Published on 5/26/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $500,000 callable contingent coupon equity securities on Dow, ETF, Disney
Chicago, May 26 – Citigroup Global Markets Holdings Inc. priced $500,000 of callable contingent coupon equity-linked securities due Nov. 6, 2024 linked to the worst performing of the Dow Jones industrial average, the S&P 500 ETF Trust and the Walt Disney Co., 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 7.55% if each underlying 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 potential redemption date starting after one year.
If the notes are not redeemed early, the payout will be par if all three assets close above 65% of their initial levels.
Otherwise, investors will be fully exposed to the losses 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 assets: | Dow Jones industrial average, the S&P 500 ETF Trust and the Walt Disney Co.
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| Amount: | $500,000
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| Maturity: | Nov. 6, 2024
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| Contingent coupon: | 7.55% per year, payable monthly if each underlying 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: | Par if all three assets finish above final barrier levels; otherwise, full exposure to losses of worst performer from initial level
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| Call option: | In whole at par plus any coupon due on any monthly potential redemption date after one year
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| Initial levels: | 35,913.84 for Dow, $460.04 for ETF, $170.19 for Disney
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| Coupon barrier levels: | 25,139.688 for Dow, $322.028 for ETF, $119.133 for Disney; 70% of initial levels
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| Final barrier levels: | 23,343.996 for Dow, $299.026 for ETF, $110.624 for Disney; 65% of initial levels
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| Pricing date: | Nov. 1, 2021
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| Settlement date: | Nov. 4, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.7%
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| Cusip: | 17329U6R7
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