Published on 7/21/2022 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.22 million contingent coupon equity notes on Nasdaq, Russell, S&P
By William Gullotti
Buffalo, N.Y., July 21 – Citigroup Global Markets Holdings Inc. priced $1.22 million of contingent coupon equity-linked securities due July 23, 2024 linked to the Nasdaq-100 index, the Russell 2000 index and the S&P 500 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 10.8% if each index closes at or above its coupon barrier level, 75% of its initial level, on the valuation date for that period.
If the notes are not redeemed early and each index finishes at or above is coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above 70% of its initial level, the payout will be par. Otherwise, investors will lose 1% for every 1% that worst performer declines from its initial level.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Contingent coupon equity-linked securities
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
|
| Amount: | $1,216,000
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| Maturity: | July 23, 2024
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| Contingent coupon: | 10.8% per year, payable quarterly if each index closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above coupon barrier, par plus final coupon; if worst performer finishes below coupon barrier but not below final barrier, par; otherwise, full exposure to decline of worst performer from its initial level
|
| Initial levels: | 11,877.5 for Nasdaq, 1,738.417 for Russell, 3,830.85 for S&P
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| Coupon barrier levels: | 8,908.125 for Nasdaq, 1,303.813 for Russell, 2,873.138 for S&P; 75% of initial levels
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| Final barrier levels: | 8,314.25 for Nasdaq, 1,216.892 for Russell, 2,681.595 for S&P; 70% of initial levels
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| Pricing date: | July 18
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| Settlement date: | July 21
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17330PHR3
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