Published on 8/24/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $750,000 callable contingent coupon equity notes on Russell, Nasdaq
By Kiku Steinfeld
Chicago, Aug. 24 – Citigroup Global Markets Holdings Inc. priced $750,000 of callable contingent coupon equity-linked securities due Jan. 23, 2024 linked to the worst performing of the Russell 2000 index and the Nasdaq-100 index, 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 10.75% if each index closes at or above its coupon barrier level, 80% 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 call valuation date after one year.
If the notes are not redeemed early, the payout will be par plus the final coupon if each index finishes at or above 80% of its initial level. Otherwise, investors will be fully exposed to the losses of the worst performer.
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: | Russell 2000 index, Nasdaq-100 index
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Amount: | $750,000
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Maturity: | Jan. 23, 2024
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Contingent coupon: | 10.75% per year, payable monthly if each index 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: | If all indexes finish at or above final barrier, par plus final coupon; otherwise, investors will be fully exposed to losses of worst performer
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Call option: | In whole at par plus any coupon due on any monthly call valuation date after one year
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Initial levels: | 15,844.12 for Nasdaq, 2,194.003 for Russell
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Coupon barrier levels: | 12,675.296 for Nasdaq, 1,755.202 for Russell; 80% of initial levels
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Barrier levels: | 12,675.296 for Nasdaq, 1,755.202 for Russell; 80% of initial levels
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Pricing date: | Jan. 18, 2022
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Settlement date: | Jan. 21, 2022
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.75%
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Cusip: | 17329UZP9
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