Published on 1/5/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.54 million callable contingent coupon equity notes on Nasdaq, Russell, Dow
By William Gullotti
Buffalo, N.Y., Jan. 5 – Citigroup Global Markets Holdings Inc. priced $1.54 million of callable contingent coupon equity-linked securities due Jan. 3, 2025 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, 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 12.25% if each index closes at or above its coupon barrier level, 75% of its initial level, on every trading day during the observation period.
The notes will be callable in whole at par plus any coupon due on any quarterly call valuation date.
If the notes are not redeemed early and each index finishes at or above 75% of its initial level, the payout will be par plus any final coupon otherwise due. 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, Dow Jones industrial average, Nasdaq-100 index
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| Amount: | $1.54 million
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| Maturity: | Jan. 3, 2025
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| Contingent coupon: | 12.25% per year, payable quarterly if each index closes at or above coupon barrier on every trading day during the observation 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 any coupon otherwise due; 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 quarterly call valuation date
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| Initial levels: | 36,398.08 for Dow, 16,429.1 for Nasdaq, 2,248.793 for Russell
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| Coupon barrier levels: | 27,298.56 for Dow, 12,321.825 for Nasdaq, 1,686.595 for Russell; 75% of initial levels
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| Barrier levels: | 27,298.56 for Dow, 12,321.825 for Nasdaq, 1,686.595 for Russell; 75% of initial levels
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| Pricing date: | Dec. 30
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| Settlement date: | Jan. 4
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2%
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| Cusip: | 17329UUQ2
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