Published on 8/24/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $701,000 callable contingent coupon equity notes on S&P, Russell, Nasdaq
By Kiku Steinfeld
Chicago, Aug. 24 – Citigroup Global Markets Holdings Inc. priced $701,000 of callable contingent coupon equity-linked securities due July 21, 2023 linked to the worst performing of the Russell 2000 index, the S&P 500 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 will pay a contingent monthly coupon at an annual rate of 10.5% if each index closes at or above the coupon barrier level, 75% of the initial level, on the valuation date for that period.
The notes may be called at the issuer’s discretion at par on any monthly valuation date after three months.
If the notes are not called and each index finishes at or above its final barrier level, 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: | Nasdaq-100 index, S&P 500 index, Russell 2000 index
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| Amount: | $701,000
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| Maturity: | July 21, 2023
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| Coupon: | 10.5% annualized rate, payable monthly if each index closes at or above coupon barrier level, on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par if each index finishes at or above final barrier; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
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| Call: | Callable at the issuer’s discretion at par on any monthly valuation date after three months
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| Initial levels: | 15,210.76 for Nasdaq, 4,577.11 for S&P, 2,096.225 for Russell
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| Coupon barrier levels: | 11,408.070 for Nasdaq 3,432.833 for S&P, 1,572.169 for Russell; 75% of initial levels
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| Final barrier levels: | 10,647.532 for Nasdaq, 3,203.977 for S&P, 1,467.358 for Russell; 70% 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: | 0.7%
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| Cusip: | 17329URV5
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