Published on 6/2/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.75 million callable contingent coupon equity notes on Nasdaq, Russell
By Wendy Van Sickle
Columbus, Ohio, June 2 – Citigroup Global Markets Holdings Inc. priced $1.75 million of callable contingent coupon equity-linked securities due May 27, 2027 linked to the worst performing of 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 monthly coupon at an annualized rate of 8.3% if each index closes at or above its coupon barrier level, 85% 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 one year.
If the notes are not redeemed early and each index finishes at or above 85% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% decline of the worst performer beyond 15%
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, Nasdaq-100 index
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| Amount: | $1.75 million
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| Maturity: | May 27, 2027
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| Contingent coupon: | 8.3% 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 buffer, par plus final coupon; otherwise, investors will lose 1% for every 1% decline of the worst performer beyond 15%
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| Call option: | In whole at par plus any coupon due on any monthly call valuation date after one year
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| Initial levels: | 11,769.84 for Nasdaq, 1,764.826 for Russell
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| Coupon barrier levels: | 10,004.364 for Nasdaq, 1,500.102 for Russell; 85% of initial levels
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| Buffer levels: | 610.194 for Nasdaq, 1,197.426 for EAFE, 1,058.896 for Russell; 85% of initial levels
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| Pricing date: | May 24
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| Settlement date: | May 27
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.85%
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| Cusip: | 17330FYB1
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