Published on 11/9/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $3.06 million autocallable contingent coupon market-linked notes on two indexes
By William Gullotti
Buffalo, N.Y., Nov. 9 – Citigroup Global Markets Holdings Inc. priced $3.06 million of 0% autocallable contingent coupon market-linked notes due Nov. 1, 2027 linked to the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Investors will receive a contingent quarterly coupon at a 6.5% annual rate if each index closes at or above its 83.5% coupon barrier on the relevant observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be automatically called at par plus the coupon if each index closes at or above its initial level on any quarterly valuation date starting April 25, 2024.
If the notes have not been called and each index finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon. Otherwise, the payout will be par.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon market-linked notes
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| Underlying indexes: | S&P 500 index, Euro Stoxx 50 index
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| Amount: | $3,058,000
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| Maturity: | Nov. 1, 2027
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| Coupon: | 6.5% per year, payable quarterly if each index closes at or above its coupon barrier on the corresponding observation date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above coupon barrier, par plus final coupon; otherwise, par
|
| Call: | Automatically at par plus the coupon if each index closes at or above its initial level on any quarterly valuation date starting April 25, 2024
|
| Initial levels: | 3,830.6 for S&P, 3,605.31 for Stoxx
|
| Coupon barriers: | 3,198.551 for S&P, 3,010.434 for Stoxx; 83.5% of initial levels
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| Pricing date: | Oct. 26
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| Settlement date: | Oct. 31
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| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.25%
|
| Cusip: | 17330Y4K3
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