Published on 1/5/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $45.66 million callable contingent coupon equity notes on MSCI EM, S&P
By Wendy Van Sickle
Columbus, Ohio, Jan. 5 – Citigroup Global Markets Holdings Inc. priced $45.66 million of callable contingent coupon equity linked securities due Jan. 19, 2024 linked to the least performing of the S&P 500 index and the MSCI Emerging Markets 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 5.21% if each underlying asset closes at or above its coupon barrier level, 55% of its initial price, on any corresponding observation date.
The notes will be callable in whole at par on any quarterly observation date after one year.
If each asset finishes at or above its barrier level, 55% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
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 assets: | S&P 500 index, MSCI Emerging Markets index
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| Amount: | $45,659,000
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| Maturity: | Jan. 19, 2024
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| Contingent coupon: | 5.21% per year, payable quarterly if each underlying asset closes at or above coupon barrier level on any corresponding observation date
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| Price: | Par
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| Payout at maturity: | If each asset finishes at or above barrier level, par; otherwise, full exposure to losses of least-performing asset
|
| Call option: | Callable at par on any quarterly observation date after one year
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| Initial values: | 4,778.73 for S&P, 1,222.55 for EM
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| Coupon barriers: | 2,628.302 for S&P, 672.513 for EM, 55% of initial levels
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| Barriers: | 2,628.302 for S&P, 672.513 for EM, 55% of initial levels
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| Pricing date: | Dec. 30
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| Settlement date: | Jan. 4
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| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.5%
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| Cusip: | 17329UWB3
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