Published on 5/24/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2.98 million callable contingent coupon equity notes on Nasdaq, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, May 24 – Citigroup Global Markets Holdings Inc. priced $2.98 million of callable contingent coupon equity-linked securities due May 21, 2026 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, 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 11.35% 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 quarterly call valuation date.
If the notes are not redeemed early and each index finishes at or above 60% of its initial level, the payout at maturity will be par plus the final coupon, fi any. Otherwise, investors will lose 1% for every 1% decline of the worst performer.
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, Dow Jones industrial average, Nasdaq-100 index
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Amount: | $2,979,000
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Maturity: | May 21, 2026
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Contingent coupon: | 11.35% 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: | If all indexes finish at or above barrier level, par plus final coupon; otherwise, investors will lose 1% for every 1% decline of the worst performer
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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: | 32,654.59 for Dow, 12,564.1 for Nasdaq, 1,840.298 for Russell
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Coupon barrier levels: | 22,858.213 for Dow, 8,794.87 for Nasdaq, 1,288.209 for Russell; 70% of initial levels
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Barrier levels: | 19,592.754 for Dow, 7,538.46 for Nasdaq, 1,104.179 for Russell; 60% of initial levels
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Pricing date: | May 17
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Settlement date: | May 20
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 1%
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Cusip: | 17330FMR9
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