Published on 8/22/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.87 million 8.4% autocallable equity-linked securities on S&P, Russell
By Kiku Steinfeld
Chicago, Aug. 22 – Citigroup Global Markets Holdings Inc. priced $1.87 million 8.4% autocallable equity-linked securities due April 21, 2023 tied to the performance of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Interest is payable quarterly.
The notes will be automatically called at par plus the coupon if each index closes at or above its initial level on July 18, 2022, Oct. 18, 2022 or Jan. 18, 2023.
If both indexes finish at or above their initial levels or neither index closes below 75% of its initial level on any day during the life of the notes, the payout will be par.
Otherwise, investors will lose 1% for every 1% decline of the lesser-performing index.
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: | Autocallable equity-linked securities
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| Underlying indexes: | S&P 500, Russell 2000
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| Amount: | $1,874,000
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| Maturity: | April 21, 2023
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| Coupon: | 8.4%, payable quarterly
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| Price: | Par
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| Payout at maturity: | If both indexes finish at or above initial levels or no index closes below 75% of initial level during life of notes, par; otherwise, investors will lose 1% for every 1% decline of lesser-performing index
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| Call: | Automatically at par plus coupon if each index closes at or above initial level on July 18, 2022, Oct. 18, 2022 or Jan. 18, 2023
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| Initial index levels: | 4,577.11 for S&P, 2,096.225 for Russell
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| Barrier levels: | 3,432.833 for S&P, 1,572.169 for Russell; 75% of initial levels
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| Pricing date: | Jan. 18, 2022
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| Settlement date: | Jan. 21, 2022
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.75%
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| Cusip: | 17329UW72
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