Published on 7/5/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $878,000 callable contingent coupon equity notes on Dow, Russell, Nasdaq
By Kiku Steinfeld
Chicago, July 5 – Citigroup Global Markets Holdings Inc. priced $878,000 of callable contingent coupon equity-linked securities due Dec. 28, 2026 linked to the worst performing of the Dow Jones industrial average, 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 quarterly coupon at an annualized rate of 8.4% 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 date after one year
If the notes are not redeemed early, the payout will be par plus the final coupon if each index finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above 70% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% 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, Nasdaq-100 index, Dow Jones industrial average
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| Amount: | $878,000
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| Maturity: | Dec. 28, 2026
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| Contingent coupon: | 8.4% per year, payable quarterly 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 coupon barrier, par plus final coupon; if worst performer finishes below coupon barrier but at or above final barrier, par; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
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| Call option: | In whole at par plus any coupon due on any quarterly call date after one year
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| Initial levels: | 16,180.14 for Nasdaq, 2,221.903 for Russell, 35,753.89 for Dow
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| Coupon barrier levels: | 11,326.098 for Nasdaq, 1,555.332 for Russell, 25,027.723 for Dow; 70% of initial levels
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| Barrier levels: | 11,295.144 for Nasdaq, 1,539.236 for Russell, 24,138.604 for Dow; 70% of initial levels
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| Pricing date: | Dec. 22, 2021
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| Settlement date: | Dec. 28, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.125%
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| Cusip: | 17329UT92
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