Published on 12/17/2021 in the Prospect News Structured Products Daily.
New Issue: Citi prices $16.99 million contingent income callable notes S&P, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Dec. 17 – Citigroup Global Markets Holdings Inc. priced $16.99 million of contingent income callable securities due Dec. 14, 2023 linked to the worst performing of the S&P 500 index, the Russell 2000 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 quarterly coupon at an annual rate of 10.5% if each index closes at or above its coupon barrier level, 75% of its initial index level, on the relevant observation date.
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 plus the final coupon, if any, unless any index finishes below its 65% 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, Russell 2000 index
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| Amount: | $16,985,000
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| Maturity: | Dec. 14, 2023
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| Coupon: | 10.5% per year, payable quarterly if each index closes at or above coupon barrier on the corresponding observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon, if any, 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: | 4,712.02 for S&P, 2,211.806 for Russell, 16,331.98 for Nasdaq
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| Coupon barrier levels: | 3,534.015 for S&P, 1,658.855 for Russell, 12,248.985 for Nasdaq; 75% of initial levels
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| Downside thresholds: | 3,062.813 for S&P, 1,437.674 for Russell, 10,615.787 for Nasdaq; 65% of initial levels
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| Pricing date: | Dec. 10
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| Settlement date: | Dec. 15
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| Underwriter: | Citigroup Global Markets Inc.
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| Selected dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
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| Cusip: | 17329UZG9
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