Published on 2/9/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $3.69 million contingent income callable notes on S&P, Russell, Nasdaq
Chicago, Feb. 9 – Citigroup Global Markets Holdings Inc. priced $3.69 million of contingent income callable securities due April 22, 2025 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 9.5% if each index closes at or above its coupon barrier level, 80% of its initial level, on each day of that period.
The notes will be callable 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 75% 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 with Morgan Stanley Wealth Management acting as a selected dealer.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Contingent income callable securities
|
| Underlying indexes: | Russell 2000 index, Nasdaq-100 index and S&P 500 index
|
| Amount: | $3,693,000
|
| Maturity: | April 22, 2025
|
| Contingent coupon: | 9.5% per year, payable quarterly if each index closes at or above its coupon barrier level on each day of that period
|
| Price: | Par
|
| 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
|
| Call option: | At par plus any coupon due on any quarterly valuation date after one year
|
| Initial levels: | 2,262.670 for Russell, 4,185.47 for S&P, 14,041.91 for Nasdaq
|
| Coupon barriers: | 1,810.136 for Russell, 3,348.376 for S&P, 11,233.528 for Nasdaq; 80% of initial levels
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| Final barriers: | 1,697.003 for Russell, 3,139.103 for S&P, 10,531.433 for Nasdaq; 75% of initial levels
|
| Pricing date: | April 16
|
| Settlement date: | April 21
|
| Underwriter: | Citigroup Global Markets Inc. with Morgan Stanley Wealth Management as selected dealer
|
| Fees: | 2.75%
|
| Cusip: | 17329FAN4
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