Published on 7/10/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $500,000 callable contingent coupon equity notes on S&P, Russell, Nasdaq
By Kiku Steinfeld
Chicago, July 11 – Citigroup Global Markets Holdings Inc. priced $500,000 of callable contingent coupon equity-linked securities due June 28, 2023 linked to the worst performing of the S&P 500 index, the Nasdaq-100 index and the Russell 2000 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 9.5% if each index closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any monthly potential redemption date starting March 23, 2022.
If the notes have not been called, the payout at maturity will be par unless either index closes below its 70% barrier level, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below 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: | $500,000
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| Maturity: | June 28, 2023
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| Contingent coupon: | 9.5% per year, payable monthly if each index closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless either index closes below its barrier level, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level
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| Call option: | In whole at par plus any coupon due on any monthly call valuation date starting March 23, 2022
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| Initial levels: | 4,725.79 for S&P, 2,241.576 for Russell, 16,308.21 for Nasdaq
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| Coupon barrier levels: | 3,308.053 for S&P, 1,569.103 for Russell, 11,415.747 for Nasdaq; 70% of initial levels
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| Barrier levels: | 3,308.053 for S&P, 1,569.103 for Russell, 11,415.747 for Nasdaq; 70% of initial levels
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| Pricing date: | Dec. 23, 2021
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| Settlement date: | Dec. 29, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.4%
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| Cusip: | 17329URZ6
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