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 INC (C), via Citigroup Global Markets Holdings Inc., is offering $34,073,000 of Contingent Income Auto-Callable Securities due August 17, 2028, linked to the worst-performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. Each security has a $1,000 principal amount and pays a quarterly contingent coupon of 2.40% (9.60% per annum) only if, on the relevant valuation date, the worst-performing index is at or above 70% of its initial level.
The notes are automatically redeemed early at par plus the coupon if, on any potential redemption date starting November 16, 2026, the worst-performing index is at or above its initial level. If held to maturity and the worst-performing index is below its 70% downside threshold, principal is reduced 1-to-1 with the index loss, potentially to $0. Payments are fully and unconditionally guaranteed by Citigroup Inc., but principal is at risk and investors do not participate in any index upside.
The issue price is $1,000 per note, with an estimated value of $976.30 based on CGMI’s models and internal funding rate. Underwriting and related fees total $681,460, leaving proceeds to the issuer of $33,391,540.
Citigroup Inc (C), via Citigroup Global Markets Holdings Inc., is offering autocallable contingent coupon equity-linked securities tied to the S&P 500 Futures 40% Intraday Edge Volatility TCA 6% Decrement Index (USD) ER, maturing August 19, 2031 and fully guaranteed by Citigroup Inc. Each security has a $1,000 stated principal and pays a contingent coupon of 0.9167% per month (about 11.00% per annum) only when the index on the relevant valuation date is at or above the coupon barrier of 7,960.80 (75% of the initial value of 10,614.40). Missed coupons can be paid later if the barrier is met, but can be permanently lost.
The notes are automatically called at par plus coupon on scheduled autocall dates if the index is at or above 9,552.96 (90% of initial). If held to maturity and not called, principal is protected only down to the final buffer value of 9,022.24 (85% of initial); below that, investors lose 1% of principal for each 1% additional index decline beyond the 15% buffer. The issue price is $1,000 with an estimated value of $886.70 per note and an underwriting fee of up to $45, highlighting significant embedded costs and market-value risk, alongside complex index mechanics with leverage up to 500%, notional costs and a 6% decrement that can cause underperformance versus the S&P 500.
CITIGROUP INC (symbol: C) is the issuer of record for a Form 424B2 filing submitted to the SEC.
CITIGROUP INC (symbol: C) is the issuer of record for a Form 424B2 filing submitted to the SEC.
CITIGROUP INC (symbol: C) is the issuer of record for a Form 424B2 filing submitted to the SEC.
Citigroup Inc. (C), through Citigroup Global Markets Holdings Inc., is offering $1,000,000 of Callable Contingent Coupon Equity Linked Securities linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 Index® and Russell 2000® Index, due August 17, 2029.
The notes pay a 0.8167% monthly contingent coupon (about 9.80% per annum) only if, on each valuation date, the worst performing index is at or above its coupon barrier set at 60.00% of its initial level; otherwise no coupon is paid. At maturity, if not called and the worst index is at or above its 60.00% final barrier, investors receive the $1,000 principal per note; if it is below, repayment is reduced one-for-one with the index loss, down to zero.
Citigroup may call the notes on specified dates, paying $1,000 plus any coupon then due. The issue price is $1,000 per note, including a $7.50 underwriting fee and $992.50 in proceeds to the issuer; the estimated value is lower at $989.30, reflecting structuring and hedging costs. Investors face full credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., potential illiquidity, complex tax treatment and the possibility of losing most or all of their investment.
CITIGROUP INC, through Citigroup Global Markets Holdings Inc., is offering autocallable market-linked securities tied to the worst performer of the Nasdaq‑100 Index and the S&P 500 Index, maturing August 17, 2029. Each security has a $1,000 stated principal amount and pays no interest.
The notes may be automatically redeemed on August 16, 2027 at $1,070.50 per security (principal plus a 7.05% premium) if the closing value of both indices is at or above their initial levels; otherwise they continue to maturity. If not called and the worst-performing index on the final valuation date is above its initial level, investors receive principal plus upside equal to that index’s gain times a 100% upside participation rate. If it is at or below its initial level, only the $1,000 principal is repaid.
All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. The estimated value on the pricing date is $987.10 per $1,000 note, reflecting structuring and hedging costs. The notes are expected to be treated as contingent payment debt instruments for U.S. tax purposes, using a 4.724% comparable yield and a projected single maturity payment of $1,150.181.
CITIGROUP INC (C), via Citigroup Global Markets Holdings Inc., is offering $10,845,000 of autocallable contingent coupon equity linked securities at $1,000 per security, linked to the worst performer of the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index, maturing August 17, 2029.
The notes pay a contingent coupon of 2.6875% of principal (10.75% per annum) on each observation date only if the worst-performing index is at or above 75% of its initial level; otherwise no coupon is paid. If not called and the worst index finishes below 75% of its initial level, repayment of principal is reduced 1-for-1 with the index loss, potentially to zero.
The notes auto-call on specified dates if the worst index is at or above its initial level, returning $1,000 plus coupon. They are unsecured obligations of Citigroup Global Markets Holdings Inc., fully and unconditionally guaranteed by Citigroup Inc. The estimated value is $974 per security, below the $1,000 issue price, and secondary market liquidity may be limited.
CITIGROUP INC (symbol C), through Citigroup Global Markets Holdings Inc., is issuing Autocallable Contingent Coupon Equity Linked Securities linked to the S&P 500 Futures 40% Intraday Edge Volatility TCA 6% Decrement Index (USD) ER, guaranteed by Citigroup Inc. Each security has a $1,000 stated principal amount, priced on August 14, 2026 and maturing August 19, 2031, unless automatically redeemed earlier.
The notes pay a 1.00% contingent coupon per month (12.00% per annum) only if the index is at or above the coupon barrier of 7,430.080 (70% of 10,614.40) on the relevant valuation date, with a memory feature for unpaid coupons. Early autocall can occur from August 16, 2027 onward if the index is at or above its initial level, returning $1,000 plus due coupons. At maturity, if not called, principal is protected only down to the final buffer value of 9,022.240 (85% of initial); below that, losses are 1% of principal for each 1% decline beyond the 15% buffer.
The total offering is $984,000, with an underwriting fee of $45 per note and proceeds to the issuer of $955 per note. The estimated value is $885.40 per security, below issue price. The complex underlying uses up to 500% leveraged futures exposure, a 40% volatility target and a 6% annual decrement, and may materially underperform the S&P 500 Index. The issuer highlights significant market, structural and U.S. tax risks, including potential 30% withholding on coupons for some non-U.S. investors.
Citigroup Inc. (C), via Citigroup Global Markets Holdings Inc., is issuing unsecured, index-linked notes maturing August 19, 2030, tied to the worst performing of the Dow Jones Industrial Average, Nasdaq‑100 Index® and Russell 2000® Index.
The notes pay a 1.00% quarterly contingent coupon (12.00% per annum) only if, on each valuation date, the worst performing index is at or above 70% of its initial value. Citigroup may redeem the notes in whole on specified dates, paying $1,000 per note plus any due coupon, which can shorten the investment term.
If not redeemed, principal repayment at maturity depends solely on the worst performing index. If its final value is at least 70% of its initial value, investors receive $1,000 per note (plus any final coupon). Otherwise, repayment is $1,000 plus $1,000 times the negative index return, which can result in a substantial or total loss of principal, with no coupons. The securities carry the full credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. and may have limited secondary market liquidity.
CITIGROUP INC (C), via Citigroup Global Markets Holdings Inc., is offering callable Contingent Coupon Equity Linked Securities due August 17, 2029, with a total issue size of $1,326,000 and a stated principal amount of $1,000 per security.
The notes pay a quarterly contingent coupon of 1.1042% of principal (about 13.25% per annum) only if, on each valuation date, the worst performing of the Nasdaq‑100, Russell 2000 and S&P 500 is at or above its coupon barrier, set at 70% of its initial level. Citigroup may redeem the notes early on specified dates at $1,000 plus any due coupon.
If held to maturity and not called, investors receive $1,000 only if the worst index finishes at or above its final barrier (also 70% of initial). Otherwise, repayment is reduced one‑for‑one with the index loss, down to zero, and no final coupon is paid. All payments depend on the credit of Citigroup Global Markets Holdings Inc. and the Citigroup Inc. guarantee; the estimated value at pricing is $997.30 per security versus a $1,000 issue price.
CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering autocallable contingent coupon equity-linked securities linked to the worst performer of the Nasdaq-100 Index and the Russell 2000 Index, maturing August 17, 2029. Each $1,000 security may pay a quarterly contingent coupon of 2.125% (annualized 8.50%) if on the relevant valuation date the worst-performing index is at or above 70% of its initial level; missed coupons can be paid later if the condition is met.
The notes can be automatically called on specified dates starting February 16, 2027 if the worst-performing index is at or above its initial level, returning $1,000 plus the applicable coupon. If not called, at maturity investors receive $1,000 only if the worst-performing index is at or above 70% of its initial level; otherwise repayment is reduced one-for-one with the index loss, down to zero. Initial index levels are 30,046.14 (Nasdaq-100) and 3,068.415 (Russell 2000), with 70% barriers of 21,032.298 and 2,147.891. The issue price is $1,000, with an estimated value of $969.60 and limited expected liquidity, and all payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
CITIGROUP INC (C), via Citigroup Global Markets Holdings Inc., is issuing callable Contingent Coupon Equity Linked Securities tied to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index, maturing July 19, 2028. The notes pay a contingent coupon of 0.8333% per month (about 10.00% per year) only if, on each valuation date, the worst-performing index is at or above 70% of its initial level. Principal is protected only if, at final valuation, the worst-performing index is at or above 60% of its initial level; otherwise, repayment is reduced one-for-one with the index loss and can fall to zero. Citigroup may redeem the notes early on specified dates at $1,000 plus any due coupon. The issue price is $1,000 per note, total offering $887,000, with an estimated value of $986.90 per note, and all payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
Citigroup Inc. (C), via Citigroup Global Markets Holdings Inc., is issuing unsecured Autocallable Contingent Coupon Equity Linked Securities linked to Space Exploration Technologies Corp. Each security has a $1,000 principal amount, a 3‑year term to August 17, 2029, and pays a 19.65% annualized contingent coupon (4.9125% per quarter) only if the stock closes at or above the $70.00 coupon barrier on each valuation date. Starting November 16, 2026, the notes are automatically called if the stock is at or above the $140.00 initial value, repaying $1,000 plus that period’s coupon.
If not called, maturity repayment depends on the final stock value. At or above the $70.00 final barrier, holders receive $1,000 plus the final coupon; below the barrier, principal is reduced one‑for‑one with the stock’s loss, down to zero. The issue price is $1,000 with estimated value $963.10, total offering size $2.716 million, an underwriting fee up to $20 per security, and all payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., with limited or no expected secondary market liquidity and complex, uncertain U.S. tax treatment.
CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is issuing autocallable buffer securities linked to the S&P 500® Index, maturing on August 19, 2031. Each $1,000 security is unsecured, pays no interest and is fully and unconditionally guaranteed by Citigroup Inc.
The note may be automatically redeemed on August 20, 2027 at $1,075 per security (principal plus a 7.50% premium) if the S&P 500® closing value is at or above the initial level of 7,785.76. If not called, at maturity investors participate 1:1 in index gains and have a 25% downside buffer to a final buffer value of 5,839.32; below that level, losses increase 1% for each 1% additional index decline. The issue price is $1,000, estimated value is $964.20, with $25.00 per security in underwriting fees and $975.00 in proceeds to the issuer, and returns are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. and to limited secondary market liquidity.
Citigroup Inc (C), via subsidiary Citigroup Global Markets Holdings Inc., is offering unsecured autocallable securities linked to the worst performer of the Nasdaq-100®, Russell 2000® and S&P 500® indices, maturing August 19, 2031. Each security has a $1,000 stated principal amount, pays no interest and is fully and unconditionally guaranteed by Citigroup Inc.
The notes may be automatically redeemed on scheduled valuation dates starting August 17, 2027 if the worst-performing index is at or above its initial level, returning $1,000 plus a fixed premium that rises over time up to 53.25% on the final valuation date. If not called, principal is protected at maturity only if the worst-performing index is at or above 70% of its initial level; below that barrier, repayment is reduced 1-for-1 with the index loss, down to zero.
Investors do not receive dividends or upside beyond the fixed premiums, face credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., and may encounter limited or no secondary market. The issue price is $1,000 per security versus an estimated value of $947.30, reflecting selling, structuring and hedging costs.
CITIGROUP INC (C), through subsidiary Citigroup Global Markets Holdings Inc., is offering autocallable contingent coupon equity-linked securities tied to the S&P 500 Index, maturing August 19, 2030. The notes are unsecured and fully and unconditionally guaranteed by Citigroup Inc.
Each $1,000 security may pay a quarterly contingent coupon of 1.9375% (annualized 7.75%) if on the relevant valuation date the S&P 500 closes at or above the coupon barrier of 5,450.032, which is 70% of the initial level 7,785.76. If on any potential autocall date the index is at or above the initial level, the notes are automatically redeemed for $1,000 plus that period’s coupon.
If not called and the final index level is below the final barrier (also 70% of the initial level), repayment is reduced dollar-for-dollar with the index loss, and investors can lose up to their entire principal. The total issue size is $830,000 at $1,000 per note, with an estimated value of $991.40 per note. The notes are subject to Citigroup Global Markets Holdings Inc. and Citigroup Inc. credit risk, may have limited or no secondary market, and involve complex U.S. tax and potential withholding consequences, particularly for non‑U.S. holders.
CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is issuing callable contingent coupon equity-linked securities tied to the worst performer of three underlyings: the iShares MSCI EAFE ETF, the Russell 2000 Index and the State Street Energy Select Sector SPDR ETF, fully and unconditionally guaranteed by Citigroup Inc.
Each $1,000 security can pay a contingent coupon of 0.9792% per month (about 11.75% per annum) if, on the relevant valuation date, the worst-performing underlying is at or above its 70% coupon barrier. At maturity in August 2028, if not earlier called and the worst-performing underlying is at or above its 60% final barrier, investors receive the $1,000 principal; otherwise they incur a loss 1-for-1 with the underlying’s decline, potentially losing their entire investment.
Citigroup may redeem the notes early on specified dates at $1,000 plus any due coupon, capping future income. The issue price is $1,000 per note versus an estimated value of $985.40, reflecting structuring and hedging costs and use of Citigroup’s internal funding rate. Investors face Citigroup credit risk, no dividends or upside participation, path-dependent coupon risk, limited liquidity and complex, uncertain U.S. tax treatment (intended as prepaid forward contracts with taxable coupons).
Citigroup Inc. (through Citigroup Global Markets Holdings Inc.) is offering $12,710,000 of autocallable securities linked to the worst performer of the Dow Jones Industrial Average, the Nasdaq‑100 Index® and the Russell 2000® Index, maturing August 19, 2030. Each security has a $1,000 stated principal amount and may be automatically redeemed on scheduled valuation dates if the worst performing index is at or above its initial level, paying principal plus a fixed premium that rises from 16.40% in August 2027 to 65.60% on the final valuation date.
If not called, maturity repayment depends solely on the worst performer: full principal plus the final premium if its level is at or above its initial value; principal only if it is below the initial level but at or above a 70% barrier; and a 1‑for‑1 loss (down to zero) if it finishes below that barrier. The securities pay no interest, provide no dividends on the indices, can experience significant loss of principal, and carry the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. The issue price is $1,000 per security versus an estimated value of $997.80, and liquidity may be limited to discretionary secondary market making by an affiliate.
Citigroup Inc. (through Citigroup Global Markets Holdings Inc.) is offering unsecured senior Buffered Digital S&P 500 Index‑Linked Notes, fully and unconditionally guaranteed by Citigroup Inc. The notes pay no interest and have an expected term of 13–15 months, with the maturity date set as the second business day after the determination date.
At maturity, for each $1,000 note, if the S&P 500 Index (the “underlier”) final level is at least 90.00% of the initial level, investors receive a fixed threshold settlement amount expected between $1,081.20 and $1,095.20, a contingent return of 8.12%–9.52%. If the underlier falls more than the 10.00% threshold, the payoff declines linearly: investors lose about 1.1111% of principal for each 1% drop beyond the 10.00% buffer, potentially losing the entire investment.
The notes are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., will not be listed, and may have little or no secondary market. Citigroup Global Markets Inc. will act as dealer, hedges through affiliates, and uses proprietary models and an internal funding rate, so the notes’ estimated value on the trade date will be less than the issue price. Tax treatment is uncertain; counsel currently views the notes as prepaid forward contracts, and Section 871(m) withholding for Non‑U.S. Holders is not expected but could apply depending on final terms.
CITIGROUP INC (C), via Citigroup Global Markets Holdings Inc., is offering autocallable contingent coupon equity-linked securities tied to the worst performer of the Nasdaq‑100 Index, the Russell 2000 Index and the SPDR S&P Regional Banking ETF. Each security has a $1,000 principal amount, with total issuance of $5,158,000, and is fully and unconditionally guaranteed by Citigroup Inc.
The notes pay a monthly contingent coupon of 0.7708% of principal (about 9.25% per annum) only if, on the prior valuation date, the worst-performing underlying is at or above its coupon barrier, set at 70% of its initial value. Missed coupons can be paid later if the barrier is met, but may be lost entirely. The notes can be automatically called on specified dates if the worst-performing underlying is at or above its initial level, in which case investors receive $1,000 plus the applicable coupon(s).
If not called, at maturity on August 17, 2029 investors receive $1,000 per note only if the worst-performing underlying finishes at or above its final barrier (60% of initial). Below that level, principal is reduced one‑for‑one with the underlying’s loss, potentially to zero, and no final coupon is paid. The estimated value on the pricing date is $959.90 per security, below the $1,000 issue price, reflecting structuring and hedging costs and Citigroup’s internal funding rate. All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., and the securities are expected to have limited or no secondary market liquidity.
CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering unsecured, senior Callable Contingent Coupon Equity Linked Securities due August 17, 2029, linked to the worst performer of the Nasdaq-100 Index, the Russell 2000 Index and the State Street Utilities Select Sector SPDR ETF. The notes pay a monthly contingent coupon of 0.9292% of principal (about 11.15% per annum) only if, on the relevant valuation date, the worst-performing underlying is at or above its coupon barrier (70% of its initial value). Citigroup may redeem the notes early on specified dates at $1,000 plus any due coupon.
At maturity, if not called, investors receive $1,000 per note if the worst-performing underlying is at or above its final barrier (65% of its initial value). If it is below that level, the payoff is $1,000 plus $1,000 × the underlying’s return, exposing principal one-for-one to downside and potentially to a total loss, with no upside participation. Initial values are 30,046.14 for the Nasdaq-100, 3,068.415 for the Russell 2000 and $44.31 for XLU. The notes are subject to the joint credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., offer limited or no liquidity, and have an estimated value of $976.60 per $1,000 at pricing, below the issue price.
CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is issuing $4,510,000 of unsecured Callable Contingent Coupon Equity Linked Securities due August 17, 2029, linked to the worst performer of the Nasdaq‑100, Russell 2000 and S&P 500 indices and guaranteed by Citigroup Inc.
The notes pay a 0.8333% monthly contingent coupon (about 10.00% per annum) only if, on each valuation date, the worst-performing index is at or above its coupon barrier, set at 64.60% of its initial level. Missed coupons can be recouped later if the barrier is again met, but may be lost entirely. Citigroup may call the notes on specified dates, repaying $1,000 plus any due coupon.
At maturity, if not called, investors receive $1,000 per note only if the worst-performing index is at or above its final barrier (also 64.60% of its initial level). Otherwise, repayment is reduced one-for-one with the index decline, down to zero, with no coupon at maturity in that case. The notes are subject to the full credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., limited liquidity, complex tax treatment and an initial estimated value of $990.80 per $1,000, below issue price.
CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering buffered autocallable securities linked to the S&P 500 Futures 40% Intraday Edge Volatility TCA 6% Decrement Index (USD) ER, with a stated principal of $1,000 per security, pricing on August 14, 2026 and maturing August 19, 2031.
The notes may be automatically redeemed on scheduled valuation dates if the index closes at or above its initial value of 10,614.40, paying $1,000 plus an increasing premium from 20% up to 100% of principal by the final valuation date. If held to maturity and not called, investors receive $1,000 plus the final premium if the index is at or above its initial level, $1,000 if it is between 85% and 100% of the initial level, and a buffered loss below 85%, with losses of 1% for each 1% decline beyond the 15% buffer.
The index targets 40% volatility with leverage up to 500% and deducts 6% per annum plus notional costs, so it may significantly underperform the S&P 500. The issue price is $1,000 versus an estimated value of $877.40, reflecting fees, hedging costs and the issuer’s funding rate. Payments depend on the credit of Citigroup Global Markets Holdings Inc. and the Citigroup Inc. guarantee.
Citigroup Inc (C), through Citigroup Global Markets Holdings Inc., is offering callable contingent coupon equity-linked securities maturing on August 19, 2031, fully and unconditionally guaranteed by Citigroup Inc. The notes are linked to the worst performing of the iShares MSCI Emerging Markets ETF, the iShares Russell 2000 ETF and the TOPIX Index.
Investors receive a contingent coupon of 3.7125% of principal per quarter (annualized 14.85%) only if, on the relevant valuation date, the worst performing underlying is at or above its coupon barrier (70% of its initial value. Principal is protected only if, on the final valuation date, the worst performer is at or above its final barrier (55% of initial); otherwise repayment is reduced one-for-one with the underlying’s loss and can fall to zero.
Citigroup may redeem the notes in whole on specified dates at $1,000 per note plus any due coupon, capping future income. The securities are unsecured, subject to the credit risk of both issuing and guaranteeing entities, may have limited or no secondary market, present complex equity, volatility, correlation and FX risks, and carry uncertain U.S. tax treatment, including potential 30% withholding for certain non-U.S. holders.
CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is issuing autocallable contingent coupon equity-linked securities tied to the worst performer of the Dow Jones Industrial Average, Nasdaq-100 Index® and Russell 2000® Index, with a stated principal amount of $1,000 per security and maturity on August 19, 2031, subject to automatic early redemption.
The notes pay a contingent coupon of 0.7083% per month (about 8.50% per annum) only if, on each valuation date, the worst-performing index is at or above 75% of its initial level; otherwise no coupon is paid. At maturity, if not called and the worst-performing index is at or above 70% of its initial level, holders receive $1,000; if below 70%, principal is reduced one-for-one with the index decline, potentially to zero. Initial index levels are 53,732.41 (Dow), 30,046.14 (Nasdaq-100) and 3,068.415 (Russell 2000). The total offering size is $2,699,000, the estimated value is $950.20 per security versus a $1,000 issue price, and investors bear the unsecured credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., as well as significant market, liquidity and tax risks.
Citigroup Inc. (C), through subsidiary Citigroup Global Markets Holdings Inc., is offering autocallable contingent coupon equity-linked securities maturing August 17, 2029, linked to the worst performing of the Nasdaq‑100, Russell 2000 and S&P 500 indices. The notes pay a monthly contingent coupon of 0.7083% of the $1,000 principal (about 8.50% per annum) only if, on the relevant valuation date, the worst-performing index is at or above its “coupon barrier” (70% of its initial level).
The notes can be automatically called on scheduled autocall dates starting February 16, 2027 if the worst-performing index is at or above its initial level, returning $1,000 plus the coupon. If not called, principal repayment at maturity depends solely on the final level of the worst-performing index relative to its 70% “final barrier”: investors get back $1,000 only if it is at or above that barrier, otherwise they incur a 1:1 loss with index decline and can lose their entire investment.
The securities are unsecured obligations of Citigroup Global Markets Holdings Inc., fully and unconditionally guaranteed by Citigroup Inc., and are subject to both issuers’ credit risk. The estimated value on the pricing date is $966.70 per $1,000 note, below the issue price, reflecting selling, structuring and hedging costs and the issuer’s internal funding rate. Liquidity may be limited, and tax treatment is complex and uncertain.
CITIGROUP INC (C), via Citigroup Global Markets Holdings Inc., is issuing callable contingent coupon equity linked securities due August 17, 2029, linked to the worst performer among the Invesco S&P 500® Equal Weight ETF, the Nasdaq-100 Index® and the Russell 2000® Index, in an aggregate stated principal amount of $580,000 ($1,000 per security). The notes pay a 3.10% quarterly contingent coupon (annualized 12.40%) only if, on each valuation date, the worst-performing underlying is at or above 70% of its initial value; otherwise no coupon is paid.
At maturity, if not previously called and the worst-performing underlying is at or above its 70% final barrier, holders receive $1,000 per security (plus any due coupon). If it is below the barrier, principal is reduced 1-for-1 with the underlying loss, down to a possible zero recovery. Citigroup may redeem the notes early on specified dates at $1,000 plus any applicable coupon. The notes are unsecured obligations of Citigroup Global Markets Holdings Inc., fully and unconditionally guaranteed by Citigroup Inc., are not listed and may have little or no secondary market. The initial estimated value is $994.10 per $1,000, reflecting structuring and hedging costs.
CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering $2,940,000 of Autocallable Securities linked to the S&P 500 Index, each with a $1,000 stated principal amount and no interest payments. The notes may be automatically redeemed after any quarterly valuation date from August 17, 2027 onward if the S&P 500 closing level is at or above the initial underlying value of 7,785.76, paying $1,000 plus a fixed premium that steps up from 8.30% to 33.20% of principal.
If not called, at maturity on August 19, 2030 investors receive $1,000 plus the final premium if the index is at or above the final barrier value of 5,450.032 (70% of initial); otherwise, principal is exposed 1-for-1 to index losses from the initial level with no minimum repayment. The securities do not provide dividends or upside participation beyond the fixed premiums, are unsecured obligations subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., and may have limited or no secondary market liquidity. The estimated value on the pricing date is $991.30 per $1,000 note, reflecting structuring and hedging costs and the issuer’s internal funding rate.
CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering callable Contingent Coupon Equity Linked Securities maturing July 19, 2029, linked to the worst performer of the Nasdaq‑100 Index®, Russell 2000® Index and S&P 500® Index. Each security has a $1,000 stated principal amount and pays a contingent coupon of 0.9333% of principal per month (about 11.20% per annum) only if, on the relevant valuation date, the worst‑performing index is at or above its coupon barrier (70% of its initial level).
If not called early, at maturity investors receive $1,000 per security only if the worst‑performing index is at or above its final barrier (65% of its initial level); otherwise, repayment is reduced one‑for‑one with the index loss, down to zero. Citigroup may redeem the notes in whole on specified dates at $1,000 plus any due coupon. Initial index levels are 30,046.14 (Nasdaq‑100), 3,068.415 (Russell 2000) and 7,785.76 (S&P 500). The issue price is $1,000 per security, with total proceeds of $6,776,000; the bank’s estimated value is $986 per security, reflecting structuring and hedging costs. All payments are unsecured obligations of Citigroup Global Markets Holdings Inc., fully and unconditionally guaranteed by Citigroup Inc., and subject to their credit risk.
CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is issuing Autocallable Phoenix Securities linked to the S&P 500® Index, each with a $1,000 stated principal amount and $3,691,000 aggregate principal, maturing September 1, 2027, fully and unconditionally guaranteed by Citigroup Inc.
Investors may receive a 2.35% contingent coupon per period if the S&P 500 closing level on an interim or final valuation date is at or above the coupon barrier level of 7,007.184 (90% of the initial level 7,785.76). Missed coupons can be “made up” later if the index subsequently meets the barrier. If on any interim valuation date the index is at or above the initial level, the notes are automatically redeemed for $1,000 plus the applicable coupon, ending further payments.
If not redeemed early and the final index level is below the final barrier level of 7,007.184, principal is reduced using a formula with a 10% buffer and a buffer rate of approximately 111.111%, which can lead to substantial loss, up to total loss of principal. The issue price is $1,000 per note, with estimated value $991.70, and non‑U.S. holders may face 30% withholding on coupon payments.
CITIGROUP INC (C), via Citigroup Global Markets Holdings Inc., is offering $389,000 of Autocallable Contingent Coupon Equity Linked Securities linked to the worst performer of the Dow Jones Industrial Average, Nasdaq‑100 Index and Russell 2000 Index, maturing August 17, 2029.
The notes pay a contingent coupon of 0.8958% of $1,000 (about 10.75% per annum) only when, on each valuation date, the worst-performing index is at or above 70% of its initial level; otherwise no coupon is paid. From February 16, 2027, the notes are automatically called at $1,000 plus coupon if on a potential autocall date the worst-performing index is at or above its initial level.
If not called, principal is fully returned only if the worst-performing index on the final valuation date is at or above 70% of its initial level; otherwise repayment is reduced 1:1 with that index’s loss, potentially to zero. The notes are unsecured obligations of Citigroup Global Markets Holdings Inc., fully and unconditionally guaranteed by Citigroup Inc., with an estimated value of $983.80 per $1,000 at pricing and limited anticipated secondary liquidity through CGMI.
CITIGROUP INC (C), via Citigroup Global Markets Holdings Inc., is offering autocallable securities linked to the worst performer of the Dow Jones Industrial Average, the Nasdaq-100 Index® and the Russell 2000® Index, maturing August 19, 2030. Each security has a $1,000 principal amount and pays no interest.
The notes may be automatically redeemed on scheduled valuation dates starting August 17, 2027 if the closing value of the worst-performing index is at least its initial level, returning $1,000 plus a fixed premium that steps up from 14.30% to 57.20% by the final valuation date. If not redeemed early, maturity payment depends solely on the worst-performing index: full principal plus the final premium if it is at or above its initial level; principal only if it is below its initial level but at or above 70% of that level; and a 1‑for‑1 loss with no floor if it finishes below the 70% barrier.
Investors do not receive dividends or upside beyond the fixed premiums, face full downside to the worst index below the barrier, and are exposed to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. The total offering is $3,312,000, the issue price is $1,000 per note, and the initial estimated value is $976.60, reflecting structuring and distribution costs and the issuer’s internal funding rate. Liquidity is expected to be limited and largely dependent on Citigroup Global Markets Inc. making a market.
Citigroup Inc. (C), via Citigroup Global Markets Holdings Inc., is issuing unsecured, index-linked notes tied to the worst performer of the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index, maturing August 17, 2028. Each $1,000 security pays a contingent coupon of 0.8917% per month (about 10.70% per year) only if, on the relevant valuation date, the worst-performing index is at or above 70% of its initial level.
If the notes are not called and on the final valuation date the worst index is at or above 60% of its initial value, investors receive $1,000 back (plus any final coupon). If it finishes below 60%, principal is reduced one-for-one with the index loss, potentially to zero. Citigroup may redeem the notes early on specified dates at $1,000 plus any coupon. Investors have no upside participation in index gains, no dividends, face limited liquidity, and all payments depend on the credit of Citigroup Global Markets Holdings Inc. and Citigroup Inc. The issue price is $1,000 per note, with an estimated value of $989.50 and up to $7.00 per note in underwriting fees.
CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is issuing callable contingent coupon equity-linked securities tied to the worst performer of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index, maturing August 17, 2029.
The notes pay a contingent coupon of 0.7792% per month (about 9.35% per annum) only if on each valuation date the worst-performing index is at or above 70% of its initial level. Principal is at risk: if the worst-performing index finishes below 60% of its initial level at maturity, repayment is reduced one-for-one with the index decline, potentially to zero.
Citigroup may redeem the notes early on specified dates at $1,000 per note plus any due coupon. The issue price is $1,000 per note, with total offering size of $1,383,000; the estimated value is $988.40 per note, reflecting structuring, distribution and hedging costs. All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and the Citigroup Inc. guarantee.
Citigroup Inc. (C), via Citigroup Global Markets Holdings Inc., is issuing autocallable contingent coupon equity-linked securities maturing on August 19, 2031, in $1,000 denominations with a total issue size of $2,508,000, fully and unconditionally guaranteed by Citigroup Inc.
The notes are linked to the worst performing of the Nasdaq‑100 Index®, Russell 2000® Index and S&P 500® Index. A monthly contingent coupon of 0.6667% of principal (about 8.00% per annum) is paid only if, on the relevant valuation date, the worst-performing index is at or above its coupon barrier, set at 70% of its initial level.
Beginning February 16, 2027, the notes are automatically called if on a potential autocall date the worst-performing index is at or above its initial level, paying $1,000 plus that period’s coupon. If not called, at maturity investors receive $1,000 only if the worst-performing index is at or above its final barrier (also 70% of initial); otherwise, repayment is reduced one-for-one with the index loss, potentially to zero. Investors bear full downside of the worst index, receive no dividends, face limited liquidity, and are exposed to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. The estimated value on the pricing date is $962.60 per $1,000 note, below the issue price.
CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering unsecured, autocallable structured securities linked to the worst performer among the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index, maturing August 19, 2031. The notes pay no interest and principal is not protected.
The stated principal amount is $1,000 per security, with aggregate issue price of $1,662,000. Early redemption may occur annually if the worst-performing index on a valuation date is at or above its initial level, paying $1,000 plus a fixed premium that steps up from 9.05% in 2027 to 45.25% in 2031. If not called, maturity payment depends solely on the worst performer: full principal plus the final premium if it is at or above its initial value; principal only if it is between its initial value and its barrier; or a 1‑for‑1 loss with the index decline if it finishes below its barrier.
Each index has a final barrier value equal to 70% of its initial level. The estimated value on the pricing date is $940.50 per $1,000 security, below the issue price, reflecting selling, structuring and hedging costs and the issuer’s internal funding rate. Payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. and the notes are expected to be illiquid.
CITIGROUP INC (C), via Citigroup Global Markets Holdings Inc., is issuing autocallable contingent coupon equity-linked securities tied to the worst performer of the Nasdaq‑100 Index, Russell 2000 Index and S&P 500 Index, maturing on August 17, 2028. Each security has a $1,000 stated principal amount, pays a conditional coupon of 0.75% per month (9.00% per annum) when the worst-performing index on a valuation date is at or above 60% of its initial value, and may be automatically called on specified dates if the worst-performing index is at or above its initial level.
If not called, principal repayment depends solely on the worst-performing index at maturity: full principal is repaid only if it is at or above 60% of its initial value; otherwise repayment is reduced one-for-one with its decline, potentially to $0, with no coupon at maturity. The issue price is $1,000 per security, with a per-security underwriting fee of $4, estimated value of $989.20, and total offering size of $3,479,000. Investors face equity market risk on all three indices, credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., limited liquidity, and tax and withholding uncertainty.
CITIGROUP INC (C), via Citigroup Global Markets Holdings Inc., is offering unsecured, index-linked notes tied to the worst performer of the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index, maturing August 17, 2029 and fully guaranteed by Citigroup Inc.
The notes pay a contingent coupon of 0.9667% per month (about 11.60% per annum) only if, on each valuation date, the worst-performing index is at or above 70% of its initial level; otherwise no coupon is paid. At maturity, if not previously called and the worst-performing index is at or above 70% of its initial level, investors receive $1,000 per note plus any final coupon; if it is below 70%, repayment is reduced one-for-one with the index decline, potentially to $0.
Citigroup may redeem the notes early on specified dates at $1,000 plus any due coupon. The initial index levels are 30,046.14 (Nasdaq-100), 3,068.415 (Russell 2000) and 7,785.76 (S&P 500). The issue price is $1,000, with an estimated value of $985.50. Investors face Citigroup Global Markets Holdings Inc. and Citigroup Inc. credit risk, limited liquidity, complex payoff linked only to the worst index, and uncertain U.S. tax treatment.
Citigroup Inc. (C), via Citigroup Global Markets Holdings Inc., is offering $3,082,000 of Autocallable Contingent Coupon Equity Linked Securities linked to the worst performing of the Nasdaq-100 Index and the Russell 2000 Index, due August 17, 2029.
The notes pay a quarterly contingent coupon of 2.4375% of principal (annualized 9.75%) only if, on each valuation date, the worst performing index is at or above its coupon barrier, set at 70% of its initial level. If on any potential autocall date the worst performer is at or above its initial level, the notes are automatically redeemed at $1,000 plus that coupon.
If not called and the worst performer on the final valuation date is below its 70% final barrier, principal is reduced 1-for-1 with the index loss, potentially to $0. The notes are unsecured obligations of Citigroup Global Markets Holdings Inc., fully and unconditionally guaranteed by Citigroup Inc., with limited secondary market liquidity and an estimated value of $975.60 per $1,000 note, below the issue price.
CITIGROUP INC (C), via Citigroup Global Markets Holdings Inc., is issuing unsecured barrier securities linked to the S&P 500 Futures Excess Return Index, maturing on August 19, 2031. Each security has a $1,000 stated principal amount and pays no interest or dividends.
At maturity, if the index is above its initial level of 621.16, holders receive $1,000 plus 228% of the index’s positive return. If the index is at or below the initial level but at or above the final barrier of (70% of the initial level), investors receive only the $1,000 principal. If the index closes below the barrier, repayment is reduced 1-for-1 with the index loss, with the potential to lose the entire investment.
The issue size is $2,186,000, and Citigroup estimates the value at pricing at $981.30 per security, below the issue price, reflecting structuring, hedging costs and internal funding. The notes are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., may have limited or no secondary market, and involve complex U.S. tax and derivatives exposures, including investment in a futures-based index expected to underperform the total return of the S&P 500 Index.
CITIGROUP INC (C), via Citigroup Global Markets Holdings Inc., is issuing autocallable contingent coupon equity-linked securities tied to the worst performer of the Nasdaq-100 Index and the VanEck Gold Miners ETF, maturing August 17, 2029. Each security has a $1,000 principal amount and pays a monthly contingent coupon of 1.0458% (about 12.55% per annum) only when the worst-performing underlying is at or above its coupon barrier of 70% of its initial value on the relevant valuation date.
If not called early and the worst-performing underlying finishes at or above its final barrier of 60%, holders receive $1,000 per security (plus any final coupon). If it finishes below the final barrier, repayment is reduced one-for-one with the underlying loss, down to zero. The notes can be automatically redeemed from February 16, 2027 onward if the worst-performing underlying is at or above its initial value, paying $1,000 plus the coupon. The total offering size is $1,354,000, with an underwriting fee of up to $29.50 per security and estimated value of $941.90, and all payments depend on the credit of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is issuing unsecured, autocallable contingent coupon equity-linked securities due July 19, 2028, fully and unconditionally guaranteed by Citigroup Inc. The notes reference the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices.
Investors may receive a 0.7625% contingent coupon each valuation period (annualized 9.15%) only if the worst-performing index is at or above its coupon barrier (75% of its initial level. The notes can be automatically called from February 16, 2027 onward if the worst-performing index is at or above its initial level, paying $1,000 plus the coupon.
If not called and the worst-performing index finishes below its final barrier (70% of its initial level), principal is reduced 1-for-1 with the index decline, potentially to zero, and no final coupon is paid. The issue price is $1,000 per note, with an estimated value of $971, limited secondary market liquidity, and all payments subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering $3,577,000 of autocallable barrier securities linked to the worst performer of the Dow Jones Industrial Average and the S&P 500 Index, maturing August 17, 2029, with a stated principal amount of $1,000 per security.
The notes pay no interest and may be automatically redeemed on August 17, 2027 at 114% of principal if both indices are at or above their initial levels, otherwise they continue to maturity. At maturity, investors participate at a 150% upside rate on the worst index if it finishes above its initial level, receive par if the worst index is between 70% and 100% of its initial level, and incur 1‑for‑1 losses below the 70% barrier, potentially losing their entire investment. The product is unsecured, subject to Citigroup Global Markets Holdings Inc. and Citigroup Inc. credit risk, offers limited liquidity, has an initial estimated value of $994.30 per note below issue price, and carries complex market, correlation and U.S. tax risks.
CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering callable contingent coupon equity-linked securities due February 17, 2028, linked to the worst performer of the Nasdaq‑100 Index, the Russell 2000 Index and the S&P 500 Index. The notes are unsecured and fully and unconditionally guaranteed by Citigroup Inc.
The securities pay a 0.7667% contingent coupon per month (about 9.20% per annum) only if, on each valuation date, the worst performing index is at or above its coupon barrier, set at 70% of its initial value (the same level as the final barrier). If this condition is not met, no coupon is paid for that period.
At maturity, if not previously called and the worst performing index is at or above its final barrier, investors receive the $1,000 principal per note plus any final coupon; otherwise, the payoff is $1,000 plus the index return of the worst performer, exposing investors to losses up to 100% of principal. Citigroup may redeem the notes early on specified dates at $1,000 plus any due coupon. The estimated value on the pricing date is $973.70 per security versus a $1,000 issue price, and secondary market liquidity may be limited. All payments depend on the credit of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
CITIGROUP INC (C), via Citigroup Global Markets Holdings Inc., is offering autocallable contingent coupon equity-linked securities tied to NVIDIA Corporation stock, maturing August 17, 2029. Each $1,000 security pays a contingent coupon of 2.50% per quarter (a 10.00% annual rate) only if NVIDIA’s closing price on the relevant valuation date is at or above the coupon barrier of $112.58, which is 50% of the $225.16 initial level. Missed coupons can be paid later if the barrier is again met, but may be lost entirely.
The notes can be automatically called on specified dates if NVIDIA’s price is at least the initial level, in which case investors receive $1,000 plus applicable coupons, ending further payments. If not called and NVIDIA’s final price is below the final barrier of $112.58, repayment of principal is reduced one-for-one with the stock’s decline and can fall to zero, with no final coupon. Investors also face Citigroup Global Markets Holdings Inc. and Citigroup Inc. credit risk, limited liquidity, complex U.S. tax treatment (including potential 30% withholding for non-U.S. holders), and an initial estimated value of $972.30 per security that is below the $1,000 issue price.
Citigroup Inc. (C), through Citigroup Global Markets Holdings Inc., is offering autocallable contingent coupon equity-linked securities tied to the worst performer of the Dow Jones Industrial Average and the S&P 500® Index, maturing August 17, 2029. Each security has a $1,000 principal amount and may be called early if, on specified potential autocall dates, the worst-performing index is at or above its initial value, paying $1,000 plus a coupon.
The notes pay a 2.40% quarterly contingent coupon (9.60% per annum) only if, on the prior valuation date, the worst-performing index is at or above its coupon barrier, set at 70% of its initial value; otherwise no coupon is paid. If the notes are not called and, on the final valuation date, the worst-performing index is below its final barrier (also 70% of initial), principal is reduced 1-for-1 with the index loss, down to zero. Investors have no upside participation or dividends on the indices, face limited liquidity, full credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc., an initial estimated value of $995.40 per $1,000, and uncertain U.S. tax treatment, including potential 30% withholding on coupons for non‑U.S. holders.
CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering unsecured, index-linked autocallable contingent coupon securities maturing August 17, 2029, tied to the worst performer of the Nasdaq‑100, Russell 2000 and S&P 500. Investors receive a contingent coupon of 0.9167% per month (about 11.00% per annum) only if, on each valuation date, the worst-performing index is at or above its 70% coupon barrier level.
The notes can be automatically called on specified dates starting February 16, 2027 if the worst-performing index is at or above its initial level, returning $1,000 principal plus that period’s coupon, but ending future coupons. If not called and, at final valuation, the worst index is below its 70% final barrier, principal is reduced one-for-one with the index loss, potentially to $0. The issue price is $1,000 per note, total offering size $1,346,000, with an estimated value of $986.60 per note, reflecting structuring and hedging costs. All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and the Citigroup Inc. guarantee.
CITIGROUP INC (C), through Citigroup Global Markets Holdings Inc., is offering autocallable, equity-linked notes due August 19, 2031, each with a $1,000 stated principal amount, for total proceeds of $546,000 at issuance. The notes are linked to the worst performing of the Dow Jones Industrial Average, the Russell 2000 Index and the S&P 500 Index, with initial index levels of 53,732.41, 3,068.415 and 7,785.76, and 70% downside barriers.
The notes pay no interest and may be automatically redeemed on scheduled valuation dates if the worst-performing index is at or above its initial level, in which case investors receive $1,000 plus a fixed premium that steps up from 9.35% after one year to 46.75% at final maturity. If held to maturity and no autocall occurs, investors receive $1,000 plus the final premium if the worst index is at or above its initial level, $1,000 if it is between 70% and 100% of its initial level, and a 1-for-1 loss with the index decline if it finishes below the 70% barrier, potentially losing their entire investment. The securities are unsecured obligations subject to the credit risk of Citigroup Global Markets Holdings Inc. and the Citigroup Inc. guarantee and may have limited or no secondary market liquidity.
CITIGROUP INC (C), via Citigroup Global Markets Holdings Inc., is offering unsecured autocallable securities linked to the worst performer of the Dow Jones Industrial Average, the Russell 2000 Index and the S&P 500 Index, each with a $1,000 stated principal amount and maturity on August 19, 2031.
The notes may be automatically redeemed on scheduled valuation dates from August 2027 to August 2031 if the worst-performing index is at or above 95% of its initial level, paying back $1,000 plus a fixed premium that steps from 10.35% to 51.75%. If not called, at maturity investors receive (i) $1,000 plus the final premium if the worst index is at or above its 95% autocall barrier, (ii) $1,000 if it is below 95% but at or above 75% of its initial level, or (iii) $1,000 plus the index return, giving 1-for-1 downside below the 75% final barrier down to zero. The securities pay no interest, offer no participation in index upside beyond the fixed premiums, and are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. The issue price is $1,000 per note, while the estimated value on the pricing date is $971.30, reflecting selling, structuring and hedging costs.