Published on 8/11/2023 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $560,000 callable contingent coupon notes linked to Russell, S&P
By Angela McDaniels
Tacoma, Wash., Aug. 11 – Citigroup Global Markets Holdings Inc. priced $560,000 of callable contingent coupon equity-linked securities due Dec. 14, 2023 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 12.75% per year if each index closes at or above its knock-in level, 75% of its initial level, on each trading day during that month.
Beginning March 9, 2023, the notes are callable at par quarterly.
The payout at maturity will be par unless either index closes below its knock-in level during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for every 1% that the lesser performing index declines from its initial level.
The notes are guaranteed by Citigroup Inc.
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: | Russell 2000 index and S&P 500 index
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| Amount: | $560,000
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| Maturity: | Dec. 14, 2023
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| Coupon: | 12.75% per year, payable monthly if each index closes at or above knock-in level on each trading day that month
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| Price: | Par
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| Payout at maturity: | Par unless either index closes below knock-in level during life of notes and either index finishes below initial level, in which case 1% loss for every 1% that lesser performing index declines from initial level
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| Call option: | Quarterly at par beginning March 9, 2023
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| Initial levels: | 1,882.848 for Russell and 4,067.36 for S&P
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| Knock-in levels: | 1,412.136 for Russell and 3,050.52 for S&P, or 75% of initial levels
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| Pricing date: | Sept. 9, 2022
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| Settlement date: | Sept. 14, 2022
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.25%
|
| Cusip: | 17330RCA1
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