Published on 11/3/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $650,000 callable contingent coupon equity notes on Russell, Nasdaq, Stoxx
Chicago, Nov. 3 – Citigroup Global Markets Holdings Inc. priced $650,000 of callable contingent coupon equity-linked securities due March 6, 2025 linked to the worst performing of the Russell 2000 index, the Nasdaq-100 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 pay a contingent quarterly coupon at an annualized rate of 10.95% 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 quarterly call valuation date after six months.
If the worst performer finishes above its final barrier level, 70% 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.
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Guarantor: | Citigroup Inc.
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Issue: | Callable contingent coupon equity-linked securities
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Underlying indexes: | Nasdaq-100 index, Euro Stoxx 50 index, Russell 2000 index
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Amount: | $650,000
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Maturity: | March 6, 2025
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Contingent coupon: | 10.95% per year, payable quarterly if each index closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | If all indexes finish at or above final barrier, 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 quarterly call valuation date after six months
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Initial levels: | 3,765.85 for Stoxx, 2,008.506 for Russell, 14,005.99 for Nasdaq
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Coupon barrier levels: | 2,636.095 for Stoxx, 1,405.954 for Russell, 9,804.193 for Nasdaq; 75% of initial levels
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Barrier levels: | 2,636.095 for Stoxx, 1,405.954 for Russell, 9,804.193 for Nasdaq; 75% of initial levels
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Pricing date: | March 1
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Settlement date: | March 4
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 0.95%
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Cusip: | 17330AN65
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