Published on 12/27/2021 in the Prospect News Structured Products Daily.
New Issue: Citi sells $3.08 million callable contingent coupon equity notes on S&P, Russell, Nasdaq
By Kiku Steinfeld
Chicago, Dec. 29 – Citigroup Global Markets Holdings Inc. priced $3.08 million of callable contingent coupon equity-linked securities due Dec. 3, 2026 linked to the worst performing of the S&P 500 index, the Russell 2000 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 pay a contingent quarterly coupon at an annualized rate of 6% if each index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period. Payments will include any previously unpaid coupons.
The notes will be callable in whole at par plus any quarterly coupon valuation date after one year.
If the notes are not redeemed early, the payout will be par unless any index finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines.
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, Nasdaq-100 index and S&P 500 index
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Amount: | $3,077,000
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Maturity: | Dec. 3, 2026
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Contingent coupon: | 6% per year, payable quarterly plus any previously unpaid coupons if each index closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | Par unless any index finishes below its final barrier level, in which case investors will lose 1% for every 1% that the least performing index declines
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Call option: | In whole at par plus any coupon due on any quarterly valuation date after one year
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Initial levels: | 2,198.91 for Russell, 4,567.00 for S&P, 16,135.92 for Nasdaq
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Coupon barriers: | 1,539.236 for Russell, 3,196.900 for S&P, 11,295.144 for Nasdaq; 70% of initial levels
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Final barriers: | 1,319.345 for Russell, 2,740.200 for S&P, 9,681.552 for Nasdaq; 60% of initial levels
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Pricing date: | Nov. 30
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Settlement date: | Dec. 3
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.5%
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Cusip: | 17329UGT2
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