Every 424B that Citigroup Inc. (C) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow C and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full C filings page.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering $1,000-per-note Barrier Securities linked to Microsoft Corporation, documented via a 424B2. The total issue is $600,000, with a $15 underwriting fee per security and $591,000 in proceeds to the issuer. The notes will not be listed on any exchange.
Key terms: initial MSFT value $513.58 on the strike date, a 90.00% barrier at $462.222, and 150.00% upside participation, capped at a $225.80 maximum return (22.58%) per security. At maturity on November 2, 2026: if MSFT finishes above its initial value, repayment equals principal plus leveraged return up to the cap; if at or below initial but at or above the barrier, repayment is $1,000; if below the barrier, holders receive 1.94712 MSFT shares per note (or cash equivalent) based on the final value, which can be significantly less than principal.
Dates: strike October 17, 2025, pricing October 23, 2025, issue October 30, 2025, valuation October 23, 2026, maturity November 2, 2026. The estimated value is $986.70 per security at pricing.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering callable contingent coupon equity‑linked securities tied to the worst of the Nasdaq‑100, Russell 2000, and S&P 500, maturing on October 5, 2027.
The notes pay a contingent coupon of at least 0.725% per period (annualized 8.70%) only if, on the relevant valuation date, the worst performing index is at or above its 70% coupon barrier of initial value. At maturity, if not previously called, holders receive $1,000 if the worst index is at or above its 70% final barrier; otherwise, the payoff is $1,000 plus $1,000 times the worst index return, which can result in a substantial loss up to zero. The issuer may call the notes on specified dates for $1,000 plus any due coupon.
The notes are unsecured and subject to the credit risk of the issuer and guarantor, will not be listed, and may have limited liquidity. The issue price is $1,000 per security, with an underwriting fee up to $22.25 and proceeds to issuer $977.75 per security. The issuer expects an estimated value on the pricing date of at least $920 per security. Non‑U.S. holders may face 30% withholding on coupons.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc. (C), is offering unsecured Upturn Securities linked to the SPDR S&P Regional Banking ETF (KRE) under a 424(b)(2) preliminary pricing supplement. These notes pay no interest and return an amount at maturity based on KRE’s performance from the pricing date to the valuation date. They provide 500.00% upside participation, capped by a maximum return of $280.00–$310.00 per $1,000 (28.00%–31.00%). If KRE declines, losses are 1-for-1, up to total loss of principal.
Key terms: stated principal amount $1,000 per security; pricing date October 31, 2025; issue date November 5, 2025; valuation date April 30, 2027; maturity date May 5, 2027. Payment examples show full downside exposure and upside capped at the maximum return. The securities will not be listed and are subject to the credit risk of both the issuer and guarantor.
Underwriting and valuation: per-security issue price $1,000; underwriting fee $25; proceeds to issuer $975. Estimated value on the pricing date is expected to be at least $912.50 per security, reflecting selling, structuring, and hedging costs and the issuer’s internal funding rate. Fee-based advisory accounts may be charged $975–$980 per security. Investors will forgo dividends on KRE and may face limited or no liquidity before maturity.
Citigroup Global Markets Holdings Inc. filed a preliminary 424(b)(2) pricing supplement for autocallable contingent coupon equity-linked securities due October 30, 2028, fully and unconditionally guaranteed by Citigroup Inc. The notes reference the worst performing of Alphabet (GOOG), Amazon (AMZN), Apple (AAPL) and Microsoft (MSFT).
The notes pay a 2.50% quarterly contingent coupon (10.00% p.a.) only if, on the relevant valuation date, the worst-of is at or above its 65% coupon barrier. Missed coupons may be paid later if the condition is met. The notes are automatically called on scheduled dates if the worst-of is at or above its initial value, returning $1,000 plus the coupon. If not called, at maturity investors receive $1,000 if the worst-of is at or above its 55% final barrier; otherwise, repayment is $1,000 plus the worst-of return, which can be significantly less and may be zero.
Issue price is $1,000 per note, underwriting fee $28.50, and proceeds to issuer $971.50 per note. The estimated value on the pricing date is expected to be at least $884 per note. The notes will not be listed and all payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
Citigroup Global Markets Holdings Inc. filed a 424B3 pricing supplement for autocallable contingent coupon market-linked notes tied to the S&P 500 Futures 40% Edge Volatility 6% Decrement Index (USD) ER, fully and unconditionally guaranteed by Citigroup Inc.
The notes have a stated principal of $1,000 per note, price on May 27, 2025, issue on May 30, 2025, and mature on May 30, 2035 unless earlier redeemed. They pay a 1.75% contingent coupon per quarter (equivalent to 7.00% per annum) only if the underlying closes on the prior valuation date at or above the coupon barrier of 299.808 (61% of the initial value of 491.4879). The notes may be automatically called on scheduled potential autocall dates if the underlying is at or above its initial value, returning $1,000 plus the related coupon.
The notes will not be listed. CGMI acts as underwriter and receives up to $45.00 per note. The estimated value is $902.30 per note, reflecting CGMI models and internal funding rate. Payments depend on index performance and credit of the issuer and guarantor; risk factors emphasize potential non-payment of coupons and early redemption limiting returns.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured market-linked notes tied to the S&P 500 Futures Excess Return Index, due November 1, 2028. The notes pay no interest and repay based on index performance from the initial to final value.
Each note has a $1,000 stated principal. Upside participation is 100%, subject to a maximum return at maturity set on the pricing date and at least $500 per note (50%). On declines, losses match the index depreciation, capped by a maximum loss at maturity of $50 (5%). If the index is flat or down at valuation, you could receive less than principal, subject to that 5% cap.
The notes will not be listed. The estimated value on the pricing date is expected to be at least $923 per note, reflecting selling, structuring and hedging costs and the issuer’s internal funding rate. CGMI, as underwriter, may pay selected dealers up to $5.00 per note and other service providers up to $4.50 per note. All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., and investors forgo dividends on the underlying index.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Autocallable Contingent Coupon Equity Linked Securities tied to the worst of the Nasdaq‑100, Russell 2000, and S&P 500, due October 28, 2027. The notes pay a contingent coupon at a rate of at least 10.80% per annum when the worst performing index on a valuation date is at or above its 80% coupon barrier.
The notes may be automatically called on specified dates beginning April 24, 2026 if the worst performing index is at or above its initial level, returning $1,000 per note plus the related coupon (and any previously unpaid contingent coupons). If not called, at maturity investors receive $1,000 if the worst index is at or above its 70% final barrier; otherwise repayment is reduced one-for-one with the decline of the worst index. Issue price is $1,000 per security; underwriting fee up to $4; proceeds $996 per security. The estimated value on the pricing date is expected to be at least $939 per security. The notes will not be listed and are subject to the credit risk of the issuer and guarantor.
Citigroup Global Markets Holdings Inc., fully guaranteed by Citigroup Inc., filed a preliminary 424(b)(2) pricing supplement for Autocallable Barrier Securities linked to the Russell 2000 Index, due October 31, 2030. The notes do not pay interest and may redeem early at set premiums if the index closes at or above its initial value on scheduled valuation dates.
The stated principal amount is $1,000 per security; CGMI acts as underwriter with a fee of up to $23.50 per security. The issuer expects an estimated value of at least $912.50 on the pricing date. Early redemption premiums are 10.15% (2026), 20.30% (2027), 30.45% (2028), and 40.60% (2029). If held to maturity, investors receive par plus the greater of the final-date premium (25.00%) or 100% participation in index appreciation; par is repaid if the index is down but at or above the 75% barrier. Below the barrier, losses match the index decline one-for-one.
The securities will not be listed and are subject to the credit risk of the issuer and guarantor. Investors do not receive dividends on the underlying.
Citigroup Global Markets Holdings Inc., fully guaranteed by Citigroup Inc., is offering unsecured, autocallable barrier securities linked to the EURO STOXX 50 Index, due October 31, 2030. The notes pay no interest and may be automatically redeemed after any valuation date if the index closes at or above its initial value.
Automatic redemption would return $1,000 plus a premium of 10.30%, 20.60%, 30.90% or 41.20% on the 2026–2029 dates. If held to maturity: if the final index value is at or above the initial value, holders receive $1,000 plus the greater of a 30.00% premium or 100.00% of index appreciation; if below the initial but at or above the 75.00% barrier, $1,000 is repaid; if below the barrier, losses match the index decline 1-for-1.
The issue price is $1,000 per security (fee-based accounts: $976.50), with an underwriting fee of up to $23.50 and estimated value of at least $914.50 per security. The notes will not be listed and are subject to the credit risk of the issuer and guarantor.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering callable contingent coupon equity-linked securities tied to the worst performer of the Nasdaq-100, Russell 2000, and S&P 500. The notes pay a contingent coupon of at least 8.90% per annum (2.225% per quarter) only if, on each valuation date, the worst-performing index closes at or above its coupon barrier, set at 60% of its initial value. The securities mature on November 8, 2028, unless redeemed earlier at the issuer’s option on designated dates, at which point holders receive $1,000 plus any due coupon.
Each security is issued at $1,000, with an underwriting fee of up to $5 and per-security proceeds to the issuer of $995. The estimated value on the pricing date is expected to be at least $937.50 per security. If not called, the maturity payment depends on the final value of the worst-performing index: principal is returned only if it is at or above its 60% final barrier; otherwise, repayment is reduced one-for-one with the index decline and can be zero. The securities are unsecured, subject to the credit risk of the issuer and guarantor, pay no dividends, and will not be listed on an exchange.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured, senior structured notes linked to the worst performing of the Dow Jones Industrial Average, the Russell 2000 Index, and the S&P 500 Index, due October 27, 2028. The notes pay a contingent coupon of at least 8.00% per annum, paid quarterly only if the worst performing index on the prior valuation date is at or above 65% of its initial value.
The issuer may call the notes on specified dates, returning $1,000 per note plus any due coupon. If held to maturity and the worst performing index is at or above its 65% final barrier, investors receive $1,000; otherwise, repayment is reduced by the index’s decline and could be zero. The notes are not listed and are subject to the credit risk of the issuer and guarantor.
Issue price is $1,000 per note, with an underwriting fee of up to $7 and minimum per‑note proceeds of $993 to the issuer. The estimated value on the pricing date is expected to be at least $931.50 per note.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc. (C), filed a 424(b)(2) preliminary pricing supplement for Callable Contingent Coupon Equity Linked Securities tied to the worst performer of the Nasdaq‑100, Russell 2000 and S&P 500, due November 5, 2029.
The notes target a contingent coupon of at least ~8.45% per annum, paid only if the worst‑performing index on each valuation date is at or above its coupon barrier (70% of initial). At maturity, if not called and the worst performer is at or above its final barrier (60%), holders receive $1,000; otherwise principal is reduced 1:1 with the worst performer’s decline, potentially to zero. The issuer may redeem in whole on specified dates by paying $1,000 plus any coupon.
The notes are unsecured, subject to the credit risk of the issuer and guarantor, and will not be listed. Per security figures: issue price $1,000, underwriting fee up to $7.50, and estimated value at least $929. CGMI acts as underwriter and may engage in hedging and make a market, though liquidity is not assured.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured, equity‑linked, callable contingent coupon securities tied to the worst performer of the Nasdaq‑100, Russell 2000, and S&P 500, maturing on October 28, 2027. The notes may be called on specified potential redemption dates.
The stated principal is $1,000 per security. Contingent coupons equal to at least 0.8667% per period (approximately at least 10.40% per annum) are paid only if the worst performing index on the relevant valuation date is at or above its 75.00% coupon barrier. At maturity, if not redeemed, investors receive $1,000 if the worst performer is at or above its 65.00% final barrier; otherwise, the payoff is $1,000 plus $1,000 multiplied by that index’s return, which can reduce repayment to zero.
The securities will not be listed. CGMI is underwriter and receives up to $6.50 per security; proceeds to issuer are $993.50 per security. The estimated value on the pricing date is expected to be at least $936.50 per security. All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., filed a 424(b)(2) pricing supplement for callable contingent coupon equity-linked securities tied to the worst performer of the Nasdaq‑100, Russell 2000, and S&P 500, due October 31, 2030.
The notes pay a contingent coupon of at least 0.5917% per period (≈7.10% per annum) only if the worst-performing index on each valuation date is at or above its coupon barrier. Both the coupon barrier and final barrier for each index are set at 70% of its initial value. If not called and the worst-performing index finishes below its final barrier at maturity, principal is reduced 1-for-1 with the decline and can be zero; if at or above, investors receive $1,000 plus any final coupon.
The issuer may redeem in whole on specified dates, paying $1,000 plus any due coupon. The notes are unsecured, subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., and will not be listed. Issue price is $1,000 per note, with up to a $43 underwriting fee and $957 per-note proceeds to the issuer. The estimated value on pricing is expected to be at least $890.50 per note.
Citigroup Global Markets Holdings Inc., fully guaranteed by Citigroup Inc. (NYSE: C), filed a preliminary 424(b)(2) pricing supplement for Autocallable Contingent Coupon Equity Linked Securities tied to Coinbase Global, Inc. (COIN), due October 27, 2028.
Each $1,000 security offers a contingent coupon of at least 17.75% per annum (paid if COIN’s closing value on the prior valuation date is at or above the 50% coupon barrier). The notes are autocallable on scheduled dates beginning January 26, 2026 if COIN is at or above its initial value, returning $1,000 plus the coupon for that period. If not called, repayment of principal at maturity depends on COIN’s final level: at or above the 50% final barrier returns $1,000; below it, repayment falls one-for-one with COIN’s decline and can be zero.
Issue price is $1,000 with an underwriting fee up to $20 per security and proceeds to issuer of $980. The estimated value on the pricing date is expected to be at least $908 per security. The notes will not be listed and all payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc. (C), announced a primary offering of callable contingent coupon equity‑linked securities tied to the worst performer of the Nasdaq‑100, Russell 2000, and S&P 500. Each $1,000 security may pay a contingent coupon of at least 0.725% per period (at least 8.70% per annum) if, on the relevant valuation date, the worst‑performing index is at or above its coupon barrier set at 70.00% of its initial value. The issuer may redeem the notes in whole on specified dates, paying $1,000 plus any due coupon.
If not called, at maturity on October 28, 2027, investors receive $1,000 if the worst‑performing index is at or above its final barrier (70.00%). Otherwise, repayment is reduced one‑for‑one with the index decline, potentially to zero, and no coupon is paid. The notes are unsecured and subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., will not be listed, and may have limited liquidity. The issue price is $1,000 per security, the underwriting fee is up to $21.50, proceeds to issuer are at least $978.50 per security, and the estimated value on the pricing date is expected to be at least $921.00 per security.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., filed a preliminary 424(b)(2) for Callable Contingent Coupon Equity Linked Securities tied to the worst of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index, due October 26, 2028.
The notes pay a contingent coupon of at least 0.7792% per period (about 9.35% per annum) only if the worst-performing index on each valuation date is at or above its 70% coupon barrier. Principal is protected only if, at final valuation, the worst performer is at or above its 60% final barrier; otherwise repayment falls one-for-one with the decline of that index. The issuer may call the notes on specified dates for $1,000 plus any due coupon.
The issue price is $1,000 per security and the estimated value on the pricing date is expected to be at least $923.50. The notes will not be listed and all payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
Citigroup Global Markets Holdings Inc. is offering unsecured, autocallable Medium‑Term Senior Notes (guaranteed by Citigroup Inc.) linked to the worst performer of the Nasdaq‑100, Russell 2000, and S&P 500, due October 29, 2030. The securities do not pay interest and may redeem early at set premiums if, on a valuation date before maturity, the worst‑performing index is at or above its initial value.
Each $1,000 security pays a premium of at least 8.58% on October 27, 2026, escalating by schedule to at least 42.90% on October 24, 2030 if conditions are met. At maturity, if not redeemed, you receive $1,000 plus the final premium if the worst performer is at or above its initial value; $1,000 if it is below initial but at or above its 70% barrier; or a 1‑for‑1 loss if below the barrier.
Denomination is $1,000; pricing date October 24, 2025; issue date October 29, 2025. Estimated value on the pricing date is expected to be at least $888 per security. Underwriting fee is up to $41.25 per security, with per‑security proceeds to the issuer of $958.75 (assuming the maximum fee). The notes will not be listed and are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
Citigroup Global Markets Holdings Inc. is offering $1,379,000 of Autocallable Contingent Coupon Equity Linked Securities linked to Advanced Micro Devices, Inc. (AMD), fully and unconditionally guaranteed by Citigroup Inc., due November 19, 2026.
The notes pay a 1.05% contingent coupon per month (equivalent to 12.60% per annum) only if AMD’s closing value on the prior valuation date is at or above the coupon barrier/final barrier of $138.39 (59.00% of the initial value). They are subject to automatic early redemption on specified dates from April 16, 2026 through October 16, 2026 if AMD is at or above the initial value of $234.56, paying $1,000 plus the coupon.
If not called and AMD is below the final barrier at maturity, holders receive 4.26330 AMD shares per note (or cash equivalent), which may be worth significantly less than $1,000 and could be zero; no upside participation or dividends. Issue price is $1,000 per note, with an underwriting fee up to $21.50 and proceeds to issuer of $978.50; the estimated value on pricing is $937.10. The notes are unsecured, subject to the credit risk of the issuer and guarantor, and will not be listed.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Autocallable Contingent Coupon Equity Linked Securities linked to NVIDIA Corporation. The notes pay a 3.20% quarterly contingent coupon (12.80% per annum) only if NVDA’s closing value on the applicable valuation date is at or above the coupon barrier.
The initial underlying value is $181.81; the coupon barrier and final barrier are each $109.086 (60.00% of initial). The notes may be automatically called on specified dates if NVDA is at or above the initial value, returning $1,000 per note plus the coupon. If held to maturity on October 19, 2028 and NVDA is at or above the final barrier, investors receive $1,000; if below, the payoff equals $1,000 + ($1,000 × underlying return), which can be significantly less than principal, down to zero. The notes are unsecured, subject to the credit risk of Citigroup entities, and will not be listed.
Issue price is $1,000 per security; estimated value $954.20. Underwriting fee is $27.50 per security. Total offering size is $525,000, with proceeds to issuer of $510,562.50.
Citigroup Global Markets Holdings Inc. launched a $4,663,250 offering of Trigger Autocallable Contingent Yield Notes, fully and unconditionally guaranteed by Citigroup Inc. The notes pay a 10.90% per annum contingent coupon quarterly if the least performing of the Nasdaq-100 Index (NDX) and Russell 2000 Index (RTY) closes on the valuation date at or above its coupon barrier. Each note is issued at $10; the estimated value is $9.92 per note.
The notes may be automatically called beginning April 17, 2026 if the least performing underlying is at or above its initial level, paying principal plus that quarter’s coupon. If not called, at maturity on October 22, 2030, investors receive principal plus the final coupon only if the least performing underlying is at or above its 70% downside threshold; otherwise, repayment falls in line with the decline, up to a total loss. Initial levels: NDX 24,817.95; RTY 2,452.173. Payments depend on issuer and guarantor credit.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc. (C), is offering $2,692,000 of Autocallable Contingent Coupon Equity Linked Securities tied to the worst performer of the Russell 2000 and S&P 500. The notes pay a contingent coupon of 1.9775% per period (7.91% per annum) only if the worst-performing index on the prior valuation date is at or above its 75% coupon barrier. The securities may be automatically redeemed on specified dates if the worst performer is at or above its initial value.
The stated principal is $1,000 per note; the estimated value is $959.70 per note on the pricing date. If not called and the worst performer finishes below its 75% final barrier at maturity, repayment is reduced one-for-one with the index decline, down to zero. Underwriting fee is up to $25 per note, with proceeds to issuer of $975 per note (total proceeds $2,624,700). The notes are unsecured, subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., will not be listed, and carry risks including skipped coupons, early redemption, and loss of principal.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering primary Autocallable Contingent Coupon Equity Linked Securities tied to APA Corporation, totaling $3,297,000 in issue price. Each $1,000 security pays a contingent coupon of 2.835% per quarter (11.34% per annum) only if APA’s closing value is at or above the coupon barrier of $11.50 (50% of the initial $23.00). The notes may be automatically called on scheduled dates if APA closes at or above the initial value, returning $1,000 plus the applicable coupon.
If not called, maturity on October 19, 2028 pays $1,000 if APA’s final value is at or above $11.50; otherwise, the payoff is $1,000 plus the underlying return, which can reduce repayment to zero. The securities are unsecured, not listed, and subject to the credit risk of both issuers. The estimated value is $939.30 per security, below the $1,000 issue price. Underwriting fees total $82,425, with $3,214,575 in proceeds to the issuer.
Citigroup Global Markets Holdings Inc. plans to offer Contingent Income Auto‑Callable Securities linked to the SPDR S&P 500 ETF Trust (SPY), due October 2026 and fully guaranteed by Citigroup Inc. These principal‑at‑risk notes pay a 1.2417% monthly contingent coupon (approximately 14.90% per annum) only if SPY’s closing price on each valuation date is at or above the downside threshold, set at 90.00% of the initial share price (a 10.00% buffer).
The notes are auto‑callable on monthly potential redemption dates when SPY is at or above the initial share price, returning $1,000 plus the applicable contingent coupon (including any previously unpaid coupons). If held to maturity and SPY is at or above the downside threshold, holders receive $1,000 plus the contingent coupon; otherwise, repayment is reduced by a leveraged downside formula and can be significantly less than $1,000, up to total loss.
The securities will not be listed. The issue price is $1,000 per note, and the issuer expects an estimated value of at least $949.50 on the pricing date. CGMI is underwriter; it receives an $1.00 underwriting fee per $1,000, with a $0.50 selling concession and a $0.50 structuring fee to Morgan Stanley Wealth Management.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Autocallable Contingent Coupon Equity Linked Securities tied to NVIDIA Corporation, due November 3, 2028. These unsecured notes pay a contingent coupon at an annual rate of 14.25% to 15.25% if, on each valuation date, NVIDIA’s closing value is at or above the coupon barrier, set at 65% of the initial value. The notes may be automatically called on scheduled dates if NVIDIA’s closing value is at or above the initial value, returning $1,000 plus the applicable coupon.
If not called, maturity payment equals $1,000 if the final value is at or above the 65% final barrier; otherwise investors receive a fixed number of NVIDIA shares (or, at issuer’s option, cash) that could be worth substantially less, including zero. The notes are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., will not be listed, and may have limited liquidity. The issue price is $1,000 per note, with an underwriting fee of $27.50; the preliminary estimated value is expected to be at least $914.50 per note. Fee-based accounts may pay $972.50 to $977.50 per note.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured Autocallable Contingent Coupon Equity Linked Securities linked to the worst performer of the Nasdaq‑100 Index and the S&P 500 Index, due April 29, 2027.
The notes pay a contingent coupon of at least 9.15% per annum (0.7625% per month) only if the worst performer on a valuation date is at or above its coupon barrier of 70% of its initial value. If not called, principal is repaid at par only if the worst performer on the final valuation date is at or above its final barrier of 70%; otherwise repayment is reduced 1:1 with the index decline, potentially to zero. The notes may be automatically called as early as January 26, 2026 if the worst performer is at or above its initial value, paying par plus the coupon. Denomination is $1,000 per note, with an underwriting fee of up to $5 per note and an estimated value of at least $938 on the pricing date. The notes will not be listed and all payments are subject to the credit risk of the issuer and guarantor.
Citigroup Global Markets Holdings Inc. filed a preliminary 424(b)(2) for callable Contingent Coupon Equity Linked Securities linked to the worst performing of the Dow Jones Industrial Average, the Russell 2000 Index, and the S&P 500 Index, due October 25, 2028 and fully and unconditionally guaranteed by Citigroup Inc.
Each $1,000 security may pay a contingent coupon of at least 2.3125% per period (at least 9.25% per annum) only if, on the relevant valuation date, the worst performing index is at or above 60% of its initial value. At maturity, if not called, principal is repaid in full only if the worst performer is at or above its 60% final barrier; otherwise repayment is reduced 1-for-1 with the index decline, potentially to zero. The issuer may redeem the notes in whole on scheduled potential redemption dates, paying $1,000 plus any due coupon.
The securities will not be listed. CGMI acts as underwriter (fee up to $3.50 per $1,000; proceeds to issuer $996.50 per security). The estimated value on the pricing date is expected to be at least $940.50 per security. All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
Citigroup Global Markets Holdings Inc., fully guaranteed by Citigroup Inc., is offering Autocallable Contingent Coupon Equity Linked Securities tied to NVIDIA Corporation, due November 3, 2027. Each $1,000 security pays a contingent coupon of approximately 14.00%–15.00% per annum, but only if NVIDIA’s closing value on the prior valuation date is at or above a coupon barrier set at 65% of the initial value.
The notes may be automatically called on scheduled potential autocall dates if NVIDIA’s closing value is at or above its initial value, returning $1,000 plus the related coupon. If not called and the final value is below the 65% final barrier, investors receive underlying shares (or, at the issuer’s election, cash) equal to the equity ratio, which may be worth substantially less than principal, up to total loss.
The issue price is $1,000 per security, with an underwriting fee of $27.50 and proceeds to issuer of $972.50 per security. The issuer currently expects an estimated value of at least $916 per security on the pricing date. The notes will not be listed and all payments are subject to the credit risk of the issuer and guarantor.
Citigroup Global Markets Holdings Inc. filed a preliminary 424(b)(2) pricing supplement for Contingent Income Auto-Callable Securities linked to Alphabet Inc. common stock. The notes pay a 1.6333% monthly contingent coupon (approximately 19.60% per annum) when GOOGL closes at or above 85.00% of the initial share price on each monthly valuation date; missed coupons may be paid later if the threshold is met.
The notes may be automatically redeemed on monthly dates if GOOGL closes at or above the initial share price, returning the $1,000 principal per note plus the applicable coupon (including any previously unpaid coupons). If held to maturity and not called, investors receive principal plus the coupon if the final price is at or above the threshold; otherwise, repayment is reduced by a formula with a 15.00% buffer and a buffer rate of approximately 117.647%, and principal can be significantly reduced.
The securities are principal-at-risk, unlisted, and fully and unconditionally guaranteed by Citigroup Inc. Estimated value on pricing is expected to be at least $946.00 per security. Underwriting fee is $1.00 per $1,000 note; proceeds to issuer are $999.00 per security. Selling concession and a structuring fee of $0.50 each may be paid to Morgan Stanley Wealth Management.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., filed a preliminary 424(b)(2) for callable, contingent coupon equity-linked securities tied to Tesla, Inc. The notes may pay a contingent coupon of at least 1.45% per period (equivalent to at least 17.40% per annum) when Tesla’s closing value on the relevant valuation date is at or above the 50% coupon barrier. The notes are not listed and carry the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
The securities have a $1,000 stated principal amount per note, price on October 20, 2025, issue on October 23, 2025, and mature on October 25, 2027, unless called on specified dates. At maturity, if not called, investors receive $1,000 if the final value is at or above the 50% final barrier; otherwise the payout is $1,000 plus $1,000 × underlying return, which can be significantly less than principal and as low as $0. Per note economics: issue price $1,000, underwriting fee up to $10, proceeds to issuer $990, and an estimated value of at least $925.50 per security on the pricing date.
Citigroup Global Markets Holdings Inc. is offering unsecured, autocallable notes linked to the worst performer of the Dow Jones Industrial Average, the Russell 2000 Index, and the S&P 500 Index, due October 24, 2030. The notes are guaranteed by Citigroup Inc., pay no interest, and may redeem early for a fixed premium if the worst performing index on an observation date is at or above its initial value.
Minimum premiums are 8.45% (2026), 16.90% (2027), 25.35% (2028), 33.80% (2029) and 42.25% (2030). If not redeemed, maturity outcomes depend on the worst performer: principal plus premium if at or above initial; principal only if below initial but at or above the 65% barrier; or 1‑for‑1 downside below the barrier. The notes will not be listed. Issue price is $1,000 per note, with an underwriting fee of up to $41.25 and per‑note proceeds of $958.75; the estimated value on the pricing date is expected to be at least $895.
Citigroup Global Markets Holdings Inc. is offering unsecured, autocallable senior notes linked to the worst performer of the Nasdaq‑100, Russell 2000, and S&P 500, fully and unconditionally guaranteed by Citigroup Inc. The notes pay no interest and may redeem early if, on a valuation date, the worst-performing index is at or above its initial level, returning $1,000 plus a set premium.
If held to maturity (October 25, 2030) and not redeemed early, outcomes are: $1,000 + premium if the worst performer is at or above its initial level; $1,000 if it is below initial but at or above the 70% barrier; or $1,000 plus 1‑for‑1 downside if it is below the barrier. Minimum premiums by date range from 8.86% (Oct 23, 2026) to 44.30% (Oct 22, 2030). Issue price is $1,000 per note, with an underwriting fee up to $41.25 and per‑note proceeds of $958.75. The preliminary estimated value on the pricing date is expected to be at least $891.50 per note. The notes will not be listed and are subject to the credit risk of both issuers.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., announced preliminary terms for Autocallable Contingent Coupon Equity Linked Securities tied to the worst performer of the Nasdaq-100, Russell 2000, and S&P 500. Each $1,000 security targets a contingent coupon of at least 0.6458% per period (approximately at least 7.75% per annum), paid only if the worst-performing index on a valuation date is at or above its 75% coupon barrier.
The notes may be automatically redeemed on set dates starting October 28, 2026 if the worst performer is at or above its initial value, returning $1,000 plus the applicable coupon. If not called, at maturity on October 31, 2030 investors receive $1,000 if the worst performer is at or above its 70% final barrier; otherwise principal is reduced one-for-one with the index decline, potentially to zero. The securities are unsecured, not listed, and subject to the credit risk of the issuer and guarantor.
Issue price is $1,000 with an underwriting fee of up to $40.75 and per-security proceeds to the issuer of $959.25. The issuer currently expects an estimated value of at least $898 per security on the pricing date.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc. (C), is offering unsecured, callable contingent coupon equity-linked securities due October 27, 2028. Coupons accrue only if, on each valuation date, the worst performing of the Nasdaq-100, Russell 2000, and S&P 500 closes at or above 70% of its initial value. The indicative contingent coupon is at least 0.8292% per month (approximately at least 9.95% per annum), set on the pricing date.
The notes may be called in whole on specified dates; if called, holders receive $1,000 plus any due coupon. If held to maturity and the worst performer is at or above its 60% final barrier, repayment is $1,000 (plus any final coupon). Otherwise, repayment equals $1,000 plus $1,000 times the worst performer’s return, which can result in substantial loss, up to zero.
The issue price is $1,000 per security, with an underwriting fee up to $7.50 and per-security proceeds of $992.50 to the issuer. The estimated value on the pricing date is expected to be at least $936.00 per security. The securities are not listed and all payments are subject to the credit risk of the issuer and guarantor.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc. (C), filed a 424(b)(2) preliminary pricing supplement for Callable Contingent Coupon Equity Linked Securities tied to the Russell 2000 Index, due October 19, 2029. The notes offer a contingent coupon at an annualized rate of at least 8.25%, paid only if the index closes on each valuation date at or above the coupon barrier, set at 70% of the initial index level. The issuer may redeem the notes in whole on specified dates, paying $1,000 plus any due coupon.
If not called, maturity repayment depends on the index on the final valuation date: receive $1,000 if the final value is at or above the 70% final barrier; otherwise, repayment equals $1,000 + ($1,000 × underlying return), exposing investors to 1-for-1 downside and possibly zero. The notes are unsecured, subject to the credit risk of the issuer and guarantor, and will not be listed. Issue price is $1,000 per security, with an underwriting fee of up to $2.50 and per-security proceeds of $997.50 (assuming maximum fee). The estimated value on the pricing date is expected to be at least $936.50 per security.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering callable Contingent Coupon Equity Linked Securities tied to the worst performing of the EURO STOXX 50, Russell 2000, and S&P 500, maturing on October 22, 2030.
The notes may pay a contingent coupon at an annualized rate of at least 10.45% if, during each observation period, none of the indices closes below its coupon barrier. Both the coupon barrier and final barrier for each index are set at 70% of its initial value. At maturity, if not called and the worst performer is at or above its final barrier, investors receive $1,000 per note (plus any final coupon). If it is below, repayment equals $1,000 + $1,000 × the worst performer’s return, which can result in substantial loss, up to total loss.
The issuer may redeem the notes on specified dates, paying $1,000 plus any related coupon. The securities will not be listed. Issue price is $1,000 per note, with an underwriting fee of up to $12.50 and per‑note proceeds to the issuer of $987.50. The estimated value on the pricing date is expected to be at least $919.50 per note. All payments are subject to the credit risk of the issuer and guarantor.
Citigroup Global Markets Holdings Inc. (C) filed a preliminary 424B2 for principal-at‑risk Contingent Income Auto‑Callable Securities linked to SPDR S&P 500 ETF Trust (SPY), fully and unconditionally guaranteed by Citigroup Inc. The notes pay a 1.0833% monthly contingent coupon (≈13.00% per annum) when SPY’s closing price on the valuation date is at or above the downside threshold.
The notes may auto‑redeem on monthly potential redemption dates if SPY is at or above the initial share price, paying $1,000 plus the contingent coupon (including any previously unpaid coupons). If held to maturity and not auto‑redeemed, payment depends on SPY’s final level: at or above the downside threshold set at 90.00% of the initial price returns $1,000 plus the coupon; below that, repayment is reduced by a leveraged downside formula with a 10.00% buffer (buffer rate ≈111.111%). The notes are not listed. The issue price is $1,000; CGMI expects an estimated value of at least $950.50 per note on the pricing date. Underwriting fee is $1.00 per $1,000; dealers may receive a $0.50 selling concession and a $0.50 structuring fee.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering callable contingent coupon equity-linked securities tied to the worst performing of the Nasdaq-100, Russell 2000, and S&P 500, due October 25, 2028. The notes may pay a contingent coupon of at least 1.0125% per month (equivalent to at least 12.15% per annum) when, on the relevant valuation date, the worst-performing index closes at or above its 75% coupon barrier.
The notes are callable at the issuer’s option on specified dates; if called, holders receive $1,000 per note plus any related coupon. If not called, at maturity investors receive $1,000 only if the worst-performing index is at or above its 75% final barrier; otherwise the return is $1,000 plus $1,000 times the index return of the worst performer, which can result in significant loss, including zero.
The securities are offered at $1,000 per note with an underwriting fee of up to $6.50 and proceeds to the issuer of $993.50 per note. The issuer expects an estimated value on the pricing date of at least $937.50 per note. The notes will not be listed and are subject to the credit risk of both the issuer and the guarantor. Investors do not receive dividends or upside participation.
Citigroup Global Markets Holdings Inc. filed a preliminary pricing supplement for callable contingent coupon equity-linked securities tied to the worst of the Russell 2000 and S&P 500, guaranteed by Citigroup Inc.
The notes pay a contingent coupon of at least 2.40% per quarter (9.60% per annum) when the worst-performing index on a valuation date is at or above 70% of its initial value. The issuer may call the notes on specified dates for $1,000 plus any coupon. If not called, at maturity on November 3, 2028 holders receive $1,000 if the worst index is at or above its 70% final barrier; otherwise the payoff is $1,000 + $1,000 × underlying return, which can result in significant loss up to the full principal.
Key terms include $1,000 denomination, pricing date October 31, 2025, issue date November 5, 2025, no exchange listing, and payments subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. The estimated value on the pricing date is expected to be at least $935.50 per note. CGMI is underwriter; selected dealers may receive up to $6.00 per note.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured, autocallable Medium‑Term Senior Notes linked to the worst performer of the Nasdaq‑100, Russell 2000, and S&P 500. The notes pay no interest, may redeem early at set premiums after valuation dates, and return principal only if conditions are met.
Each security has a $1,000 stated principal amount. Early redemption can occur if the worst-performing index on a valuation date is at or above its initial value, paying $1,000 plus a premium. If held to maturity on October 26, 2028, outcomes are: $1,000 plus the final premium if the worst performer is at or above its initial value; $1,000 if it is below initial but at or above its 70.00% barrier; or $1,000 plus 1:1 downside if it is below the barrier. Minimum premiums set on pricing date step up by schedule, reaching 34.35% at the final valuation date.
Key dates: pricing October 22, 2025; issue October 27, 2025; valuation dates include October 23, 2026 and others. The estimated value is expected to be at least $907.00 per security. Underwriting fee is up to $29.50 per security; proceeds to issuer per security are $970.50. The notes will not be listed and all payments are subject to the credit risk of the issuer and guarantor.
Citigroup Inc. (C) launched a preliminary prospectus supplement for euro-denominated senior notes with a fixed-to-floating structure. The notes pay a fixed annual rate during an initial period, then switch to a floating rate tied to EURIBOR plus a spread, with interest paid annually (fixed period) and then quarterly (floating period). The company may redeem the notes at its option, including via a make‑whole call before a stated date and at par on specified dates, and may also redeem for tax reasons.
The notes are being offered globally to institutional and professional investors, with no sales to EEA or UK retail investors. Citigroup intends to apply to list the notes on the regulated market of the Luxembourg Stock Exchange, though listing is not assured or required to be maintained. The notes are senior unsecured obligations, issued in €100,000 denominations, and proceeds are to Citigroup for general corporate purposes. A stabilization manager may over‑allot up to 105% of the aggregate principal amount to support the market price.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering market‑linked notes tied to an equally weighted basket of the EURO STOXX 50, Russell 2000, and S&P 500. Each note has a $1,000 stated principal amount, prices on October 17, 2025, and matures on October 21, 2027.
At maturity, holders receive the principal plus a return amount if the basket appreciates, with 100% upside participation, capped at $104 per note (10.40%). If the final basket value is less than or equal to the initial basket value, the return amount is $0 and repayment is limited to principal. The notes will not be listed on any exchange.
The issuer expects an estimated value of at least $922.50 per note on the pricing date, below the issue price, reflecting costs and the issuer’s internal funding rate. Underwriting fees are up to $18.50 per note, with variable selling concessions and a structuring fee. Investors do not receive dividends on the indices and the notes are treated as contingent payment debt instruments for U.S. tax purposes.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured, callable contingent coupon equity-linked securities tied to the worst performer of the Nasdaq‑100 Index, Russell 2000 Index, and S&P 500 Index, due October 25, 2029. The notes target a contingent coupon of at least 8.91% per annum (0.7425% per month), paid only if the worst-performing index on a valuation date closes at or above 70% of its initial level.
At maturity, if not redeemed earlier, investors receive $1,000 per note if the worst-performing index is at or above 55% of its initial level; otherwise, principal is reduced one-for-one with the index decline, potentially to zero. The issuer may redeem the notes in whole on specified dates, paying $1,000 plus any due coupon. The notes will not be listed and all payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
The issue price is $1,000 per security; the estimated value on the pricing date is expected to be at least $928.50 per security. CGMI is underwriter and acting as principal, with no underwriting fee; selected dealers and service providers may receive up to $5.00 per security.
Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) plans a primary offering of Callable Contingent Coupon Equity Linked Securities tied to the worst performer of the Russell 2000 and S&P 500. The notes target contingent coupons of at least 8.15% per annum (2.0375% per quarter) when the worst-performing index on each valuation date is at or above its coupon barrier, set at 70% of its initial value. If called on any specified potential redemption date, holders receive $1,000 plus the related coupon.
Key terms: pricing date October 31, 2025; issue date November 5, 2025; final valuation date October 31, 2028; maturity November 3, 2028. If not redeemed and the worst-performing index finishes below its 70% final barrier, repayment is reduced dollar-for-dollar with the index decline, potentially to zero; no upside to index gains and no dividends are paid. The securities are unsecured and subject to the credit risk of both the issuer and guarantor, will not be listed, and may have limited liquidity. Per security economics include a $1,000 issue price, up to $15 underwriting fee, proceeds to issuer of $985, and an expected estimated value on the pricing date of at least $920.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., filed a 424(b)(2) preliminary pricing supplement for Autocallable Contingent Coupon Equity Linked Securities tied to the worst of the EURO STOXX 50, Nasdaq‑100, and Russell 2000, due October 20, 2028.
The notes may pay a contingent coupon of at least 12.25% per annum (3.0625% per quarter) only if, on each valuation date, the worst‑performing index is at or above its 80% coupon barrier. Starting April 17, 2026, the notes are autocallable if the worst index is at or above its initial level, returning $1,000 plus the coupon. If not called, maturity pays $1,000 if the worst index is at or above its 80% final barrier; otherwise, principal is reduced 1:1 with the worst index’s decline, which can result in substantial loss, including zero. The securities will not be listed and are subject to the credit risk of the issuer and guarantor. Issue price: $1,000; underwriting fee: $20; proceeds to issuer: $980 per security; preliminary estimated value: at least $914.50 per security. Pricing date: October 17, 2025; issue date: October 22, 2025.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc. (C), is offering Autocallable Contingent Coupon Equity Linked Securities tied to NVIDIA Corporation (NVDA), due November 1, 2028. Each security has a $1,000 stated principal amount and pays a contingent coupon of at least 11.05% per annum (set on the pricing date) only if NVDA’s closing value on the relevant valuation date is at or above the coupon barrier.
The notes are automatically callable on specified dates beginning April 29, 2026 if NVDA is at or above its initial value, returning $1,000 plus the related coupon. If not called, at maturity investors receive $1,000 if the final value is at or above the final barrier; otherwise, the payout is $1,000 plus $1,000 × underlying return, which can result in a significant loss, including zero. Both barriers are 60% of the initial value. The securities will not be listed.
Underwriting fee is $40 per security (proceeds of $960 to the issuer), and the issuer estimates an initial value of at least $886.50 per security. All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
Citigroup Global Markets Holdings Inc. filed a 424B2 for Autocallable Phoenix Securities linked to the SPDR S&P 500 ETF Trust (SPY), fully and unconditionally guaranteed by Citigroup Inc. The notes target monthly contingent coupons of 1.0834% of principal when SPY closes at or above the $596.007 coupon barrier (90% of the $662.23 initial share price).
The notes may be auto‑called on any interim valuation date if SPY is at or above the initial share price, redeeming at $1,000 plus the applicable coupon (including any previously unpaid coupons). If held to maturity in October 2026, investors receive $1,000 plus the coupon if the final price is at or above $596.007; otherwise, principal is reduced per the disclosed buffer formula with a 10% buffer and losses can be substantial. The securities will not be listed. Underwriting fee is $1 per security; proceeds to issuer $999 per security, and the estimated value on pricing is expected to be at least $947.50 per security. J.P. Morgan affiliates act as placement agents for non‑fiduciary accounts.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering unsecured, callable Contingent Coupon Equity Linked Securities tied to the worst performer of the Nasdaq‑100, Russell 2000, and S&P 500, due September 22, 2027.
The notes pay a contingent coupon of at least 0.7417% per $1,000 per period (approximately at least 8.90% per annum, set on the pricing date) only if the worst performing index on the preceding valuation date is at or above its coupon barrier. Both the coupon barrier and final barrier for each index are set at 70.00% of its initial value. At maturity, if not called, investors receive $1,000 per note if the worst performer is at or above its final barrier; otherwise, the payout declines one‑for‑one with that index’s loss, which can result in a substantial loss of principal.
The issuer may redeem the notes in whole on specified dates, paying $1,000 plus any due coupon. The notes are not listed and are subject to the credit risk of both the issuer and guarantor. Issue price is $1,000 per note, with an underwriting fee of $22.25 and per‑note proceeds of $977.75. The estimated value on the pricing date is expected to be at least $920.00 per note.
Citigroup Global Markets Holdings Inc. filed a preliminary 424(b)(2) pricing supplement for Autocallable Phoenix Securities linked to the Invesco QQQ Trust (QQQ), fully and unconditionally guaranteed by Citigroup Inc. The notes offer a contingent monthly coupon of 1.2292% of principal when QQQ is at or above the coupon barrier on the relevant valuation date and can be automatically redeemed if QQQ is at or above the initial share price on any interim valuation date.
Key terms include an initial share price of $598.00 (as of the strike date), a coupon barrier and final barrier of $538.200 (90.00% of initial), and a 10.00% buffer with a buffer rate of approximately 111.111%. If held to maturity without autocalled and QQQ finishes below the final barrier, principal is reduced per the disclosed formula and could be zero. The securities are not listed.
Per security economics: issue price $1,000, underwriting fee $1, and proceeds to issuer $999. The issuer expects an estimated value on the pricing date of at least $949 per security. J.P. Morgan affiliates act as placement agents. U.S. tax treatment is uncertain; 30% withholding may apply to Non‑U.S. holders’ coupon payments under certain circumstances.
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., filed a preliminary 424(b)(2) pricing supplement for Callable Contingent Coupon Equity Linked Securities due October 26, 2028. The notes pay a contingent monthly coupon of at least 0.7208% (approximately at least 8.65% per annum) only if the worst performing of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index, and the S&P 500 Index closes at or above its coupon barrier on the prior valuation date.
Both the coupon barrier and final barrier are set at 70% of the initial value for each index. The issuer may redeem the notes in whole on specified dates; if called, holders receive $1,000 plus any coupon due. If held to maturity and the worst performing index is at or above its final barrier, repayment is $1,000 (plus any final coupon). If it is below, principal is reduced 1-for-1 with the index decline, potentially to zero.
Denomination is $1,000 per note. The notes will not be listed. Underwriter is CGMI, with an underwriting fee up to $29.50 per note and minimum proceeds to issuer of $970.50 per note. The issuer currently expects an estimated value of at least $904.00 per note on the pricing date. Non‑U.S. holders may face 30% withholding on coupons, and Section 871(m) treatment will be finalized on the pricing date.