Published on 9/22/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $200,000 callable contingent coupon equity notes on indexes, ETF
Chicago, Sept. 22 – Citigroup Global Markets Holdings Inc. priced $200,000 of callable contingent coupon equity-linked securities due Feb. 2, 2027 linked to the worst performing of the S&P 500 index, the iShares MSCI EAFE ETF 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 8.5% if each underlier closes at or above its coupon barrier level, 70% of its initial level, every day that period.
The notes will be callable in whole at par plus any coupon due on any quarterly call valuation date.
If the notes have not been called, the payout at maturity will be par plus the final coupon, if any, if all underliers finish at or above the 65% barrier level. 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 assets: | Dow Jones industrial average, S&P 500 index, iShares MSCI EAFE ETF
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| Amount: | $200,000
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| Maturity: | Feb. 2, 2027
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| Contingent coupon: | 8.5% per year, payable quarterly if each underlier closes at or above coupon barrier every day that period
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| Price: | Par
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| Payout at maturity: | If all underliers finish at or above the barrier level, par plus any final coupon; otherwise, 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: | $74.73 for ETF, 34,725.47 for Dow, 4,431.85 for S&P
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| Coupon barrier levels: | $52.311 for ETF, 24,307.829 for Dow, 3,102.295 for S&P; 70% of initial levels
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| Barrier levels: | $48.575 for ETF, 22,571.556 for Dow, 2,880.703 for S&P; 65% of initial levels
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| Pricing date: | Jan. 28
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| Settlement date: | Feb. 2
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.5%
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| Cusip: | 17330A6A5
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