Published on 5/4/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $3.01 million callable contingent coupon equity notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, May 4 – Citigroup Global Markets Holdings Inc. priced $3.01 million of callable contingent coupon equity-linked securities due April 25, 2025 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 semiannual coupon at an annualized rate of 8% if each index closes at or above its coupon barrier level, 70% 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 semiannual call valuation date.
If the notes are not called, investors will receive par unless any index finishes below its initial level and any index has closed below its 70% barrier level on any trading day during the life of the notes, in which case investors will be fully exposed to the 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
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| Amount: | $3,012,000
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| Maturity: | April 25, 2025
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| Contingent coupon: | 8% per year, payable semiannually 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 unless any index finishes below its initial level and any index has closed below its barrier level on any day during the life of the notes, in which case lose 1% for every 1% decline of the worst performer from initial level
|
| Call option: | In whole at par plus any coupon due on any semiannual call valuation date
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| Initial levels: | 4,271.78 for S&P, 1,940.665 for Russell
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| Coupon barrier levels: | 2,990.246 for S&P, 1,358.466 for Russell; 70% of initial levels
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| Barrier levels: | 2,990.246 for S&P, 1,358.466 for Russell; 70% of initial levels
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| Pricing date: | April 22
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| Settlement date: | April 27
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.5%
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| Cusip: | 17330F4P3
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