Published on 2/13/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1 million callable contingent coupon equity notes on Stoxx, Russell, S&P
By Kiku Steinfeld
Chicago, Feb. 14 – Citigroup Global Markets Holdings Inc. priced $1 million of callable contingent coupon equity-linked securities due Sept. 6, 2024 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 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 annualized rate of 8.55% if each index closes at or above its coupon barrier level, 75% of its initial level, on every day that 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, the payout will be par plus any final coupon if each index finishes at or above 75% of its initial level. 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.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable contingent coupon equity-linked securities
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| Underlying indexes: | Russell 2000 index, Euro Stoxx 50 index, S&P 500 index
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| Amount: | $1 million
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| Maturity: | Sept. 6, 2024
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| Contingent coupon: | 8.55% per year, payable quarterly if each index closes at or above coupon barrier on every day that period
|
| Price: | Par
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| Payout at maturity: | If all indexes finish at or above final barrier, par plus any final coupon; 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: | 4,196.41 for Stoxx, 4,522.68 for S&P, 2,273.774 for Russell
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| Coupon barrier levels: | 3,147.308 for Stoxx, 3,392.010 for S&P, 1,705.331 for Russell; 75% of initial levels
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| Barrier levels: | 3,147.308 for Stoxx, 3,392.010 for S&P, 1,705.331 for Russell; 75% of initial levels
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| Pricing date: | Aug. 31
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| Settlement date: | Sept. 3
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17329QNC0
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