Published on 5/20/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $1.4 million callable phoenix securities on indexes, ETF
Chicago, May 20 – Citigroup Global Markets Holdings Inc. priced $1.4 million of callable phoenix securities due Nov. 15, 2022 linked to the worst performing of iShares MSCI Emerging Markets ETF, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 8.35% if each asset closes at or above the coupon barrier price, 75% of the initial price, on the valuation date for that quarter. Previously unpaid coupons will also be paid.
The notes are callable on any quarterly contingent coupon payment date.
If the notes are not called and each asset finishes at or above final barrier price, 70% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be exposed to the downside of the worst performer.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
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| Issue: | Callable phoenix securities
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| Underlying assets: | iShares MSCI Emerging Markets ETF, the S&P 500 index and the Euro Stoxx 50 index
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| Amount: | $1,400,000
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| Maturity: | Nov. 15, 2022
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| Coupon: | 8.35% annualized rate, payable quarterly if each asset closes at or above coupon barrier price on valuation date for that quarter; previously unpaid coupons will also be paid
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon if each asset closes at or above final barrier; otherwise, investors will be exposed to the downside of the worst performer
|
| Call option: | Callable at the option of the issuer on any quarterly contingent coupon payment date
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| Initial levels: | $51.62 for iShares, 4,220.88 for Stoxx, 4,551.68 for S&P
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| Coupon barrier levels: | $38.715 for iShares, 3,165.660 for Stoxx, 3,413.760 for S&P; 75% of initial levels
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| Final barrier levels: | $38.715 for iShares, 3,165.660 for Stoxx, 3,413.760 for S&P; 75% of initial levels
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| Pricing date: | Oct. 27, 2021
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| Settlement date: | Nov. 1, 2021
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 1%
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| Cusip: | 17329UAN1
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