Published on 7/5/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $540,000 callable contingent coupon equity notes on S&P, Russell, Nasdaq
Chicago, July 5 – Citigroup Global Markets Holdings Inc. priced $540,000 of callable contingent coupon equity-linked securities due June 22, 2023 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 10% if each index closes at or above its coupon barrier level, 65% 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 starting after six months.
If the notes are not redeemed early, the payout will be par unless any index finishes below its 70% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines.
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: | $540,000
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Maturity: | June 22, 2023
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Contingent coupon: | 10% 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: | Par unless any index finishes below its final barrier level, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level
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Call option: | In whole at par plus any coupon due on any monthly call valuation date starting after six months
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Initial levels: | 4,709.85 for S&P, 16,289.59 for Nasdaq, 2,195.209 for Russell
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Coupon barrier levels: | 3,061.403 for S&P, 10,588.234 for Nasdaq, 1,426.886 for Russell; 65% of initial levels
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Final barrier levels: | 3,296.895 for S&P, 11,402.713 for Nasdaq, 1,536.646 for Russell; 70% of initial levels
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Strike date: | Dec. 15, 2021
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Pricing date: | Dec. 16, 2021
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Settlement date: | Dec. 21, 2021
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.3%
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Cusip: | 17329UMA6
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