Published on 5/31/2022 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $3.11 million dual directional barrier securities on S&P, Dow
By William Gullotti
Buffalo, N.Y., May 31 – Citigroup Global Markets Holdings Inc. priced $3.11 million of 0% dual directional barrier securities due May 29, 2025 linked to the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index’s final level is greater than its initial level, the payout at maturity will be par plus the least performing index’s return.
If the least performing index’s final level is less than or equal to its initial level but greater than or equal to its final barrier level, 68.8% of its initial level, the payout will be par plus the absolute value of that index’s return.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
The notes are guaranteed by Citigroup Inc.
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: | Dual directional barrier securities
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| Underlying indexes: | S&P 500 index, Dow Jones industrial average
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| Amount: | $3.11 million
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| Maturity: | May 29, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index’s final level is greater than or equal to initial level, par plus the least performing index’s return; if the least performing index’s final level is less than initial level but greater than or equal to final barrier level, par plus the absolute value of that index’s return; otherwise, 1% loss for every 1% that the worst performer declines from initial level
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| Initial levels: | 31,880.24 for Dow, 3,973.75 for S&P
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| Final barrier levels: | 21,933.605 for Dow, 2,733.94 for S&P; 68.8% of initial index level
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| Pricing date: | May 23
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| Settlement date: | May 26
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.2%
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| Cusip: | 17330FT50
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