Published on 4/8/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $515,000 callable contingent coupon equity notes on Russell, EM ETF
By Kiku Steinfeld
Chicago, April 8 – Citigroup Global Markets Holdings Inc. priced $515,000 of callable contingent coupon equity-linked securities due March 27, 2025 linked to the least performing of the iShares MSCI Emerging Markets ETF and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
Each month, the notes pay a contingent coupon at the rate of 7% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that month.
The notes may be called at par on any monthly call observation date after three months.
The payout at maturity will be par unless any index finishes below its barrier level, 60% of its initial level, in which case investors will lose 1% for every 1% decline of the least performing index.
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: | iShares MSCI Emerging Markets ETF and Russell 2000 index
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| Amount: | $515,000
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| Maturity: | March 27, 2025
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| Coupon: | Each month, notes pay contingent coupon at rate of 7% per year unless any index closes below coupon barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its barrier level, in which case 1% loss for every 1% decline of the least performing index
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| Call option: | At par on any monthly call observation date after three months
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| Initial levels: | 2,248.075 for Russell, $50.78 for iShares
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| Coupon barrier levels: | 1,573.653 for Russell, $35.546 for iShares; 70% of initial levels
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| Final barrier levels: | 1,348.845 for Russell, $30.468 for iShares; 60% of initial levels
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| Pricing date: | Sept. 24, 2021
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| Settlement date: | Sept. 29, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.95%
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| Cusip: | 17329QWH9
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