Published on 6/29/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.34 million callable contingent coupon equity notes on S&P, Russell, Nasdaq
By William Gullotti
Buffalo, N.Y., June 29 – Citigroup Global Markets Holdings Inc. priced $1.34 million of callable contingent coupon equity-linked securities due June 25, 2026 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B8 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 8.1% 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 monthly call valuation date after six months.
If each index finishes at or above its 70% buffer 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 below 30%.
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, S&P 500 index
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| Amount: | $1,335,000
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| Maturity: | June 25, 2026
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| Contingent coupon: | 8.1% per year, payable monthly if each index closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
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| Payout at maturity: | If all indexes finish at or above buffer level, par plus final coupon; otherwise, investors will lose 1% for every 1% decline of the worst performer below 30%
|
| Call option: | In whole at par plus any coupon due on any monthly call valuation date after six months
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| Initial levels: | 11,527.71 for Nasdaq, 3,759.89 for S&P, 1,690.277 for Russell
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| Coupon barrier levels: | 8,069.397 for Nasdaq, 2,631.923 for S&P, 1,183.194 for Russell; 70% of initial levels
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| Buffer levels: | 8,069.397 for Nasdaq, 2,631.923 for S&P, 1,183.194 for Russell; 70% of initial levels
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| Pricing date: | June 22
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| Settlement date: | June 27
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.75%
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| Cusip: | 17330PJ26
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