Published on 6/16/2022 in the Prospect News Structured Products Daily.
New Issue: Citi sells $720,000 autocallable contingent coupon equity notes on two ETFs
Chicago, June 16 – Citigroup Global Markets Holdings Inc. priced $720,000 of autocallable contingent coupon equity-linked securities due Dec. 16, 2024 linked to the worst performing of the iShares Russell 2000 ETF and the SPDR S&P 500 ETF Trust, 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 6% if each ETF closes at or above the coupon barrier level, 65% of the initial level, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if each ETF closes at or above its initial level, on any quarterly valuation date.
If the notes have not been called, the payout at maturity will be par unless either ETF closes below its 65% barrier level, in which case investors will receive a number of shares of the worst performer equal to $1,000 divided by that ETF’s initial level or the cash equivalent.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying funds: | SPDR S&P 500 ETF Trust, iShares Russell 2000 ETF
|
| Amount: | $720,000
|
| Maturity: | Dec. 16, 2024
|
| Coupon: | 6% annualized rate, payable quarterly if each ETF closes at or above coupon barrier level, on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either ETF closes below its barrier level, in which case investors will receive a number of shares of the worst performer equal to that ETF’s equity ratio or, at the issuer’s option, the cash equivalent
|
| Call: | Automatically at par plus coupon if each ETF closes at or above initial level on any quarterly valuation date
|
| Initial levels: | $219.02 for Russell, $458.79 for S&P
|
| Coupon barrier levels: | $142.363 for Russell, $298.214 for S&P; 65% of initial levels
|
| Final barrier levels: | $142.363 for Russell, $298.214 for S&P; 65% of initial levels
|
| Equity ratios: | 4.56579 for Russell, 2.17965 for S&P; shares per security
|
| Strike date: | Dec. 6, 2021
|
| Pricing date: | Dec. 7, 2021
|
| Settlement date: | Dec. 14, 2021
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.85%
|
| Cusip: | 17328NU89
|
|
|
© 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.
