Published on 2/8/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $471,000 callable contingent coupon equity notes on three indexes
Chicago, Feb. 8 – Citigroup Global Markets Holdings Inc. priced $471,000 of callable contingent coupon equity-linked securities due July 19, 2024 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent monthly coupon at an annualized rate of 8% if each index closes at or above its coupon barrier level, 75% 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 monthly call valuation date after three months.
If the notes are not redeemed early, the payout will be par plus any final coupon if each index finishes at or above its 65% final barrier 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.
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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, Nasdaq-100 index
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Amount: | $471,000
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Maturity: | July 19, 2024
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Contingent coupon: | 8% per year, payable monthly 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: | Par plus any coupon due if both indexes finish above final barrier levels; 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 monthly call valuation date after three months
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Initial levels: | 4,185.47 for S&P, 14,041.91 for Nasdaq, 2,262.670 for Russell
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Coupon barrier levels: | 3,139.103 for S&P, 10,531.433 for Nasdaq, 1,697.003 for Russell; 75% of initial levels
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Barrier levels: | 2,720.556 for S&P, 9,127.242 for Nasdaq, 1,470.736 for Russell; 65% of initial levels
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Pricing date: | April 16
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Settlement date: | April 21
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.95%
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Cusip: | 17329FN83
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