[FWP] Citigroup Inc. Free Writing Prospectus
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., intends to issue 13-month Autocallable Contingent Coupon Securities tied to the worst performer of the Nasdaq-100 Index (NDX) and the Russell 2000 Index (RTY).
The notes pay a contingent monthly coupon of at least 10.30% p.a. only when the worst performer鈥檚 closing value is 鈮� 75% of its initial level (coupon barrier). Beginning six months after issuance, the securities will be automatically called at par plus the coupon if the worst performer closes at or above its initial level on any monthly valuation date.
If the notes are not autocalled, principal repayment at maturity depends on the final worst-performer level: (i) return of full principal if the level is 鈮� 75% of initial; (ii) a dollar-for-dollar loss if it is below 75%, down to total loss at a -100% return. Investors receive no upside participation beyond coupons.
Hypothetical examples illustrate full redemption at $1,000 when worst-performer returns are down to -25%, but steep losses thereafter (e.g., $749.90 at -25.01%, $0 at -100%).
The securities are unsecured and subject to Citigroup credit risk, will not be exchange-listed, and are expected to price on 22 Jul 2025 with maturity on 27 Aug 2026. Key risks include potential total principal loss, coupon deferral, multi-underlying correlation risk, secondary-market illiquidity and uncertain U.S. tax treatment.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., intende emettere titoli autocallable con cedola condizionata a 13 mesi collegati al peggior rendimento tra l'indice Nasdaq-100 (NDX) e l'indice Russell 2000 (RTY).
I titoli pagano una cedola mensile condizionata di almeno il 10,30% annuo solo quando il valore di chiusura del peggior indice 猫 鈮� 75% del livello iniziale (barriera cedola). A partire da sei mesi dopo l'emissione, i titoli saranno richiamati automaticamente al valore nominale pi霉 la cedola se il peggior indice chiude al livello iniziale o superiore in una qualsiasi data di valutazione mensile.
Se i titoli non vengono richiamati automaticamente, il rimborso del capitale a scadenza dipende dal livello finale del peggior indice: (i) rimborso integrale del capitale se il livello 猫 鈮� 75% del valore iniziale; (ii) perdita proporzionale al ribasso se inferiore al 75%, fino alla perdita totale in caso di -100% di rendimento. Gli investitori non partecipano ad eventuali rialzi oltre le cedole.
Esempi ipotetici mostrano il rimborso completo di 1.000$ anche con rendimenti del peggior indice fino a -25%, ma perdite significative oltre tale soglia (ad esempio 749,90$ a -25,01%, 0$ a -100%).
I titoli sono non garantiti e soggetti al rischio di credito di Citigroup, non saranno quotati in borsa e si prevede la quotazione il 22 luglio 2025 con scadenza il 27 agosto 2026. I rischi principali includono possibile perdita totale del capitale, differimento delle cedole, rischio di correlazione tra gli indici, illiquidit脿 sul mercato secondario e incertezza fiscale negli Stati Uniti.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., planea emitir valores autocancelables con cup贸n contingente a 13 meses vinculados al peor desempe帽o entre el 铆ndice Nasdaq-100 (NDX) y el 铆ndice Russell 2000 (RTY).
Los bonos pagan un cup贸n mensual contingente de al menos 10,30% anual solo cuando el valor de cierre del peor 铆ndice es 鈮� 75% de su nivel inicial (barrera del cup贸n). A partir de seis meses despu茅s de la emisi贸n, los valores ser谩n llamados autom谩ticamente al valor nominal m谩s el cup贸n si el peor 铆ndice cierra en o por encima de su nivel inicial en cualquier fecha de valoraci贸n mensual.
Si los bonos no son autocancelados, el reembolso del principal al vencimiento depende del nivel final del peor 铆ndice: (i) devoluci贸n completa del principal si el nivel es 鈮� 75% del inicial; (ii) p茅rdida d贸lar por d贸lar si est谩 por debajo del 75%, hasta p茅rdida total en caso de un rendimiento del -100%. Los inversores no reciben participaci贸n en alzas m谩s all谩 de los cupones.
Ejemplos hipot茅ticos ilustran el reembolso total de $1,000 cuando los rendimientos del peor 铆ndice bajan hasta -25%, pero p茅rdidas pronunciadas despu茅s (por ejemplo, $749.90 a -25.01%, $0 a -100%).
Los valores son no garantizados y sujetos al riesgo crediticio de Citigroup, no estar谩n listados en bolsa y se espera que se valoren el 22 de julio de 2025 con vencimiento el 27 de agosto de 2026. Los riesgos clave incluyen posible p茅rdida total del principal, diferimiento de cupones, riesgo de correlaci贸n m煤ltiple, iliquidez en el mercado secundario y tratamiento fiscal incierto en EE.UU.
Citigroup Global Markets Holdings Inc.電� Citigroup Inc.臧� 氤挫頃橂┌, 雮橃姢雼�-100 歆�靾�(NDX)鞕� 霟厐 2000 歆�靾�(RTY) 欷� 斓滌爛 靹标臣 歆�靾橂ゼ 旮办磮鞛愳偘鞙茧 頃橂姅 13臧滌洈 鞛愲彊靸來櫂順� 臁瓣贝攵� 炜犿彴 歃濌秾鞚� 氚滍枆頃� 鞓堨爼鞛呺媹雼�.
鞚� 歃濌秾鞚� 斓滌爛 靹标臣 歆�靾橃潣 膦呹皜臧� 斓滌磮 靾橃鞚� 75% 鞚挫儊鞚� 霑岇棎毵� 斓滌唽 鞐� 10.30%鞚� 臁瓣贝攵� 鞗旊硠 炜犿彴鞚� 歆�旮夗暕雼堧嫟(炜犿彴 鞛ル步). 氚滍枆 6臧滌洈 頉勲秬韯� 斓滌爛 靹标臣 歆�靾橁皜 斓滌磮 靾橃 鞚挫儊鞙茧 鞗旊硠 韽夑皜鞚检棎 毵堦皭頃橂┐, 歃濌秾鞚� 鞎‰┐臧�鞕� 炜犿彴鞚� 韽暔頃橃棳 鞛愲彊 靸來櫂霅╇媹雼�.
毵岇暯 歃濌秾鞚� 鞛愲彊靸來櫂霅橃 鞎婌潉 瓴届毎, 毵岅赴 鞁� 鞗愱笀 靸來櫂鞚� 斓滌 斓滌爛 靹标臣 歆�靾� 靾橃鞐� 霐半澕 瓴办爼霅╇媹雼�: (i) 靾橃鞚� 斓滌磮鞚� 75% 鞚挫儊鞚措┐ 鞝勳暋 鞗愱笀 靸來櫂; (ii) 75% 氙鸽鞚措┐ 靻愳嫟鞚� 氚滌儩頃橂┌, -100% 靾橃澋毳� 鞁� 鞝勳暋 靻愳嫟鞚� 氚滌儩頃╇媹雼�. 韴瀽鞛愲姅 炜犿彴鞚� 齑堦臣頃橂姅 靸侅姽 靾橃澋鞐� 彀胳棳頃橃 鞎婌姷雼堧嫟.
臧�靸侅潣 鞓堨嫓鞐愳劀電� 斓滌爛 靹标臣 歆�靾� 靾橃澋毳犾澊 -25%旯岇電� 1,000雼煬 鞝勳暋 靸來櫂霅橃毵�, 攴� 鞚错泟搿滊姅 韥� 靻愳嫟鞚� 氚滌儩頃潉 氤挫棳欷嶋媹雼�(鞓�: -25.01%鞐愳劀 749.90雼煬, -100%鞐愳劀 0雼煬).
鞚� 歃濌秾鞚� 氍措嫶氤挫澊氅� Citigroup鞚� 鞁犾毄鞙勴棙鞐� 雲胳稖霅橃柎 鞛堦碃, 瓯半灅靻� 靸侅灔鞚� 霅橃 鞎婌溂氅�, 2025雲� 7鞗� 22鞚检棎 臧�瓴╈澊 毂呾爼霅橁碃 2026雲� 8鞗� 27鞚检棎 毵岅赴霅� 鞓堨爼鞛呺媹雼�. 欤检殧 鞙勴棙 鞖旍唽搿滊姅 鞗愱笀 鞝勳暋 靻愳嫟 臧�電レ劚, 炜犿彴 歆�旮� 鞐瓣赴, 雼れ 旮办磮鞛愳偘 靸侁磤甏�瓿� 鞙勴棙, 2彀� 鞁滌灔 鞙犽彊靹� 攵�臁�, 氙戈淡 靹戈笀 觳橂Μ 攵堩檿鞁れ劚鞚� 韽暔霅╇媹雼�.
Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., pr茅voit d鈥櫭﹎ettre des titres autocallables 脿 coupon conditionnel de 13 mois li茅s 脿 la performance la plus faible entre l鈥檌ndice Nasdaq-100 (NDX) et l鈥檌ndice Russell 2000 (RTY).
Les titres versent un coupon mensuel conditionnel d鈥檃u moins 10,30 % par an uniquement lorsque la valeur de cl么ture de la performance la plus faible est 鈮� 75 % de son niveau initial (barri猫re du coupon). 脌 partir de six mois apr猫s l鈥櫭﹎ission, les titres seront appel茅s automatiquement 脿 leur valeur nominale plus le coupon si la performance la plus faible cl么ture 脿 son niveau initial ou au-dessus lors de toute date d鈥櫭﹙aluation mensuelle.
Si les titres ne sont pas appel茅s automatiquement, le remboursement du principal 脿 l鈥櫭ヽh茅ance d茅pend du niveau final de la performance la plus faible : (i) remboursement int茅gral du principal si le niveau est 鈮� 75 % du niveau initial ; (ii) perte au prorata en dessous de 75 %, jusqu鈥櫭� une perte totale en cas de rendement de -100 %. Les investisseurs ne b茅n茅ficient pas d鈥檜ne participation 脿 la hausse au-del脿 des coupons.
Des exemples hypoth茅tiques illustrent un remboursement complet de 1 000 $ lorsque les rendements de la performance la plus faible baissent jusqu鈥櫭� -25 %, mais des pertes importantes au-del脿 (par exemple, 749,90 $ 脿 -25,01 %, 0 $ 脿 -100 %).
Les titres sont non garantis et soumis au risque de cr茅dit de Citigroup, ne seront pas cot茅s en bourse et devraient 锚tre prix le 22 juillet 2025 avec une 茅ch茅ance au 27 ao没t 2026. Les principaux risques incluent la perte totale possible du principal, le report des coupons, le risque de corr茅lation multiple, l鈥檌lliquidit茅 sur le march茅 secondaire et l鈥檌ncertitude fiscale aux 脡tats-Unis.
Citigroup Global Markets Holdings Inc., garantiert von Citigroup Inc., beabsichtigt die Emission von 13-monatigen Autocallable Contingent Coupon Securities, die an die schlechteste Entwicklung des Nasdaq-100 Index (NDX) und des Russell 2000 Index (RTY) gekoppelt sind.
Die Notes zahlen nur dann einen bedingten monatlichen Kupon von mindestens 10,30 % p.a., wenn der Schlusskurs des schlechtesten Index 鈮� 75 % seines Anfangswerts (Kupon-Barriere) liegt. Ab sechs Monaten nach der Emission werden die Wertpapiere automatisch zum Nennwert zuz眉glich Kupon zur眉ckgerufen, wenn der schlechteste Index an einem monatlichen Bewertungstag auf oder 眉ber seinem Anfangswert schlie脽t.
Wenn die Notes nicht automatisch zur眉ckgerufen werden, h盲ngt die R眉ckzahlung des Kapitals bei F盲lligkeit vom finalen Wert des schlechtesten Index ab: (i) vollst盲ndige R眉ckzahlung des Kapitals, wenn der Wert 鈮� 75 % des Anfangswerts betr盲gt; (ii) ein Dollar-f眉r-Dollar-Verlust, wenn er unter 75 % liegt, bis hin zum Totalverlust bei -100 % Rendite. Anleger partizipieren nicht an Kurssteigerungen 眉ber die Kupons hinaus.
Hypothetische Beispiele zeigen eine vollst盲ndige R眉ckzahlung von 1.000 $ bei einer Rendite des schlechtesten Index bis -25 %, aber erhebliche Verluste dar眉ber hinaus (z. B. 749,90 $ bei -25,01 %, 0 $ bei -100 %).
Die Wertpapiere sind ungesichert und dem Kreditrisiko von Citigroup ausgesetzt, werden nicht an der B枚rse gehandelt und sollen am 22. Juli 2025 bepreist werden mit F盲lligkeit am 27. August 2026. Zu den wesentlichen Risiken z盲hlen m枚glicher Totalverlust des Kapitals, Kuponstundung, Korrelation zwischen mehreren Basiswerten, Illiquidit盲t am Sekund盲rmarkt und unsichere US-Steuerbehandlung.
- Double-digit contingent coupon (鈮�10.30% p.a.) provides attractive income if barriers are met.
- Monthly autocall feature can return capital early, reducing market-exposure period.
- Principal at risk below 75% barrier; losses track index decline one-for-one, down to zero.
- No participation in upside; returns capped at coupons, forfeiting index gains.
- Dependency on worst performer increases probability of barrier breach due to correlation risk.
- Unsecured Citigroup credit risk; note value sensitive to issuer downgrade.
- No exchange listing may limit secondary-market liquidity and pricing transparency.
- Estimated value below issue price, implying upfront fees/negative carry for investors.
Insights
TL;DR Routine high-coupon note; attractive yield offset by full downside below -25% and Citigroup credit risk.
The product offers a double-digit headline yield and a relatively shallow 75% barrier, features that may appeal to income-seekers expecting benign index performance over 13 months. Monthly autocall increases the probability of early return of capital, but also caps coupon stream. Absence of upside participation means the trade is essentially short volatility on both NDX and RTY. Because payoff hinges on the worst performer, correlation risk is meaningful鈥攄ivergence between large-cap tech and small-caps could quickly breach the barrier. From Citigroup鈥檚 perspective the issue is balance-sheet light and fee-generative; for investors, risk-reward skews negative once worst-performer decline exceeds 25%. Overall, impact on Citi is immaterial; suitability is limited to investors comfortable with equity-linked downside and issuer credit exposure.
TL;DR Neutral for Citi; investors face asymmetric payoff鈥攍imited upside, full downside past -25%.
This FWP does not change Citigroup鈥檚 credit profile; it adds another structured note to its shelf. For buyers, the note functions like a short put spread with an embedded call: you earn 10%+ if indices stay above 75% and forfeit gains if they rally. Liquidity is poor (no listing), and mark-to-market will be volatile due to vega exposure. The credit component cannot be ignored鈥攁ny widening in Citi CDS or downgrade would hit secondary pricing. Given current implied vol levels on NDX/RTY, the coupon appears fair but not exceptional. I would classify the instrument as capital-preservation conditional, not core portfolio.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., intende emettere titoli autocallable con cedola condizionata a 13 mesi collegati al peggior rendimento tra l'indice Nasdaq-100 (NDX) e l'indice Russell 2000 (RTY).
I titoli pagano una cedola mensile condizionata di almeno il 10,30% annuo solo quando il valore di chiusura del peggior indice 猫 鈮� 75% del livello iniziale (barriera cedola). A partire da sei mesi dopo l'emissione, i titoli saranno richiamati automaticamente al valore nominale pi霉 la cedola se il peggior indice chiude al livello iniziale o superiore in una qualsiasi data di valutazione mensile.
Se i titoli non vengono richiamati automaticamente, il rimborso del capitale a scadenza dipende dal livello finale del peggior indice: (i) rimborso integrale del capitale se il livello 猫 鈮� 75% del valore iniziale; (ii) perdita proporzionale al ribasso se inferiore al 75%, fino alla perdita totale in caso di -100% di rendimento. Gli investitori non partecipano ad eventuali rialzi oltre le cedole.
Esempi ipotetici mostrano il rimborso completo di 1.000$ anche con rendimenti del peggior indice fino a -25%, ma perdite significative oltre tale soglia (ad esempio 749,90$ a -25,01%, 0$ a -100%).
I titoli sono non garantiti e soggetti al rischio di credito di Citigroup, non saranno quotati in borsa e si prevede la quotazione il 22 luglio 2025 con scadenza il 27 agosto 2026. I rischi principali includono possibile perdita totale del capitale, differimento delle cedole, rischio di correlazione tra gli indici, illiquidit脿 sul mercato secondario e incertezza fiscale negli Stati Uniti.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., planea emitir valores autocancelables con cup贸n contingente a 13 meses vinculados al peor desempe帽o entre el 铆ndice Nasdaq-100 (NDX) y el 铆ndice Russell 2000 (RTY).
Los bonos pagan un cup贸n mensual contingente de al menos 10,30% anual solo cuando el valor de cierre del peor 铆ndice es 鈮� 75% de su nivel inicial (barrera del cup贸n). A partir de seis meses despu茅s de la emisi贸n, los valores ser谩n llamados autom谩ticamente al valor nominal m谩s el cup贸n si el peor 铆ndice cierra en o por encima de su nivel inicial en cualquier fecha de valoraci贸n mensual.
Si los bonos no son autocancelados, el reembolso del principal al vencimiento depende del nivel final del peor 铆ndice: (i) devoluci贸n completa del principal si el nivel es 鈮� 75% del inicial; (ii) p茅rdida d贸lar por d贸lar si est谩 por debajo del 75%, hasta p茅rdida total en caso de un rendimiento del -100%. Los inversores no reciben participaci贸n en alzas m谩s all谩 de los cupones.
Ejemplos hipot茅ticos ilustran el reembolso total de $1,000 cuando los rendimientos del peor 铆ndice bajan hasta -25%, pero p茅rdidas pronunciadas despu茅s (por ejemplo, $749.90 a -25.01%, $0 a -100%).
Los valores son no garantizados y sujetos al riesgo crediticio de Citigroup, no estar谩n listados en bolsa y se espera que se valoren el 22 de julio de 2025 con vencimiento el 27 de agosto de 2026. Los riesgos clave incluyen posible p茅rdida total del principal, diferimiento de cupones, riesgo de correlaci贸n m煤ltiple, iliquidez en el mercado secundario y tratamiento fiscal incierto en EE.UU.
Citigroup Global Markets Holdings Inc.電� Citigroup Inc.臧� 氤挫頃橂┌, 雮橃姢雼�-100 歆�靾�(NDX)鞕� 霟厐 2000 歆�靾�(RTY) 欷� 斓滌爛 靹标臣 歆�靾橂ゼ 旮办磮鞛愳偘鞙茧 頃橂姅 13臧滌洈 鞛愲彊靸來櫂順� 臁瓣贝攵� 炜犿彴 歃濌秾鞚� 氚滍枆頃� 鞓堨爼鞛呺媹雼�.
鞚� 歃濌秾鞚� 斓滌爛 靹标臣 歆�靾橃潣 膦呹皜臧� 斓滌磮 靾橃鞚� 75% 鞚挫儊鞚� 霑岇棎毵� 斓滌唽 鞐� 10.30%鞚� 臁瓣贝攵� 鞗旊硠 炜犿彴鞚� 歆�旮夗暕雼堧嫟(炜犿彴 鞛ル步). 氚滍枆 6臧滌洈 頉勲秬韯� 斓滌爛 靹标臣 歆�靾橁皜 斓滌磮 靾橃 鞚挫儊鞙茧 鞗旊硠 韽夑皜鞚检棎 毵堦皭頃橂┐, 歃濌秾鞚� 鞎‰┐臧�鞕� 炜犿彴鞚� 韽暔頃橃棳 鞛愲彊 靸來櫂霅╇媹雼�.
毵岇暯 歃濌秾鞚� 鞛愲彊靸來櫂霅橃 鞎婌潉 瓴届毎, 毵岅赴 鞁� 鞗愱笀 靸來櫂鞚� 斓滌 斓滌爛 靹标臣 歆�靾� 靾橃鞐� 霐半澕 瓴办爼霅╇媹雼�: (i) 靾橃鞚� 斓滌磮鞚� 75% 鞚挫儊鞚措┐ 鞝勳暋 鞗愱笀 靸來櫂; (ii) 75% 氙鸽鞚措┐ 靻愳嫟鞚� 氚滌儩頃橂┌, -100% 靾橃澋毳� 鞁� 鞝勳暋 靻愳嫟鞚� 氚滌儩頃╇媹雼�. 韴瀽鞛愲姅 炜犿彴鞚� 齑堦臣頃橂姅 靸侅姽 靾橃澋鞐� 彀胳棳頃橃 鞎婌姷雼堧嫟.
臧�靸侅潣 鞓堨嫓鞐愳劀電� 斓滌爛 靹标臣 歆�靾� 靾橃澋毳犾澊 -25%旯岇電� 1,000雼煬 鞝勳暋 靸來櫂霅橃毵�, 攴� 鞚错泟搿滊姅 韥� 靻愳嫟鞚� 氚滌儩頃潉 氤挫棳欷嶋媹雼�(鞓�: -25.01%鞐愳劀 749.90雼煬, -100%鞐愳劀 0雼煬).
鞚� 歃濌秾鞚� 氍措嫶氤挫澊氅� Citigroup鞚� 鞁犾毄鞙勴棙鞐� 雲胳稖霅橃柎 鞛堦碃, 瓯半灅靻� 靸侅灔鞚� 霅橃 鞎婌溂氅�, 2025雲� 7鞗� 22鞚检棎 臧�瓴╈澊 毂呾爼霅橁碃 2026雲� 8鞗� 27鞚检棎 毵岅赴霅� 鞓堨爼鞛呺媹雼�. 欤检殧 鞙勴棙 鞖旍唽搿滊姅 鞗愱笀 鞝勳暋 靻愳嫟 臧�電レ劚, 炜犿彴 歆�旮� 鞐瓣赴, 雼れ 旮办磮鞛愳偘 靸侁磤甏�瓿� 鞙勴棙, 2彀� 鞁滌灔 鞙犽彊靹� 攵�臁�, 氙戈淡 靹戈笀 觳橂Μ 攵堩檿鞁れ劚鞚� 韽暔霅╇媹雼�.
Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., pr茅voit d鈥櫭﹎ettre des titres autocallables 脿 coupon conditionnel de 13 mois li茅s 脿 la performance la plus faible entre l鈥檌ndice Nasdaq-100 (NDX) et l鈥檌ndice Russell 2000 (RTY).
Les titres versent un coupon mensuel conditionnel d鈥檃u moins 10,30 % par an uniquement lorsque la valeur de cl么ture de la performance la plus faible est 鈮� 75 % de son niveau initial (barri猫re du coupon). 脌 partir de six mois apr猫s l鈥櫭﹎ission, les titres seront appel茅s automatiquement 脿 leur valeur nominale plus le coupon si la performance la plus faible cl么ture 脿 son niveau initial ou au-dessus lors de toute date d鈥櫭﹙aluation mensuelle.
Si les titres ne sont pas appel茅s automatiquement, le remboursement du principal 脿 l鈥櫭ヽh茅ance d茅pend du niveau final de la performance la plus faible : (i) remboursement int茅gral du principal si le niveau est 鈮� 75 % du niveau initial ; (ii) perte au prorata en dessous de 75 %, jusqu鈥櫭� une perte totale en cas de rendement de -100 %. Les investisseurs ne b茅n茅ficient pas d鈥檜ne participation 脿 la hausse au-del脿 des coupons.
Des exemples hypoth茅tiques illustrent un remboursement complet de 1 000 $ lorsque les rendements de la performance la plus faible baissent jusqu鈥櫭� -25 %, mais des pertes importantes au-del脿 (par exemple, 749,90 $ 脿 -25,01 %, 0 $ 脿 -100 %).
Les titres sont non garantis et soumis au risque de cr茅dit de Citigroup, ne seront pas cot茅s en bourse et devraient 锚tre prix le 22 juillet 2025 avec une 茅ch茅ance au 27 ao没t 2026. Les principaux risques incluent la perte totale possible du principal, le report des coupons, le risque de corr茅lation multiple, l鈥檌lliquidit茅 sur le march茅 secondaire et l鈥檌ncertitude fiscale aux 脡tats-Unis.
Citigroup Global Markets Holdings Inc., garantiert von Citigroup Inc., beabsichtigt die Emission von 13-monatigen Autocallable Contingent Coupon Securities, die an die schlechteste Entwicklung des Nasdaq-100 Index (NDX) und des Russell 2000 Index (RTY) gekoppelt sind.
Die Notes zahlen nur dann einen bedingten monatlichen Kupon von mindestens 10,30 % p.a., wenn der Schlusskurs des schlechtesten Index 鈮� 75 % seines Anfangswerts (Kupon-Barriere) liegt. Ab sechs Monaten nach der Emission werden die Wertpapiere automatisch zum Nennwert zuz眉glich Kupon zur眉ckgerufen, wenn der schlechteste Index an einem monatlichen Bewertungstag auf oder 眉ber seinem Anfangswert schlie脽t.
Wenn die Notes nicht automatisch zur眉ckgerufen werden, h盲ngt die R眉ckzahlung des Kapitals bei F盲lligkeit vom finalen Wert des schlechtesten Index ab: (i) vollst盲ndige R眉ckzahlung des Kapitals, wenn der Wert 鈮� 75 % des Anfangswerts betr盲gt; (ii) ein Dollar-f眉r-Dollar-Verlust, wenn er unter 75 % liegt, bis hin zum Totalverlust bei -100 % Rendite. Anleger partizipieren nicht an Kurssteigerungen 眉ber die Kupons hinaus.
Hypothetische Beispiele zeigen eine vollst盲ndige R眉ckzahlung von 1.000 $ bei einer Rendite des schlechtesten Index bis -25 %, aber erhebliche Verluste dar眉ber hinaus (z. B. 749,90 $ bei -25,01 %, 0 $ bei -100 %).
Die Wertpapiere sind ungesichert und dem Kreditrisiko von Citigroup ausgesetzt, werden nicht an der B枚rse gehandelt und sollen am 22. Juli 2025 bepreist werden mit F盲lligkeit am 27. August 2026. Zu den wesentlichen Risiken z盲hlen m枚glicher Totalverlust des Kapitals, Kuponstundung, Korrelation zwischen mehreren Basiswerten, Illiquidit盲t am Sekund盲rmarkt und unsichere US-Steuerbehandlung.
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% |
$1,008.583 |
Redeemed |
|
50.00% |
$1,008.583 |
Redeemed |
|
25.00% |
$1,008.583 |
Redeemed |
|
0.00% |
$1,008.583 |
Redeemed |
|
-0.01% |
$8.583 |
Securities not redeemed |
|
-25.00% |
$8.583 |
Securities not redeemed |
|
-25.01% |
$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 |
|
-25.00% |
$1,000.00 |
|
-25.01% |
$749.90 |
|
-50.00% |
$500.00 |
|
-75.00% |
$250.00 |
|
-100.00% |
$0.00 |
13 Month Autocallable Contingent Coupon Securities Linked to the Worst of NDX and RTY
Preliminary Terms
This summary of terms is not complete and should be read with the preliminary pricing supplement below
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Issuer: |
Citigroup Global Markets Holdings Inc. |
|
Guarantor: |
Citigroup Inc. |
|
Underlyings: |
The Nasdaq-100 Index® (ticker: “NDX”) and the Russell 2000® Index (ticker: “RTY”) |
|
Pricing date: |
July 22, 2025 |
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Valuation dates: |
Monthly |
|
Maturity date: |
August 27, 2026 |
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Contingent coupon: |
At least 10.30% 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, 75.00% of its initial underlying value |
|
Final barrier value: |
For each underlying, 75.00% of its initial underlying value |
|
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 six months |
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CUSIP / ISIN: |
17333LKZ7 / US17333LKZ75 |
|
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 barrier value: $1,000 •If the final underlying value of the worst performer is less than its final barrier value: $1,000 + ($1,000 × the underlying return of the worst performer on the final valuation date) 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 barrier value, you will receive significantly less than the stated principal amount of your securities, and possibly nothing, at maturity, and you will not receive any contingent coupon payment at maturity. All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. |
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Stated principal amount: |
$1,000 per security |
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Preliminary pricing supplement: |
Preliminary Pricing Supplement dated July 10, 2025 |
* The actual contingent coupon rate will be determined on the pricing date.
** The hypotheticals assume that the contingent coupon will be set at the lowest value indicated in this offering summary.
*** Assumes the interim valuation date is also an autocall date.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
|
Additional Information |
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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 |
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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. |
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Selected Risk Considerations |
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•You may lose a significant portion or all 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 barrier value, you will lose 1% of the stated principal amount of your securities for every 1% by which the worst performer on the final valuation date has declined from its initial underlying value. There is no minimum payment at maturity on the securities, and you may lose up to all of your investment. •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 Russell 2000® Index is subject to risks associated with small capitalization stocks. •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. |
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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 is the coupon rate on Citigroup鈥檚 13-month NDX/RTY autocallable note (ticker C)?
When can the Citigroup autocallable securities be redeemed early?
How much principal could I lose at maturity?
Do the securities participate in index gains above initial levels?
What indices underlie the securities and why is correlation important?
Is the note listed on an exchange?
What credit risk do investors bear?
