Published on 10/14/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $2.16 million callable contingent coupon equity notes on Dow, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Oct. 14 – Citigroup Global Markets Holdings Inc. priced $2.16 million of callable contingent coupon equity-linked securities due Oct. 9, 2025 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 10.25% if each index 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 quarterly valuation date after one year.
If the notes are not redeemed early, the payout will be par unless any index finishes below 70% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines.
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, S&P 500 index and Dow Jones industrial average index
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Amount: | $2,155,000
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Maturity: | Oct. 9, 2025
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Contingent coupon: | 10.25% per year, payable quarterly 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: | Par unless any index finishes below its final barrier level, in which case investors will lose 1% for every 1% that the least performing index declines
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Call option: | In whole at par any quarterly valuation date after one year
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Initial levels: | 29,926.94 for Dow, 1,752.513 for Russell, 3,744.52 for S&P
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Coupon barrier levels: | 20,948.858 for Dow, 1,226.759 for Russell, 2,621.164 for S&P; 70% of initial levels
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Final barrier levels: | 20,948.858 for Dow, 1,226.759 for Russell, 2,621.164 for S&P; 70% of initial levels
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Pricing date: | Oct. 6
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Settlement date: | Oct. 12
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 3%
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Cusip: | 17330RY90
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