Published on 1/25/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.52 million callable contingent coupon equity notes on S&P, Russell
By William Gullotti
Buffalo, N.Y., Jan. 25 – Citigroup Global Markets Holdings Inc. priced $1.52 million of callable contingent coupon equity-linked securities due Aug. 29, 2024 linked to the worst performing of the S&P 500 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 quarterly coupon at an annualized rate of 5.1% if each index closes at or above its coupon barrier level, 80% 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 quarterly call valuation date after one year.
If the notes are not redeemed early, the payout will be par plus the final coupon if each index finishes at or above 80% of its initial level. Otherwise, investors will lose 1% for every 1% decline of the worst performer beyond 20%.
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: | Russell 2000 index, S&P 500 index
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| Amount: | $1,521,000
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| Maturity: | Aug. 29, 2024
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| Contingent coupon: | 5.1% per year, payable quarterly 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: | If all indexes finish at or above final buffer, par plus final coupon; otherwise, investors will lose 1% for every 1% decline of the worst performer below 20%
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| Call option: | In whole at par plus any coupon due on any quarterly call valuation date after one year
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| Initial levels: | 4,509.37 for S&P, 2,277.151 for Russell
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| Coupon barrier levels: | 3,607.496 for S&P, 1,821.721 for Russell; 80% of initial levels
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| Buffer levels: | 3,607.496 for S&P, 1,821.721 for Russell; 80% of initial levels
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| Pricing date: | Aug. 27
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| Settlement date: | Aug. 31
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.5%
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| Cusip: | 17329QCC2
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