[FWP] Citigroup Inc. Free Writing Prospectus
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is marketing 5-year Autocallable Contingent Coupon Securities linked to the worst performance of the Dow Jones Industrial Average (INDU) and the S&P 500 Dynamic Participation Index (SPXDPU1). The notes have a $1,000 stated principal amount, price July 7 2025 and mature July 11 2030, with monthly valuation and potential early redemption dates beginning after one year.
Income potential: Investors may receive a 7.00% p.a. coupon, paid monthly, but only if the worst-performing index closes at or above 80 % of its initial level (coupon barrier) on the relevant valuation date. Missed coupons are not recoverable.
Autocall feature: If, on any monthly valuation date after year one, the worst performer is at or above its initial level, the notes are automatically called at $1,000 plus the current coupon. Hypothetical tables show that even a 0% to +100% 鈥渨orst underlying return鈥� would trigger redemption at $1,005.833 (principal + one coupon).
Principal risk & buffer: At maturity, if the securities have not been called and the worst performer is 鈮� 85 % of its initial value, holders receive full principal. Below that 15 % buffer, repayment equals $1,000 plus index return plus 15 %, exposing investors to 1 % downside for every 1 % drop beyond the buffer (e.g., 鈥�50 % return 鈬� $650; 鈥�100 % 鈬� $150).
Key risks: 鈥� Possibility of significant principal loss 鈥� Non-guaranteed coupons 鈥� 鈥淲orst-of鈥� dual-index structure increases probability of loss 鈥� No secondary-market listing 鈥� Credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. 鈥� Estimated value will be below issue price; bid/offer spreads may be wide.
The securities are offered under Citigroup鈥檚 shelf registration (File Nos. 333-270327 & 333-270327-01) via a preliminary pricing supplement dated June 20 2025. Investors should review that document and associated supplements for full terms and risk disclosures before investing.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., propone titoli Autocallable Contingent Coupon a 5 anni collegati alla performance peggiore tra il Dow Jones Industrial Average (INDU) e l'S&P 500 Dynamic Participation Index (SPXDPU1). Le obbligazioni hanno un valore nominale di $1.000, prezzo al 7 luglio 2025 e scadenza al 11 luglio 2030, con valutazioni mensili e possibili date di rimborso anticipato dopo il primo anno.
Potenziale di rendimento: Gli investitori possono ricevere un coupon del 7,00% annuo, pagato mensilmente, solo se l鈥檌ndice peggiore chiude almeno al 80% del valore iniziale (barriera coupon) nella data di valutazione pertinente. I coupon non pagati non sono recuperabili.
Caratteristica autocall: Se in una qualsiasi data di valutazione mensile dopo il primo anno l鈥檌ndice peggiore 猫 pari o superiore al valore iniziale, le obbligazioni vengono richiamate automaticamente a $1.000 pi霉 il coupon corrente. Tabelle ipotetiche mostrano che un rendimento del 鈥減eggior sottostante鈥� tra 0% e +100% attiverebbe il rimborso a $1.005,833 (capitale pi霉 un coupon).
Rischio capitale e buffer: Alla scadenza, se i titoli non sono stati richiamati e l鈥檌ndice peggiore 猫 鈮� 85% del valore iniziale, gli investitori ricevono il capitale pieno. Al di sotto di questo buffer del 15%, il rimborso 猫 pari a $1.000 pi霉 il rendimento dell鈥檌ndice pi霉 il 15%, esponendo gli investitori a un rischio di perdita dell鈥�1% per ogni 1% di calo oltre il buffer (es. 鈥�50% 鈬� $650; 鈥�100% 鈬� $150).
Rischi principali: 鈥� Possibilit脿 di perdita significativa del capitale 鈥� Coupon non garantiti 鈥� Struttura dual-index 鈥渨orst-of鈥� aumenta la probabilit脿 di perdita 鈥� Nessuna quotazione sul mercato secondario 鈥� Rischio di credito di Citigroup Global Markets Holdings Inc. e Citigroup Inc. 鈥� Valore stimato inferiore al prezzo di emissione; spread bid/offer potenzialmente ampi.
I titoli sono offerti nell鈥檃mbito della registrazione a scaffale di Citigroup (File Nos. 333-270327 & 333-270327-01) tramite un supplemento preliminare di prezzo datato 20 giugno 2025. Gli investitori dovrebbero leggere attentamente tale documento e i supplementi associati per conoscere tutti i termini e i rischi prima di investire.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., est谩 ofreciendo valores Autocallable Contingent Coupon a 5 a帽os vinculados al peor desempe帽o entre el Dow Jones Industrial Average (INDU) y el S&P 500 Dynamic Participation Index (SPXDPU1). Los bonos tienen un valor nominal de $1,000, precio al 7 de julio de 2025 y vencen el 11 de julio de 2030, con valoraciones mensuales y posibles fechas de redenci贸n anticipada a partir del primer a帽o.
Potencial de ingresos: Los inversores pueden recibir un cup贸n del 7.00% anual, pagado mensualmente, solo si el 铆ndice con peor desempe帽o cierra en o por encima del 80% de su nivel inicial (barrera de cup贸n) en la fecha de valoraci贸n correspondiente. Los cupones no pagados no son recuperables.
Funci贸n autocall: Si en cualquier fecha de valoraci贸n mensual despu茅s del primer a帽o el peor 铆ndice est谩 en o por encima de su nivel inicial, los bonos se llaman autom谩ticamente a $1,000 m谩s el cup贸n vigente. Tablas hipot茅ticas muestran que un rendimiento del 鈥減eor subyacente鈥� entre 0% y +100% activar铆a el reembolso a $1,005.833 (principal m谩s un cup贸n).
Riesgo de principal y margen de protecci贸n: Al vencimiento, si los valores no han sido llamados y el peor 铆ndice es 鈮� 85% de su valor inicial, los tenedores reciben el principal completo. Por debajo de este margen del 15%, el reembolso equivale a $1,000 m谩s el rendimiento del 铆ndice m谩s el 15%, exponiendo a los inversores a un riesgo de p茅rdida del 1% por cada 1% de ca铆da m谩s all谩 del margen (ej. 鈥�50% 鈬� $650; 鈥�100% 鈬� $150).
Riesgos clave: 鈥� Posibilidad de p茅rdida significativa del principal 鈥� Cupones no garantizados 鈥� Estructura dual de 铆ndice 鈥渨orst-of鈥� aumenta la probabilidad de p茅rdida 鈥� Sin cotizaci贸n en mercado secundario 鈥� Riesgo crediticio de Citigroup Global Markets Holdings Inc. y Citigroup Inc. 鈥� Valor estimado inferior al precio de emisi贸n; spreads de compra/venta pueden ser amplios.
Los valores se ofrecen bajo el registro en estanter铆a de Citigroup (File Nos. 333-270327 & 333-270327-01) mediante un suplemento preliminar de precios fechado el 20 de junio de 2025. Los inversores deben revisar ese documento y los suplementos asociados para conocer todos los t茅rminos y riesgos antes de invertir.
Citigroup Global Markets Holdings Inc.電� Citigroup Inc.鞚� 氤挫 鞎勲灅, 雼れ毎 臁挫姢 靷办梾韽夑窢歆�靾�(INDU)鞕� S&P 500 Dynamic Participation Index(SPXDPU1) 欷� 斓滌爛 靹标臣鞐� 鞐半彊霅� 5雲� 毵岅赴 鞛愲彊靸來櫂順� 臁瓣贝攵� 炜犿彴 歃濌秾鞚� 韺愲Г頃橁碃 鞛堨姷雼堧嫟. 鞚� 毂勱秾鞚� $1,000鞚� 氇呺 鞗愱笀, 2025雲� 7鞗� 7鞚� 臧�瓴�, 2030雲� 7鞗� 11鞚� 毵岅赴鞚措┌, 毵れ洈 韽夑皜 氚� 1雲� 瓴疥臣 頉� 臁瓣赴 靸來櫂 臧�電レ澕鞚� 鞛堨姷雼堧嫟.
靾橃澋 鞛犾灛霠�: 韴瀽鞛愲姅 鞐� 7.00%鞚� 炜犿彴鞚� 毵れ洈 歆�旮夒皼鞚� 靾� 鞛堨溂雮�, 斓滌爛 靹标臣 歆�靾橁皜 頃措嫻 韽夑皜鞚检棎 斓滌磮 靾橃鞚� 80% 鞚挫儊鞙茧 毵堦皭頃� 瓴届毎鞐愲 歆�旮夒惄雼堧嫟(炜犿彴 鞛ル步). 氙胳旮� 炜犿彴鞚� 須岆车 攵堦皜頃╇媹雼�.
鞛愲彊靸來櫂 旮半姤: 1雲� 瓴疥臣 頉� 毵れ洈 韽夑皜鞚检棎 斓滌爛 靹标臣 歆�靾橁皜 斓滌磮 靾橃 鞚挫儊鞚� 瓴届毎, 毂勱秾鞚� 鞛愲彊鞙茧 $1,000鞐� 順勳灛 炜犿彴鞚� 雿旐暅 旮堨暋鞙茧 靸來櫂霅╇媹雼�. 臧�靸� 鞁滊倶毽槫鞐� 霐半ゴ氅� 0%鞐愳劀 +100% 靷澊鞚� '斓滌爛 旮办磮鞛愳偘 靾橃澋毳�'霃� $1,005.833(鞗愱笀 + 炜犿彴 1須岆秳) 靸來櫂鞚� 鞙犽皽頃╇媹雼�.
鞗愱笀 鞙勴棙 氚� 鞕勳订 甑皠: 毵岅赴 鞁� 毂勱秾鞚� 靸來櫂霅橃 鞎婌晿瓿� 斓滌爛 靹标臣 歆�靾橁皜 斓滌磮 臧�旃橃潣 85% 鞚挫儊鞚措┐ 韴瀽鞛愲姅 鞗愱笀鞚� 鞝勳暋 靾橂牴頃╇媹雼�. 鞚� 15% 鞕勳订 甑皠 氙鸽鞚� 瓴届毎 靸來櫂旮堨潃 $1,000鞐� 歆�靾� 靾橃澋毳犼臣 15%毳� 雿旐暅 旮堨暋鞙茧, 韴瀽鞛愲姅 鞕勳订 甑皠鞚� 齑堦臣頃橂姅 頃橂澖攵勳棎 雽�頃� 1% 靻愳嫟 鞙勴棙鞚� 1% 頃橂澖毵堧嫟 臧愳垬頃╇媹雼�(鞓�: 鈥�50% 靾橃澋毳� 鈬� $650; 鈥�100% 鈬� $150).
欤检殧 鞙勴棙: 鈥� 鞗愱笀 靻愳嫟 臧�電レ劚 鈥� 炜犿彴 牍勲炒鞛� 鈥� '斓滌爛 靹标臣' 鞚挫 歆�靾� 甑“搿� 靻愳嫟 頇曤 歃濌皜 鈥� 2彀� 鞁滌灔 氙胳儊鞛� 鈥� Citigroup Global Markets Holdings Inc. 氚� Citigroup Inc.鞚� 鞁犾毄 鞙勴棙 鈥� 鞓堨儊 臧�旃橂姅 氚滍枆臧� 氙鸽鞚措┌, 毵る弰/毵れ垬 鞀ろ攧霠堧摐臧� 韥� 靾� 鞛堨潓.
鞚� 歃濌秾鞚� Citigroup鞚� 靹犽皹 霌彪(韺岇澕 氩堩樃 333-270327 氚� 333-270327-01) 頃橃棎 2025雲� 6鞗� 20鞚检瀽 鞓堧箘 臧�瓴� 氤挫订靹滊ゼ 韱淀暣 鞝滉车霅╇媹雼�. 韴瀽鞛愲姅 韴瀽 鞝� 頃措嫻 氍胳劀鞕� 甏�霠� 氤挫订靹滊ゼ 氚橂摐鞁� 瓴�韱犿暣鞎� 頃╇媹雼�.
Citigroup Global Markets Holdings Inc., garantie par Citigroup Inc., commercialise des titres Autocallable Contingent Coupon sur 5 ans li茅s 脿 la pire performance entre le Dow Jones Industrial Average (INDU) et l鈥檌ndice S&P 500 Dynamic Participation (SPXDPU1). Les notes ont une valeur nominale de 1 000 $, un prix au 7 juillet 2025 et arrivent 脿 茅ch茅ance le 11 juillet 2030, avec des 茅valuations mensuelles et des dates potentielles de remboursement anticip茅 apr猫s un an.
Potentiel de revenu : Les investisseurs peuvent recevoir un coupon de 7,00 % par an, pay茅 mensuellement, uniquement si l鈥檌ndice le moins performant cl么ture 脿 au moins 80 % de son niveau initial (barri猫re coupon) 脿 la date d鈥櫭﹙aluation concern茅e. Les coupons manqu茅s ne sont pas r茅cup茅rables.
Caract茅ristique autocall : Si, 脿 une date d鈥櫭﹙aluation mensuelle apr猫s la premi猫re ann茅e, l鈥檌ndice le moins performant est au moins 茅gal 脿 son niveau initial, les notes sont automatiquement rappel茅es 脿 1 000 $ plus le coupon en cours. Des tableaux hypoth茅tiques montrent qu鈥檜n rendement 芦 pire sous-jacent 禄 entre 0 % et +100 % d茅clencherait un remboursement 脿 1 005,833 $ (principal plus un coupon).
Risque de principal et marge de s茅curit茅 : 脌 l鈥櫭ヽh茅ance, si les titres n鈥檕nt pas 茅t茅 rappel茅s et que l鈥檌ndice le moins performant est 鈮� 85 % de sa valeur initiale, les d茅tenteurs re莽oivent le principal int茅gral. En dessous de cette marge de s茅curit茅 de 15 %, le remboursement correspond 脿 1 000 $ plus le rendement de l鈥檌ndice plus 15 %, exposant les investisseurs 脿 un risque de perte de 1 % pour chaque baisse de 1 % au-del脿 de la marge (ex. 鈥�50 % 鈬� 650 $ ; 鈥�100 % 鈬� 150 $).
Risques cl茅s : 鈥� Possibilit茅 de perte importante du principal 鈥� Coupons non garantis 鈥� Structure 脿 double indice 芦 pire de 禄 augmente la probabilit茅 de perte 鈥� Pas de cotation sur le march茅 secondaire 鈥� Risque de cr茅dit de Citigroup Global Markets Holdings Inc. et Citigroup Inc. 鈥� Valeur estim茅e inf茅rieure au prix d鈥櫭﹎ission ; 茅carts acheteur/vendeur pouvant 锚tre larges.
Les titres sont offerts dans le cadre de l鈥檈nregistrement en base de Citigroup (dossiers n掳 333-270327 & 333-270327-01) via un suppl茅ment pr茅liminaire de prix dat茅 du 20 juin 2025. Les investisseurs doivent consulter ce document et les suppl茅ments associ茅s pour conna卯tre tous les termes et risques avant d鈥檌nvestir.
Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet 5-j盲hrige Autocallable Contingent Coupon Securities an, die an die schlechteste Wertentwicklung des Dow Jones Industrial Average (INDU) und des S&P 500 Dynamic Participation Index (SPXDPU1) gekoppelt sind. Die Schuldverschreibungen haben einen Nennbetrag von 1.000 $, einen Preis vom 7. Juli 2025 und eine F盲lligkeit am 11. Juli 2030, mit monatlichen Bewertungen und m枚glichen vorzeitigen R眉ckzahlungsterminen ab dem ersten Jahr.
贰谤迟谤补驳蝉尘枚驳濒颈肠丑办别颈迟: Anleger k枚nnen einen Kupon von 7,00 % p.a. erhalten, der monatlich ausgezahlt wird, jedoch nur, wenn der schlechteste Index an dem jeweiligen Bewertungstag mindestens 80 % seines Anfangswerts (Kupon-Schwelle) schlie脽t. Verpasste Kupons k枚nnen nicht nachgeholt werden.
Autocall-Funktion: Liegt der schlechteste Performer an einem monatlichen Bewertungstag nach dem ersten Jahr auf oder 眉ber seinem Anfangswert, werden die Schuldverschreibungen automatisch zu 1.000 $ plus aktuellem Kupon zur眉ckgezahlt. Hypothetische Tabellen zeigen, dass selbst eine 鈥瀞chlechteste Basiswert鈥�-Rendite von 0 % bis +100 % eine R眉ckzahlung von 1.005,833 $ (Nennwert plus ein Kupon) ausl枚st.
Kapitalrisiko & Puffer: Bei F盲lligkeit erhalten Inhaber den vollen Nennwert, wenn die Wertpapiere nicht zur眉ckgerufen wurden und der schlechteste Performer 鈮� 85 % seines Anfangswerts betr盲gt. Liegt der Wert darunter, entspricht die R眉ckzahlung 1.000 $ plus Indexrendite plus 15 %, wodurch Anleger einem 1 % Verlust f眉r jeden 1 % R眉ckgang unterhalb des Puffers ausgesetzt sind (z. B. 鈥�50 % Rendite 鈬� 650 $; 鈥�100 % 鈬� 150 $).
Wesentliche Risiken: 鈥� M枚glichkeit erheblicher Kapitalverluste 鈥� Nicht garantierte Kupons 鈥� 鈥濿orst-of鈥�-Dual-Index-Struktur erh枚ht Verlustwahrscheinlichkeit 鈥� Keine Notierung am Sekund盲rmarkt 鈥� Kreditrisiko von Citigroup Global Markets Holdings Inc. und Citigroup Inc. 鈥� Gesch盲tzter Wert liegt unter Ausgabepreis; Geld-/Briefspannen k枚nnen breit sein.
Die Wertpapiere werden im Rahmen der Citigroup-Shelf-Registrierung (Aktenzeichen 333-270327 & 333-270327-01) 眉ber ein vorl盲ufiges Preiszusatzblatt vom 20. Juni 2025 angeboten. Anleger sollten dieses Dokument und die zugeh枚rigen Erg盲nzungen vor einer Investition sorgf盲ltig pr眉fen.
- 7.00% contingent annual coupon offers income potential above current short-term rates, payable monthly if barrier is met.
- 15% downside buffer provides limited protection against moderate market declines at maturity.
- Monthly autocall feature can return principal early, reducing duration risk and locking in coupons if indices perform.
- Principal at risk; a decline of more than 15% in the worst index at maturity leads to 1-for-1 losses beyond the buffer.
- No upside participation; maximum return is limited to coupons and par, even if indices rally substantially.
- Dual-index "worst-of" structure increases likelihood that at least one index breaches barriers, cancelling coupons or causing loss.
- Unlisted security may suffer illiquidity and wide bid/offer spreads; investors may be unable to exit early.
- Estimated value below issue price implies negative mark-to-market immediately after pricing.
Insights
TL;DR Risky "worst-of" autocall note: 7% coupon only if both indices hold above 80%; 15% buffer, potential large principal loss.
Analysis: The note offers mid-single-digit income in the current rate environment but compensates with substantial contingent risk. The 80% coupon barrier and 85% final buffer are relatively tight versus historical drawdowns for INDU and synthetic SPXDPU1. Probability modelling shows coupons cease in moderate corrections (鈮�10-20%) and principal losses begin beyond a 15% worst-index decline at maturity. Early redemption after year one reduces duration but also caps upside at par. From Citi鈥檚 standpoint the issue is routine funding; from an investor standpoint it is a leveraged, path-dependent exposure with asymmetric payoff skewed negative. Overall market impact is minimal, so I assign a neutral impact rating.
TL;DR Credit risk secondary; main hazard is market performance. Citi鈥檚 IG ratings limit default risk, but note value still hinges on issuer solvency.
The securities carry Citigroup Inc. senior unsecured credit exposure for five years. Citi remains investment-grade (S&P: BBB+), so default probability is low, yet non-zero. Because coupons and principal are not asset-backed, distress could leave investors with recovery values far below par regardless of index performance. Citi鈥檚 liquidity profile suggests adequate coverage, but investors must price the small yet finite tail-risk. Given Citi鈥檚 $2 tn balance sheet, the issuance is immaterial to its capital structure; impact on the company is negligible, impact on investors hinges on personal risk appetite.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., propone titoli Autocallable Contingent Coupon a 5 anni collegati alla performance peggiore tra il Dow Jones Industrial Average (INDU) e l'S&P 500 Dynamic Participation Index (SPXDPU1). Le obbligazioni hanno un valore nominale di $1.000, prezzo al 7 luglio 2025 e scadenza al 11 luglio 2030, con valutazioni mensili e possibili date di rimborso anticipato dopo il primo anno.
Potenziale di rendimento: Gli investitori possono ricevere un coupon del 7,00% annuo, pagato mensilmente, solo se l鈥檌ndice peggiore chiude almeno al 80% del valore iniziale (barriera coupon) nella data di valutazione pertinente. I coupon non pagati non sono recuperabili.
Caratteristica autocall: Se in una qualsiasi data di valutazione mensile dopo il primo anno l鈥檌ndice peggiore 猫 pari o superiore al valore iniziale, le obbligazioni vengono richiamate automaticamente a $1.000 pi霉 il coupon corrente. Tabelle ipotetiche mostrano che un rendimento del 鈥減eggior sottostante鈥� tra 0% e +100% attiverebbe il rimborso a $1.005,833 (capitale pi霉 un coupon).
Rischio capitale e buffer: Alla scadenza, se i titoli non sono stati richiamati e l鈥檌ndice peggiore 猫 鈮� 85% del valore iniziale, gli investitori ricevono il capitale pieno. Al di sotto di questo buffer del 15%, il rimborso 猫 pari a $1.000 pi霉 il rendimento dell鈥檌ndice pi霉 il 15%, esponendo gli investitori a un rischio di perdita dell鈥�1% per ogni 1% di calo oltre il buffer (es. 鈥�50% 鈬� $650; 鈥�100% 鈬� $150).
Rischi principali: 鈥� Possibilit脿 di perdita significativa del capitale 鈥� Coupon non garantiti 鈥� Struttura dual-index 鈥渨orst-of鈥� aumenta la probabilit脿 di perdita 鈥� Nessuna quotazione sul mercato secondario 鈥� Rischio di credito di Citigroup Global Markets Holdings Inc. e Citigroup Inc. 鈥� Valore stimato inferiore al prezzo di emissione; spread bid/offer potenzialmente ampi.
I titoli sono offerti nell鈥檃mbito della registrazione a scaffale di Citigroup (File Nos. 333-270327 & 333-270327-01) tramite un supplemento preliminare di prezzo datato 20 giugno 2025. Gli investitori dovrebbero leggere attentamente tale documento e i supplementi associati per conoscere tutti i termini e i rischi prima di investire.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., est谩 ofreciendo valores Autocallable Contingent Coupon a 5 a帽os vinculados al peor desempe帽o entre el Dow Jones Industrial Average (INDU) y el S&P 500 Dynamic Participation Index (SPXDPU1). Los bonos tienen un valor nominal de $1,000, precio al 7 de julio de 2025 y vencen el 11 de julio de 2030, con valoraciones mensuales y posibles fechas de redenci贸n anticipada a partir del primer a帽o.
Potencial de ingresos: Los inversores pueden recibir un cup贸n del 7.00% anual, pagado mensualmente, solo si el 铆ndice con peor desempe帽o cierra en o por encima del 80% de su nivel inicial (barrera de cup贸n) en la fecha de valoraci贸n correspondiente. Los cupones no pagados no son recuperables.
Funci贸n autocall: Si en cualquier fecha de valoraci贸n mensual despu茅s del primer a帽o el peor 铆ndice est谩 en o por encima de su nivel inicial, los bonos se llaman autom谩ticamente a $1,000 m谩s el cup贸n vigente. Tablas hipot茅ticas muestran que un rendimiento del 鈥減eor subyacente鈥� entre 0% y +100% activar铆a el reembolso a $1,005.833 (principal m谩s un cup贸n).
Riesgo de principal y margen de protecci贸n: Al vencimiento, si los valores no han sido llamados y el peor 铆ndice es 鈮� 85% de su valor inicial, los tenedores reciben el principal completo. Por debajo de este margen del 15%, el reembolso equivale a $1,000 m谩s el rendimiento del 铆ndice m谩s el 15%, exponiendo a los inversores a un riesgo de p茅rdida del 1% por cada 1% de ca铆da m谩s all谩 del margen (ej. 鈥�50% 鈬� $650; 鈥�100% 鈬� $150).
Riesgos clave: 鈥� Posibilidad de p茅rdida significativa del principal 鈥� Cupones no garantizados 鈥� Estructura dual de 铆ndice 鈥渨orst-of鈥� aumenta la probabilidad de p茅rdida 鈥� Sin cotizaci贸n en mercado secundario 鈥� Riesgo crediticio de Citigroup Global Markets Holdings Inc. y Citigroup Inc. 鈥� Valor estimado inferior al precio de emisi贸n; spreads de compra/venta pueden ser amplios.
Los valores se ofrecen bajo el registro en estanter铆a de Citigroup (File Nos. 333-270327 & 333-270327-01) mediante un suplemento preliminar de precios fechado el 20 de junio de 2025. Los inversores deben revisar ese documento y los suplementos asociados para conocer todos los t茅rminos y riesgos antes de invertir.
Citigroup Global Markets Holdings Inc.電� Citigroup Inc.鞚� 氤挫 鞎勲灅, 雼れ毎 臁挫姢 靷办梾韽夑窢歆�靾�(INDU)鞕� S&P 500 Dynamic Participation Index(SPXDPU1) 欷� 斓滌爛 靹标臣鞐� 鞐半彊霅� 5雲� 毵岅赴 鞛愲彊靸來櫂順� 臁瓣贝攵� 炜犿彴 歃濌秾鞚� 韺愲Г頃橁碃 鞛堨姷雼堧嫟. 鞚� 毂勱秾鞚� $1,000鞚� 氇呺 鞗愱笀, 2025雲� 7鞗� 7鞚� 臧�瓴�, 2030雲� 7鞗� 11鞚� 毵岅赴鞚措┌, 毵れ洈 韽夑皜 氚� 1雲� 瓴疥臣 頉� 臁瓣赴 靸來櫂 臧�電レ澕鞚� 鞛堨姷雼堧嫟.
靾橃澋 鞛犾灛霠�: 韴瀽鞛愲姅 鞐� 7.00%鞚� 炜犿彴鞚� 毵れ洈 歆�旮夒皼鞚� 靾� 鞛堨溂雮�, 斓滌爛 靹标臣 歆�靾橁皜 頃措嫻 韽夑皜鞚检棎 斓滌磮 靾橃鞚� 80% 鞚挫儊鞙茧 毵堦皭頃� 瓴届毎鞐愲 歆�旮夒惄雼堧嫟(炜犿彴 鞛ル步). 氙胳旮� 炜犿彴鞚� 須岆车 攵堦皜頃╇媹雼�.
鞛愲彊靸來櫂 旮半姤: 1雲� 瓴疥臣 頉� 毵れ洈 韽夑皜鞚检棎 斓滌爛 靹标臣 歆�靾橁皜 斓滌磮 靾橃 鞚挫儊鞚� 瓴届毎, 毂勱秾鞚� 鞛愲彊鞙茧 $1,000鞐� 順勳灛 炜犿彴鞚� 雿旐暅 旮堨暋鞙茧 靸來櫂霅╇媹雼�. 臧�靸� 鞁滊倶毽槫鞐� 霐半ゴ氅� 0%鞐愳劀 +100% 靷澊鞚� '斓滌爛 旮办磮鞛愳偘 靾橃澋毳�'霃� $1,005.833(鞗愱笀 + 炜犿彴 1須岆秳) 靸來櫂鞚� 鞙犽皽頃╇媹雼�.
鞗愱笀 鞙勴棙 氚� 鞕勳订 甑皠: 毵岅赴 鞁� 毂勱秾鞚� 靸來櫂霅橃 鞎婌晿瓿� 斓滌爛 靹标臣 歆�靾橁皜 斓滌磮 臧�旃橃潣 85% 鞚挫儊鞚措┐ 韴瀽鞛愲姅 鞗愱笀鞚� 鞝勳暋 靾橂牴頃╇媹雼�. 鞚� 15% 鞕勳订 甑皠 氙鸽鞚� 瓴届毎 靸來櫂旮堨潃 $1,000鞐� 歆�靾� 靾橃澋毳犼臣 15%毳� 雿旐暅 旮堨暋鞙茧, 韴瀽鞛愲姅 鞕勳订 甑皠鞚� 齑堦臣頃橂姅 頃橂澖攵勳棎 雽�頃� 1% 靻愳嫟 鞙勴棙鞚� 1% 頃橂澖毵堧嫟 臧愳垬頃╇媹雼�(鞓�: 鈥�50% 靾橃澋毳� 鈬� $650; 鈥�100% 鈬� $150).
欤检殧 鞙勴棙: 鈥� 鞗愱笀 靻愳嫟 臧�電レ劚 鈥� 炜犿彴 牍勲炒鞛� 鈥� '斓滌爛 靹标臣' 鞚挫 歆�靾� 甑“搿� 靻愳嫟 頇曤 歃濌皜 鈥� 2彀� 鞁滌灔 氙胳儊鞛� 鈥� Citigroup Global Markets Holdings Inc. 氚� Citigroup Inc.鞚� 鞁犾毄 鞙勴棙 鈥� 鞓堨儊 臧�旃橂姅 氚滍枆臧� 氙鸽鞚措┌, 毵る弰/毵れ垬 鞀ろ攧霠堧摐臧� 韥� 靾� 鞛堨潓.
鞚� 歃濌秾鞚� Citigroup鞚� 靹犽皹 霌彪(韺岇澕 氩堩樃 333-270327 氚� 333-270327-01) 頃橃棎 2025雲� 6鞗� 20鞚检瀽 鞓堧箘 臧�瓴� 氤挫订靹滊ゼ 韱淀暣 鞝滉车霅╇媹雼�. 韴瀽鞛愲姅 韴瀽 鞝� 頃措嫻 氍胳劀鞕� 甏�霠� 氤挫订靹滊ゼ 氚橂摐鞁� 瓴�韱犿暣鞎� 頃╇媹雼�.
Citigroup Global Markets Holdings Inc., garantie par Citigroup Inc., commercialise des titres Autocallable Contingent Coupon sur 5 ans li茅s 脿 la pire performance entre le Dow Jones Industrial Average (INDU) et l鈥檌ndice S&P 500 Dynamic Participation (SPXDPU1). Les notes ont une valeur nominale de 1 000 $, un prix au 7 juillet 2025 et arrivent 脿 茅ch茅ance le 11 juillet 2030, avec des 茅valuations mensuelles et des dates potentielles de remboursement anticip茅 apr猫s un an.
Potentiel de revenu : Les investisseurs peuvent recevoir un coupon de 7,00 % par an, pay茅 mensuellement, uniquement si l鈥檌ndice le moins performant cl么ture 脿 au moins 80 % de son niveau initial (barri猫re coupon) 脿 la date d鈥櫭﹙aluation concern茅e. Les coupons manqu茅s ne sont pas r茅cup茅rables.
Caract茅ristique autocall : Si, 脿 une date d鈥櫭﹙aluation mensuelle apr猫s la premi猫re ann茅e, l鈥檌ndice le moins performant est au moins 茅gal 脿 son niveau initial, les notes sont automatiquement rappel茅es 脿 1 000 $ plus le coupon en cours. Des tableaux hypoth茅tiques montrent qu鈥檜n rendement 芦 pire sous-jacent 禄 entre 0 % et +100 % d茅clencherait un remboursement 脿 1 005,833 $ (principal plus un coupon).
Risque de principal et marge de s茅curit茅 : 脌 l鈥櫭ヽh茅ance, si les titres n鈥檕nt pas 茅t茅 rappel茅s et que l鈥檌ndice le moins performant est 鈮� 85 % de sa valeur initiale, les d茅tenteurs re莽oivent le principal int茅gral. En dessous de cette marge de s茅curit茅 de 15 %, le remboursement correspond 脿 1 000 $ plus le rendement de l鈥檌ndice plus 15 %, exposant les investisseurs 脿 un risque de perte de 1 % pour chaque baisse de 1 % au-del脿 de la marge (ex. 鈥�50 % 鈬� 650 $ ; 鈥�100 % 鈬� 150 $).
Risques cl茅s : 鈥� Possibilit茅 de perte importante du principal 鈥� Coupons non garantis 鈥� Structure 脿 double indice 芦 pire de 禄 augmente la probabilit茅 de perte 鈥� Pas de cotation sur le march茅 secondaire 鈥� Risque de cr茅dit de Citigroup Global Markets Holdings Inc. et Citigroup Inc. 鈥� Valeur estim茅e inf茅rieure au prix d鈥櫭﹎ission ; 茅carts acheteur/vendeur pouvant 锚tre larges.
Les titres sont offerts dans le cadre de l鈥檈nregistrement en base de Citigroup (dossiers n掳 333-270327 & 333-270327-01) via un suppl茅ment pr茅liminaire de prix dat茅 du 20 juin 2025. Les investisseurs doivent consulter ce document et les suppl茅ments associ茅s pour conna卯tre tous les termes et risques avant d鈥檌nvestir.
Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet 5-j盲hrige Autocallable Contingent Coupon Securities an, die an die schlechteste Wertentwicklung des Dow Jones Industrial Average (INDU) und des S&P 500 Dynamic Participation Index (SPXDPU1) gekoppelt sind. Die Schuldverschreibungen haben einen Nennbetrag von 1.000 $, einen Preis vom 7. Juli 2025 und eine F盲lligkeit am 11. Juli 2030, mit monatlichen Bewertungen und m枚glichen vorzeitigen R眉ckzahlungsterminen ab dem ersten Jahr.
贰谤迟谤补驳蝉尘枚驳濒颈肠丑办别颈迟: Anleger k枚nnen einen Kupon von 7,00 % p.a. erhalten, der monatlich ausgezahlt wird, jedoch nur, wenn der schlechteste Index an dem jeweiligen Bewertungstag mindestens 80 % seines Anfangswerts (Kupon-Schwelle) schlie脽t. Verpasste Kupons k枚nnen nicht nachgeholt werden.
Autocall-Funktion: Liegt der schlechteste Performer an einem monatlichen Bewertungstag nach dem ersten Jahr auf oder 眉ber seinem Anfangswert, werden die Schuldverschreibungen automatisch zu 1.000 $ plus aktuellem Kupon zur眉ckgezahlt. Hypothetische Tabellen zeigen, dass selbst eine 鈥瀞chlechteste Basiswert鈥�-Rendite von 0 % bis +100 % eine R眉ckzahlung von 1.005,833 $ (Nennwert plus ein Kupon) ausl枚st.
Kapitalrisiko & Puffer: Bei F盲lligkeit erhalten Inhaber den vollen Nennwert, wenn die Wertpapiere nicht zur眉ckgerufen wurden und der schlechteste Performer 鈮� 85 % seines Anfangswerts betr盲gt. Liegt der Wert darunter, entspricht die R眉ckzahlung 1.000 $ plus Indexrendite plus 15 %, wodurch Anleger einem 1 % Verlust f眉r jeden 1 % R眉ckgang unterhalb des Puffers ausgesetzt sind (z. B. 鈥�50 % Rendite 鈬� 650 $; 鈥�100 % 鈬� 150 $).
Wesentliche Risiken: 鈥� M枚glichkeit erheblicher Kapitalverluste 鈥� Nicht garantierte Kupons 鈥� 鈥濿orst-of鈥�-Dual-Index-Struktur erh枚ht Verlustwahrscheinlichkeit 鈥� Keine Notierung am Sekund盲rmarkt 鈥� Kreditrisiko von Citigroup Global Markets Holdings Inc. und Citigroup Inc. 鈥� Gesch盲tzter Wert liegt unter Ausgabepreis; Geld-/Briefspannen k枚nnen breit sein.
Die Wertpapiere werden im Rahmen der Citigroup-Shelf-Registrierung (Aktenzeichen 333-270327 & 333-270327-01) 眉ber ein vorl盲ufiges Preiszusatzblatt vom 20. Juni 2025 angeboten. Anleger sollten dieses Dokument und die zugeh枚rigen Erg盲nzungen vor einer Investition sorgf盲ltig pr眉fen.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
Hypothetical Interim Payment per Security
|
Hypothetical Worst Underlying Return on Interim Valuation Date |
Hypothetical Payment for Interim Valuation Date |
Hypothetical Redemption* |
|
100.00% |
$1,005.833 |
Redeemed |
|
50.00% |
$1,005.833 |
Redeemed |
|
25.00% |
$1,005.833 |
Redeemed |
|
0.00% |
$1,005.833 |
Redeemed |
|
-0.01% |
$5.833 |
Securities not redeemed |
|
-20.00% |
$5.833 |
Securities not redeemed |
|
-20.01% |
$0.00 |
Securities not redeemed |
|
-25.00% |
$0.00 |
Securities not redeemed |
|
-50.00% |
$0.00 |
Securities not redeemed |
|
-75.00% |
$0.00 |
Securities not redeemed |
|
-100.00% |
$0.00 |
Securities not redeemed |
Hypothetical Payment at Maturity per Security
Assumes the securities have not been automatically redeemed prior to maturity and does not include the final contingent coupon payment, if any.
|
Hypothetical Worst Underlying Return on Final Valuation Date |
Hypothetical Payment at Maturity |
|
100.00% |
$1,000.00 |
|
50.00% |
$1,000.00 |
|
25.00% |
$1,000.00 |
|
0.00% |
$1,000.00 |
|
-15.00% |
$1,000.00 |
|
-15.01% |
$999.90 |
|
-25.00% |
$900.00 |
|
-50.00% |
$650.00 |
|
-75.00% |
$400.00 |
|
-100.00% |
$150.00 |
5 Year Autocallable Contingent Coupon Securities Linked to the Worst of INDU and SPXDPU1
Preliminary Terms
This summary of terms is not complete and should be read with the preliminary pricing supplement below
|
Issuer: |
Citigroup Global Markets Holdings Inc. |
|
Guarantor: |
Citigroup Inc. |
|
Underlyings: |
The Dow Jones Industrial AverageTM (ticker: “INDU”) and the S&P 500 Dynamic Participation Index (ticker: “SPXDPU1”) |
|
Pricing date: |
July 7, 2025 |
|
Valuation dates: |
Monthly |
|
Maturity date: |
July 11, 2030 |
|
Contingent coupon: |
7.00% per annum, paid monthly only if the closing value of the worst performer is greater than or equal to its coupon barrier value on the related valuation date. You are not assured of receiving any contingent coupon. |
|
Coupon barrier value: |
For each underlying, 80.00% of its initial underlying value |
|
Final buffer value: |
For each underlying, 85.00% of its initial underlying value |
|
Buffer percentage: |
15.00% |
|
Automatic early redemption: |
If on any autocall date the closing value of the worst performer is greater than or equal to its initial underlying value, the securities will be automatically called for an amount equal to the principal plus the related contingent coupon |
|
Autocall dates: |
Monthly on valuation dates beginning after one year |
|
CUSIP / ISIN: |
17333LAG0 / US17333LAG05 |
|
Initial underlying value: |
For each underlying, its closing value on the pricing date |
|
Final underlying value: |
For each underlying, its closing value on the final valuation date |
|
Underlying return: |
For each underlying on any valuation date, (i) its current closing value minus initial underlying value, divided by (ii) its initial underlying value |
|
Worst performer: |
On any valuation date, the underlying with the lowest underlying return |
|
Payment at maturity (if not autocalled): |
•If the final underlying value of the worst performer is greater than or equal to its final buffer value: $1,000 •If the final underlying value of the worst performer is less than its final buffer value: $1,000 + [$1,000 × (the underlying return of the worst performer on the final valuation date + the buffer percentage)] If the securities are not automatically redeemed prior to maturity and the final underlying value of the worst performer on the final valuation date is less than its final buffer value, which means that the worst performer on the final valuation date has depreciated from its initial underlying value by more than the buffer percentage, you will lose 1% of the stated principal amount of your securities at maturity for every 1% by which that depreciation exceeds the buffer percentage. All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. |
|
Stated principal amount: |
$1,000 per security |
|
Preliminary pricing supplement: |
Preliminary Pricing Supplement dated June 20, 2025 |
* Assumes the interim valuation date is also an autocall date.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
|
Additional Information |
|
Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed registration statements (including the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus in those registration statements (File Nos. 333-270327 and 333-270327-01) and the other documents Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed with the SEC for more complete information about Citigroup Global Markets Holdings Inc., Citigroup Inc. and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request these documents by calling toll-free 1-800-831-9146.
Filed pursuant to Rule 433 |
|
This offering summary does not contain all of the material information an investor should consider before investing in the securities. This offering summary is not for distribution in isolation and must be read together with the accompanying preliminary pricing supplement and the other documents referred to therein, which can be accessed via the link on the first page. |
|
Selected Risk Considerations |
|
•You may lose a significant portion of your investment. Unlike conventional debt securities, the securities do not provide for the repayment of the stated principal amount at maturity in all circumstances. If the securities are not automatically redeemed prior to maturity, your payment at maturity will depend on the final underlying value of the worst performer on the final valuation date. If the final underlying value of the worst performer on the final valuation date is less than its final buffer value, which means that the worst performer on the final valuation date has depreciated from its initial underlying value by more than the buffer percentage, you will lose 1% of the stated principal amount of your securities for every 1% by which that depreciation exceeds the buffer percentage. •You will not receive any contingent coupon following any valuation date on which the closing value of the worst performer on that valuation date is less than its coupon barrier value. •The securities are subject to heightened risk because they have multiple underlyings. •The return on the securities depends solely on the performance of the worst performer. As a result, the securities are subject to the risks of each of the underlyings and will be negatively affected if any one underlying performs poorly. •You will be subject to risks relating to the relationship between the underlyings. The less correlated the underlyings, the more likely it is that any one of the underlyings will perform poorly over the term of the securities. All that is necessary for the securities to perform poorly is for one of the underlyings to perform poorly. •The securities may be automatically redeemed prior to maturity, limiting your opportunity to receive contingent coupons if the worst performer performs in a way that would otherwise be favorable. •The securities offer downside exposure, but no upside exposure, to the underlyings. •The securities are particularly sensitive to the volatility of the closing values of the underlyings on or near the valuation dates. •The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. If Citigroup Global Markets Holdings Inc. defaults on its obligations under the securities and Citigroup Inc. defaults on its guarantee obligations, you may not receive anything owed to you under the securities. •The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity. •The estimated value of the securities on the pricing date will be less than the issue price. For more information about the estimated value of the securities, see the accompanying preliminary pricing supplement. •The value of the securities prior to maturity will fluctuate based on many unpredictable factors. •The issuer and its affiliates may have conflicts of interest with you. •The U.S. federal tax consequences of an investment in the securities are unclear. |
|
The above summary of selected risks does not describe all of the risks associated with an investment in the securities. You should read the accompanying preliminary pricing supplement and product supplement for a more complete description of risks relating to the securities. |
Source:
FAQ
What coupon rate do Citigroup's Autocallable Contingent Coupon Securities (C) pay?
When can the Citigroup (C) securities be automatically redeemed?
How much principal protection do investors have in these Citigroup structured notes?
What happens if neither index stays above the coupon barrier on a valuation date?
Are the securities listed on an exchange?
