Published on 6/8/2022 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $1.2 million callable contingent coupon equity notes on stock basket
Chicago, June 8 – Citigroup Global Markets Holdings Inc. priced $1.2 million of callable contingent coupon equity-linked securities due Nov. 30, 2026 linked to an equally weighted basket of five stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The basket is comprised of the stocks of Advanced Micro Devices, Inc., Airbnb, Inc., Roku, Inc., Snap Inc. and Tesla, Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 9% if the basket closes at or above its coupon barrier level, 70% of its initial level, on a related observation date.
The notes will be callable in whole, at the option of the issuer, at par plus any coupon due on any quarterly valuation date after one year.
If the notes are not redeemed early and the basket finishes at or above 60% of its initial level, the payout will be par plus any final coupon.
Otherwise, investors will be fully exposed to the losses of the basket.
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 basket: | Advanced Micro Devices, Inc., Airbnb, Inc., Roku, Inc., Snap Inc. and Tesla, Inc., equal weights
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| Amount: | $1,200,000
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| Maturity: | Nov. 30, 2026
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| Contingent coupon: | 9% per year, payable quarterly if the basket closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | If the basket finishes at or above final barrier, par plus any final coupon; otherwise, full exposure to losses of stock
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| Call option: | In whole at par plus any coupon due on any quarterly valuation date after one year
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| Initial levels: | $157.80 on AMD, $179.89 for Airbnb, $231.45 for Roku, $49.66 for Snap, $1,116 for Tesla
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| Coupon barrier level: | 70% of initial level
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| Final barrier level: | 60% of initial level
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| Pricing date: | Nov. 24, 2021
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| Settlement date: | Nov. 30, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1.125%
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| Cusip: | 17329UCS8
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