Published on 9/22/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.13 million callable contingent coupon equity notes on S&P, Russell
By Kiku Steinfeld
Chicago, Sept. 22 – Citigroup Global Markets Holdings Inc. priced $1.13 million of callable contingent coupon equity-linked securities due May 4, 2023 linked to the worst performing of 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 will pay a contingent monthly coupon at an annual rate of 9% if each index closes at or above the coupon barrier level, 80% 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 potential redemption date after six months.
If the notes are not redeemed early, the payout at maturity will be par unless any index closes below 70% of its initial level, in which case investors will be fully exposed to the decline of the least performing index 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: | S&P 500 index, Russell 2000 index
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| Amount: | $1,132,000
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| Maturity: | May 4, 2023
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| Coupon: | 9% 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 unless any index closes below barrier level, in which case full exposure to decline of least performing index from its initial level
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| Call: | Callable at the issuer’s discretion at par on any monthly potential redemption date after six months
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| Initial levels: | 4,515.55 for S&P, 2,028.453 for Russell
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| Coupon barrier levels: | 3,612.440 for S&P, 1,622.762 for Russell; 70% of initial levels
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| Barrier levels: | 3,612.440 for S&P, 1,622.762 for Russell; 70% of initial levels
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| Pricing date: | Jan. 31
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| Settlement date: | Feb. 3
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17329UZD6
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