Published on 5/5/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.08 million callable contingent coupon equity notes on index, ETF
By William Gullotti
Buffalo, N.Y., May 5 – Citigroup Global Markets Holdings Inc. priced $1.08 million of callable contingent coupon equity-linked securities due May 5, 2025 linked to the performance of the SPDR S&P Biotech ETF 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 pay a contingent semiannual coupon at an annualized rate of 16% if each underlier closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any semiannual valuation date.
If the notes are not redeemed early and each underlier finishes at or above the 70% final barrier, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% that the worst performer declines from its initial level.
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: | SPDR S&P Biotech ETF, S&P 500 index
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Amount: | $1,082,000
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Maturity: | May 5, 2025
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Contingent coupon: | 16% per year, payable semiannually if each underlier 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: | If each underlier finishes at or above final barrier, par plus final coupon; otherwise, investors will lose 1% for each 1% the worst performer declines from its initial level
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Call option: | In whole at par on any semiannual valuation date
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Initial levels: | $75.92 for ETF, 4,183.96 for index
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Coupon barrier levels: | $53.144 for ETF, 2,928.772 for index; 70% of initial levels
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Final barrier levels: | $53.144 for ETF, 2,928.772 for index; 70% of initial levels
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Pricing date: | April 27
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Settlement date: | May 4
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | None
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Cusip: | 17330F4T5
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