Published on 5/19/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1 million callable contingent coupon equity notes on S&P, Dow, Russell
By William Gullotti
Buffalo, N.Y., May 19 – Citigroup Global Markets Holdings Inc. priced $1 million of callable contingent coupon equity-linked securities due May 20, 2025 linked to the worst performing of the S&P 500 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 monthly coupon at an annualized rate of 8.3% 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 monthly call valuation date after six months.
If the notes are not redeemed early, the payout will be par plus the final coupon if each index finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above 50% of its initial level, the payout at maturity 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.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable contingent coupon equity-linked securities
|
| Underlying indexes: | Russell 2000 index, Dow Jones industrial average, S&P 500 index
|
| Amount: | $1 million
|
| Maturity: | May 20, 2025
|
| Contingent coupon: | 8.3% per year, payable monthly if each index closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | If all indexes finish at or above coupon barrier, par plus final coupon; if worst performer finishes below coupon barrier but at or above final barrier, par; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
|
| Call option: | In whole at par plus any coupon due on any monthly call valuation date after six months
|
| Initial levels: | 31,730.3 for Dow, 3,930.08 for S&P, 1,739.382 for Russell
|
| Coupon barrier levels: | 22,211.21 for Dow, 2,751.056 for S&P, 1,217.567 for Russell; 70% of initial levels
|
| Barrier levels: | 15,865.15 for Dow, 1,965.04 for S&P, 869.691 for Russell; 50% of initial levels
|
| Strike date: | May 12
|
| Pricing date: | May 13
|
| Settlement date: | May 20
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 17330FYJ4
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
