Published on 10/5/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $750,000 callable contingent coupon equity notes on Dow, Russell, S&P
By Kiku Steinfeld
Chicago, Oct. 5 – Citigroup Global Markets Holdings Inc. priced $750,000 of callable contingent coupon equity-linked securities due Feb. 19, 2027 linked to the worst performing of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 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 8.5% if each index closes at or above its coupon barrier level, 70% of its initial level, on the related valuation date.
The notes will be callable in whole at par plus any coupon due on any monthly potential redemption date after three months.
If the notes are not redeemed early and each index finishes at or above its 50% final barrier level, the payout will be par.
Otherwise, investors will lose 1% for every 1% decline 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 indexes: | Russell 2000 index, S&P 500 index, Dow Jones industrial average
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| Amount: | $750,000
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| Maturity: | Feb. 19, 2027
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| Contingent coupon: | 8.5% per year, payable monthly if each index closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | If all indexes finish at or above final barrier level, par; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
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| Call option: | In whole at par plus any coupon due on any monthly potential redemption date after three months
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| Initial levels: | 4,471.07 for S&P, 2,076.462 for Russell, 34,988.84 for Dow
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| Coupon barrier levels: | 3,129.749 for S&P, 1,453.523 for Russell, 24,492.188 for Dow; 70% of initial levels
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| Final barrier level levels: | 2,235.535 for S&P, 1,038.231 for Russell, 17,494.420 for Dow; 50% of initial levels
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| Pricing date: | Feb. 15
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| Settlement date: | Feb. 18
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.25%
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| Cusip: | 17330A5Q1
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