Published on 3/17/2022 in the Prospect News Structured Products Daily.
New Issue: Citi prices $1.2 million callable contingent coupon equity notes on three stocks
By Kiku Steinfeld
Chicago, March 17 – Citigroup Global Markets Holdings Inc. priced $1.2 million of callable contingent coupon equity-linked securities due Sept. 20, 2024 linked to the worst performing of the stocks of Kroger Co., Inc., Visa Inc. and RH, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes will pay a contingent monthly coupon at an annual rate of 18% if each stock closes at or above its coupon barrier price, 70% of its initial share price, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any monthly valuation date after six months.
If the notes are not redeemed early and each stock finishes at or above the 60% final barrier, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least performing stock declines.
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 stocks: | Kroger Co., Inc., Visa Inc. and RH
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| Amount: | $1,201,000
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| Maturity: | Sept. 20, 2024
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| Coupon: | 18% annualized rate, payable monthly if each stock closes at or above coupon barrier price on valuation date for that period
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above final barrier, par; otherwise, lose 1% for every 1% decline of the worst performer from its initial level
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| Call option: | Par plus any coupon on any monthly valuation date after six months
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| Initial share prices: | $40.94 for Kroger, $672.15 for RH, $221.75 for Visa
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| Coupon barrier prices: | $28.658 for Kroger, $470.505 for RH, $155.225 for Visa; 70% of initial share prices
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| Final barrier prices: | $24.564 for Kroger, $403.290 for RH, $133.050 for Visa; 60% of initial share prices
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| Pricing date: | Sept. 17
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| Settlement date: | Sept. 22
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 0.75%
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| Cusip: | 17329QNW6
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