Published on 6/10/2022 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.65 million callable contingent yield notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, June 10 – Citigroup Global Markets Holdings Inc. priced $1.65 million of callable contingent coupon equity-linked securities due June 11, 2024 linked to the S&P 500 index, the Dow Jones industrial average 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 will pay a contingent quarterly coupon at an annualized rate of 8.7% if each index closes at or above its coupon barrier, 60% of its initial value, on the observation date that quarter.
The notes are redeemable in whole, at the issuer’s option, at par plus any coupon otherwise due on any quarterly observation date after six months.
If each index finishes at or above its 60% downside threshold, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performing index from its initial value.
Citigroup Global Markets Inc. is the agent.
| 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: | S&P 500 index, Dow Jones industrial average, Russell 2000 index
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| Amount: | $1,645,000
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| Maturity: | June 11, 2024
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| Coupon: | 8.7% per year, payable quarterly if each index closes at or above coupon barrier on observation date that quarter
|
| Price: | Par
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| Payout at maturity: | Par plus coupon if each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of the worst performer from initial value
|
| Call: | In whole at par plus any coupon otherwise due on any quarterly observation date after six months
|
| Initial values: | 4,121.43 for S&P, 1,889.885 for Russell, 32,915.78 for Dow
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| Coupon barriers: | 2,472.858 for S&P, 1,133.931 for Russell, 19,749.468 for Dow; 60% of initial value
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| Downside thresholds: | 2,472.858 for S&P, 1,133.931 for Russell, 19,749.468 for Dow; 60% of initial value
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| Pricing date: | June 6
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| Settlement date: | June 9
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 0.75%
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| Cusip: | 17330P3A5
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