Published on 4/29/2022 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $70 million autocallable barrier securities on Nasdaq, S&P
By Wendy Van Sickle
Columbus, Ohio, April 29 – Citigroup Global Markets Holdings Inc. priced $70 million of 0% autocallable barrier securities due Oct. 30, 2025 linked to the least performing of the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will be called at par plus a call premium of 7% if each index closes at or above its initial level on April 26, 2023.
If the final level of each index return is positive or flat, the payout at maturity will be par plus 152.5% of the return of the worst performer. The payout will be par if the final level of each index is less than its initial level but greater than or equal to the barrier level, 80% of the initial level. If any index finishes below the barrier level, investors will be fully exposed to the decline of the least performing index.
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: | Autocallable barrier securities
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| Underlying indexes: | Nasdaq-100 index and S&P 500 index
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| Amount: | $70 million
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| Maturity: | Oct. 30, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index return is positive, par plus 152.5% of least performing index return; par if final level of least performing index is less than initial level but greater than or equal to barrier level; full exposure to decline if least performing index finishes below barrier level
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| Call: | At par plus call premium of 7% if each index closes at or above its initial level on April 26, 2023
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| Initial levels: | 13,009.71 for Nasdaq, 4,175.2 for S&P
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| Barrier levels: | 10,407.768 for Nasdaq, 3,340.16 for S&P; 80% of initial levels
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| Pricing date: | April 26
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| Settlement date: | April 29
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 3.75%
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| Cusip: | 17330FFQ9
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