Published on 10/6/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $716,000 callable contingent coupon equity notes on S&P, Russell, Nasdaq
By Kiku Steinfeld
Chicago, Oct. 6 – Citigroup Global Markets Holdings Inc. priced $716,000 of callable contingent coupon equity-linked securities due Aug. 20, 2025 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 7.1% 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 valuation after one year.
If the notes are not called and each index finishes at or above its final buffer level, 80% of its initial level, the payout at maturity will be par. investors will lose 1% for every 1% that the worst performing index declines beyond 20%.
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: | $716,000
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| Maturity: | Aug. 20, 2025
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| Coupon: | 7.1% 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 buffer; otherwise, investors will lose 1% for every 1% decline of the worst performer beyond its buffer level
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| Call: | Callable at the issuer’s discretion at par on any monthly valuation date after one year
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| Initial levels: | 14,620.82 for Nasdaq, 4,471.07 for S&P, 2,076.462 for Russell
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| Coupon barriers: | 11,696.656 for Nasdaq, 3,576.856 for S&P, 1,661.170 for Russell; 80% of initial levels
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| Final buffer levels: | 11,696.656 for Nasdaq, 3,576.856 for S&P, 1,661.170 for Russell; 80% of initial levels
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| Pricing date: | Feb. 15
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| Settlement date: | Feb. 18
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.5%
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| Cusip: | 17330AGW6
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