Inc. priced $27.01 million of contingent income callable securities due July 31, 2025 linked to the worst performing of the S&P 500 index, the Dow Jones industrial average 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 quarterly coupon at an annual rate of 13.4% if each index closes at or above its coupon barrier level, 75% of its initial index level, on each day during the observation period.
The notes are callable at par on any contingent coupon payment date.
If the notes have not been called, the payout at maturity will be par unless any index finishes below its 75% downside threshold level. Otherwise, investors will lose 1% for every 1% decline of the lesser performing index.
Citigroup Global Markets Inc. is the underwriter with Morgan Stanley Wealth Management as a selected dealer.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Contingent income callable securities
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index, Dow Jones industrial average
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| Amount: | $27,005,000
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| Maturity: | July 31, 2025
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| Coupon: | 13.4% per year, payable quarterly if each index closes at or above coupon barrier on every trading day during the observation period
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its downside threshold level; otherwise, investors will lose 1% for every 1% decline of the lesser performing index
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| Call option: | At par on any contingent coupon payment date
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| Initial levels: | 4,431.85 for S&P, 34,725.47 for Dow, 14,454.61 for Nasdaq
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| Coupon barriers: | 3,323.888 for S&P, 26,044.103 for Dow, 10,840.958 for Nasdaq; 75% of initial levels
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| Downside thresholds: | 3,323.888 for S&P, 26,044.103 for Dow, 10,840.958 for Nasdaq; 75% of initial levels
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| Pricing date: | Jan. 28
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| Settlement date: | Feb. 2
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| Underwriter: | Citigroup Global Markets Inc.
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| Selected dealer: | Morgan Stanley Wealth Management
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| Fees: | 1.2222%
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| Cusip: | 17330A2Q4
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