Published on 10/12/2022 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $1.28 million autocallable contingent coupon equity-linked notes on ETFs
Chicago, Oct. 12 – Citigroup Global Markets Holdings Inc. priced $1.28 million of autocallable contingent coupon equity-linked securities due Feb. 14, 2023 linked to the worst performing of the Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 5% paid monthly if the worst performing ETF closes at or above its 70% coupon barrier on the related valuation date.
The securities will be called automatically starting Aug. 9, 2022 if the price of the worst performing ETF is greater than or equal to its initial price and on any subsequent monthly valuation date.
The payout at maturity will be par if the worst performing ETF ends at or above its 70% final barrier. Otherwise, investors will lose 1% for every 1% that the worst performing ETF declines, payable in cash or shares at the issuer’s option.
The notes are guaranteed by Citigroup Inc.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity linked securities
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| Underlying ETFs: | Invesco QQQ Trust, Series 1 and SPDR S&P 500 ETF Trust
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| Amount: | $1,279,000
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| Maturity: | Feb. 14, 2023
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| Coupon: | 5% annual rate, paid monthly if the worst performing ETF closes at or above its 70% coupon barrier on the related valuation date
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| Price: | Par
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| Payout at maturity: | If worst performing ETF finishes at or above final barrier par; 1% loss for every 1% that worst performing ETF declines if it ends below final barrier, payable in cash or shares at the issuer’s option
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| Call: | Automatically starting Aug. 9, 2022 if the price of the worst performing ETF is greater than or equal to its initial price and on any subsequent monthly valuation date
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| Initial levels: | $366.73 for QQQ, $457.54 for S&P 500
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| Coupon barriers: | $256.711 for QQQ, $320.278 for S&P 500 ETF, 70% of initial levels
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| Final barriers: | $256.711 for QQQ, $320.278 for S&P 500 ETF, 70% of initial levels
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| Equity ratios: | 2.7268 for QQQ, 2.1856 for S&P 500
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| Pricing date: | Feb. 9
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| Settlement date: | Feb. 14
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| Agent: | Citigroup Global Markets Inc.
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| Fees: | 1.85%
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| Cusip: | 17328N4T2
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