Published on 5/23/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2.03 million callable contingent coupon equity notes on Nasdaq, Russell, S&P
By William Gullotti
Buffalo, N.Y., May 23 – Citigroup Global Markets Holdings Inc. priced $2.03 million of callable contingent coupon equity-linked securities due May 22, 2025 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 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 pay a contingent monthly coupon at an annualized rate of 14.75% if each index 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 monthly call valuation date after three months.
If the notes are not redeemed early and each index finishes at or above 70% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% decline of the worst performer 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 indexes: | Russell 2000 index, S&P 500 index, Nasdaq-100 index
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Amount: | $2,031,000
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Maturity: | May 22, 2025
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Contingent coupon: | 14.75% per year, payable monthly 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: | If all indexes finish at or above barrier level, par plus final coupon; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
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Call option: | In whole at par plus any coupon due on any monthly call valuation date after three months
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Initial levels: | 3,923.68 for S&P, 11,928.31 for Nasdaq, 1,774.846 for Russell
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Coupon barrier levels: | 2,746.576 for S&P, 8,349.817 for Nasdaq, 1,242.392 for Russell; 70% of initial levels
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Barrier levels: | 2,746.576 for S&P, 8,349.817 for Nasdaq, 1,242.392 for Russell; 70% of initial levels
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Pricing date: | May 18
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Settlement date: | May 23
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.75%
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Cusip: | 17330FX63
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