Published on 6/23/2022 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.64 million barrier securities linked to two SPDR ETFs
By William Gullotti
Buffalo, N.Y., June 23 – Citigroup Global Markets Holdings Inc. priced $1.64 million of 0% barrier securities due June 22, 2027 linked to the worst performing of the SPDR Dow Jones Industrial Average ETF Trust and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
If the final level of the worse performing fund is greater than or equal to its initial level, the payout at maturity will be par plus 132% of the return of that fund.
If the final level of the worse performing fund is less than its initial level but greater than or equal to its 90% barrier level, the payout will be par.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by its initial level or, at the issuer’s option, the cash equivalent.
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: | Barrier securities
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| Underlying funds: | SPDR Dow Jones Industrial Average ETF Trust, SPDR S&P 500 ETF Trust
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| Amount: | $1,639,000
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| Maturity: | June 22, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the final level of the worse performing fund is greater than or equal to its initial level, par plus 132% of the return of that fund; if the final level of the worse performing fund is less than its initial level but greater than or equal to its barrier level, par; otherwise, receive a number of shares of the worst performer equal to that fund’s equity ratio or, at the issuer’s option, the cash equivalent
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| Initial levels: | $299.90 for Dow ETF, $366.65 for S&P ETF
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| Barrier levels: | $269.91 for Dow ETF, $329.985 for S&P ETF; 90% of initial levels
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| Equity ratios: | 3.33444 for Dow ETF, 2.7274 for S&P ETF; share delivery per security
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| Pricing date: | June 16
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| Settlement date: | June 22
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.75%
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| Cusip: | 17330DDF0
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