[424B2] Citigroup Inc. Prospectus Supplement
Royal Bank of Canada (RY) has filed a 424B2 pricing supplement for a small $555,000 issuance of Capped Enhanced Return Buffer Notes linked to the EURO STOXX 50 Index, maturing 6 July 2027. The notes offer 300% participation in positive index performance, but gains are capped at 24%, limiting the maximum redemption to $1,240 per $1,000 face value. The structure includes a 15% downside buffer; investors receive full principal if the index is down ≤15%, but lose 1% of principal for every 1% decline beyond that threshold.
The notes pay no periodic interest and are senior unsecured obligations of RBC, exposing holders to the bank’s credit risk. They will not be listed on any exchange and secondary liquidity, if any, will be provided solely by RBC Capital Markets at its discretion. The initial estimated value is $980.29 per $1,000—2.0% below the public offering price—reflecting dealer compensation, hedge costs and RBC’s lower internal funding rate.
Key risk disclosures highlight potential loss of principal, limited upside compared with direct equity exposure, valuation and liquidity constraints, and uncertain U.S. tax treatment. The product suits investors seeking amplified, yet capped, exposure to Eurozone equities with partial downside protection, and who can hold to maturity and tolerate issuer credit and market risks.
Royal Bank of Canada (RY) ha presentato un supplemento di prezzo 424B2 per un'emissione limitata di 555.000 dollari di Capped Enhanced Return Buffer Notes legate all'indice EURO STOXX 50, con scadenza il 6 luglio 2027. Le note offrono una partecipazione del 300% all'andamento positivo dell'indice, ma i guadagni sono limitati al 24%, con un rimborso massimo di 1.240 dollari per ogni 1.000 dollari di valore nominale. La struttura prevede un buffer di ribasso del 15%: gli investitori ricevono il capitale pieno se l'indice scende fino al 15%, mentre perdono l'1% di capitale per ogni 1% di calo oltre questa soglia.
Le note non pagano interessi periodici e sono obbligazioni senior non garantite di RBC, esponendo i detentori al rischio di credito della banca. Non saranno quotate in alcuna borsa e la liquidità secondaria, se presente, sarà fornita esclusivamente da RBC Capital Markets a sua discrezione. Il valore stimato iniziale è di 980,29 dollari per 1.000 dollari, cioè il 2,0% sotto il prezzo di offerta pubblica, riflettendo la compensazione del dealer, i costi di copertura e il tasso di finanziamento interno inferiore di RBC.
Le principali avvertenze sui rischi evidenziano la possibile perdita del capitale, il rendimento limitato rispetto all'esposizione diretta alle azioni, vincoli di valutazione e liquidità, e un trattamento fiscale statunitense incerto. Il prodotto è adatto a investitori che cercano un'esposizione amplificata ma limitata alle azioni dell'Eurozona con protezione parziale dal ribasso, disposti a mantenere l'investimento fino alla scadenza e a sopportare i rischi di credito dell'emittente e di mercato.
Royal Bank of Canada (RY) ha presentado un suplemento de precio 424B2 para una pequeña emisión de 555.000 dólares de Capped Enhanced Return Buffer Notes vinculadas al índice EURO STOXX 50, con vencimiento el 6 julio 2027. Las notas ofrecen una participación del 300% en el rendimiento positivo del índice, pero las ganancias están limitadas al 24%, con un reembolso máximo de 1.240 dólares por cada 1.000 dólares de valor nominal. La estructura incluye un buffer de protección a la baja del 15%; los inversores reciben el capital completo si el índice baja hasta un 15%, pero pierden el 1% del capital por cada 1% de descenso más allá de ese umbral.
Las notas no pagan intereses periódicos y son obligaciones senior no garantizadas de RBC, exponiendo a los tenedores al riesgo crediticio del banco. No estarán listadas en ninguna bolsa y la liquidez secundaria, si existe, será proporcionada únicamente por RBC Capital Markets a su discreción. El valor estimado inicial es de 980,29 dólares por 1.000 dólares, un 2,0% por debajo del precio de oferta pública, reflejando la compensación del distribuidor, los costos de cobertura y la tasa de financiamiento interna más baja de RBC.
Las principales advertencias de riesgo destacan la posible pérdida de capital, el rendimiento limitado en comparación con la exposición directa a acciones, restricciones de valoración y liquidez, y un tratamiento fiscal estadounidense incierto. El producto es adecuado para inversores que buscan una exposición amplificada pero limitada a las acciones de la Eurozona con protección parcial a la baja, dispuestos a mantener hasta el vencimiento y tolerar los riesgos crediticios del emisor y de mercado.
Royal Bank of Canada (RY)는 2027년 7월 6일 만기인 EURO STOXX 50 지수에 연동된 555,000달러 규모의 Capped Enhanced Return Buffer Notes에 대해 424B2 가격 보충서를 제출했습니다. 이 노트는 지수 상승 시 300% 참여율을 제공하지만, 수익은 24%로 제한되어 1,000달러 액면가당 최대 상환액은 1,240달러입니다. 구조에는 15% 하락 방어선이 포함되어 있어 지수가 15% 이하로 하락하면 원금 전액을 지급하지만, 그 이상 하락 시 1% 하락마다 원금 1%를 손실합니다.
이 노트는 정기 이자 지급이 없으며 RBC의 선순위 무담보 채무로, 투자자는 은행의 신용위험에 노출됩니다. 거래소에 상장되지 않으며, 2차 유동성은 RBC Capital Markets가 재량에 따라 제공할 수 있습니다. 초기 예상 가치는 1,000달러당 980.29달러로, 공모가보다 2.0% 낮으며, 딜러 보상, 헤지 비용 및 RBC의 낮은 내부 자금 조달 비용을 반영합니다.
주요 위험 고지는 원금 손실 가능성, 직접 주식 투자 대비 제한된 상승 잠재력, 평가 및 유동성 제약, 불확실한 미국 세금 처리 등을 강조합니다. 이 상품은 유로존 주식에 대해 증폭되었으나 제한된 노출과 부분적인 하락 보호를 원하는 투자자, 만기까지 보유 가능하며 발행자 신용 및 시장 위험을 감수할 수 있는 투자자에게 적합합니다.
Royal Bank of Canada (RY) a déposé un supplément de prix 424B2 pour une émission modeste de 555 000 dollars de Capped Enhanced Return Buffer Notes liées à l'indice EURO STOXX 50, arrivant à échéance le 6 juillet 2027. Ces notes offrent une participation de 300% à la performance positive de l'indice, mais les gains sont plafonnés à 24%, limitant le remboursement maximal à 1 240 dollars pour 1 000 dollars de valeur nominale. La structure comprend un buffer de protection à la baisse de 15% ; les investisseurs récupèrent la totalité du capital si l'indice baisse ≤15%, mais perdent 1% du capital pour chaque baisse supplémentaire de 1% au-delà de ce seuil.
Les notes ne versent aucun intérêt périodique et constituent des obligations senior non garanties de RBC, exposant les détenteurs au risque de crédit de la banque. Elles ne seront cotées sur aucune bourse et la liquidité secondaire, si elle existe, sera fournie uniquement à la discrétion de RBC Capital Markets. La valeur estimée initiale est de 980,29 dollars pour 1 000 dollars, soit 2,0% en dessous du prix d'offre publique, reflétant la rémunération des intermédiaires, les coûts de couverture et le taux de financement interne plus bas de RBC.
Les principales mises en garde sur les risques soulignent la perte potentielle de capital, le potentiel limité à la hausse par rapport à une exposition directe aux actions, les contraintes de valorisation et de liquidité, ainsi qu'un traitement fiscal américain incertain. Ce produit convient aux investisseurs recherchant une exposition amplifiée mais plafonnée aux actions de la zone euro avec une protection partielle à la baisse, capables de conserver jusqu'à l'échéance et de tolérer les risques de crédit de l'émetteur et de marché.
Royal Bank of Canada (RY) hat ein 424B2-Preiszusatzblatt für eine kleine Emission von 555.000 US-Dollar Capped Enhanced Return Buffer Notes eingereicht, die an den EURO STOXX 50 Index gekoppelt sind und am 6. Juli 2027 fällig werden. Die Notes bieten eine 300%ige Teilnahme an positiven Indexentwicklungen, jedoch sind die Gewinne auf 24% begrenzt, wodurch die maximale Rückzahlung 1.240 US-Dollar pro 1.000 US-Dollar Nennwert beträgt. Die Struktur beinhaltet einen 15%igen Abwärtspuffer; Anleger erhalten den vollen Kapitalbetrag, wenn der Index um ≤15% fällt, verlieren jedoch 1% des Kapitals für jeden weiteren 1%igen Rückgang darüber hinaus.
Die Notes zahlen keine periodischen Zinsen und sind unbesicherte Seniorverbindlichkeiten von RBC, wodurch die Inhaber dem Kreditrisiko der Bank ausgesetzt sind. Sie werden an keiner Börse notiert und die Sekundärliquidität, falls vorhanden, wird ausschließlich nach Ermessen von RBC Capital Markets bereitgestellt. Der anfängliche Schätzwert liegt bei 980,29 US-Dollar pro 1.000 US-Dollar – 2,0% unter dem öffentlichen Angebotspreis – und spiegelt Händlervergütungen, Absicherungskosten und den niedrigeren internen Finanzierungssatz von RBC wider.
Wichtige Risikohinweise heben den möglichen Kapitalverlust, die begrenzte Aufwärtschance im Vergleich zu direkter Aktienexponierung, Bewertungs- und Liquiditätsbeschränkungen sowie unklare US-Steuerbehandlung hervor. Das Produkt eignet sich für Anleger, die eine verstärkte, jedoch begrenzte Beteiligung an Eurozonen-Aktien mit teilweisem Abwärtsschutz suchen und bereit sind, bis zur Fälligkeit zu halten sowie Emittenten-Kredit- und Marktrisiken zu tolerieren.
- 300% participation rate amplifies modest index gains, enhancing potential returns versus direct equity exposure.
- 15% downside buffer provides limited principal protection against moderate market declines.
- Backed by Royal Bank of Canada, a highly rated global financial institution, reducing default probability compared with lower-grade issuers.
- Maximum return capped at 24%, restricting upside even if the EURO STOXX 50 posts outsized gains.
- No periodic interest payments; investor compensation is entirely deferred and contingent on final index level.
- Principal at risk beyond 15% buffer; a severe market drop can erode a substantial portion of capital.
- Unlisted, illiquid security with potential wide bid–ask spreads and reliance on RBC for secondary markets.
- Initial estimated value of 98.029% is below issue price, creating immediate economic drag for investors.
Insights
TL;DR: Hybrid note gives 300% upside to 24% cap, 15% buffer, no coupons; risk–reward profile is niche, overall neutral.
Product economics: 300% participation sounds attractive, but the 24% cap equates to only an 8% underlying gain after multiplying, truncating performance if SX5E rallies strongly. With a 2-year tenor, that cap may be reached in modest bull scenarios, so upside asymmetry is limited.
Downside mechanics: The 15% buffer shields mild corrections but beyond that losses are linear. A 30% index decline results in a 15% note loss, and a 50% decline wipes out 35% of principal—a non-trivial tail risk.
Relative value: Initial estimated value at 98.029% of par implies roughly 200 bps of embedded costs versus face, in line with similar retail-oriented structured notes.
Liquidity & execution: Unlisted status and $555k size mean exit pricing will depend on RBCCM’s trading desk; bid–ask spreads can be wide.
Investor fit: Suitable for yield-substitute seekers willing to trade higher capped upside for credit and liquidity risk. Not compelling for institutional portfolios; largely a retail targeted offering.
TL;DR: RBC senior unsecured credit is strong, but note holders face full issuer default risk and no CDIC/FDIC insurance.
Royal Bank of Canada remains AA-rated by major agencies; default probability to 2027 is low. Nevertheless, the note is pari-passu with other senior debt and offers no bail-in conversion protection. Should RBC’s credit spreads widen, secondary values could compress materially. Investors must also consider the 2-year window during which macro shocks or Eurozone stress could hit both SX5E and bank spreads simultaneously, compounding losses.
Royal Bank of Canada (RY) ha presentato un supplemento di prezzo 424B2 per un'emissione limitata di 555.000 dollari di Capped Enhanced Return Buffer Notes legate all'indice EURO STOXX 50, con scadenza il 6 luglio 2027. Le note offrono una partecipazione del 300% all'andamento positivo dell'indice, ma i guadagni sono limitati al 24%, con un rimborso massimo di 1.240 dollari per ogni 1.000 dollari di valore nominale. La struttura prevede un buffer di ribasso del 15%: gli investitori ricevono il capitale pieno se l'indice scende fino al 15%, mentre perdono l'1% di capitale per ogni 1% di calo oltre questa soglia.
Le note non pagano interessi periodici e sono obbligazioni senior non garantite di RBC, esponendo i detentori al rischio di credito della banca. Non saranno quotate in alcuna borsa e la liquidità secondaria, se presente, sarà fornita esclusivamente da RBC Capital Markets a sua discrezione. Il valore stimato iniziale è di 980,29 dollari per 1.000 dollari, cioè il 2,0% sotto il prezzo di offerta pubblica, riflettendo la compensazione del dealer, i costi di copertura e il tasso di finanziamento interno inferiore di RBC.
Le principali avvertenze sui rischi evidenziano la possibile perdita del capitale, il rendimento limitato rispetto all'esposizione diretta alle azioni, vincoli di valutazione e liquidità, e un trattamento fiscale statunitense incerto. Il prodotto è adatto a investitori che cercano un'esposizione amplificata ma limitata alle azioni dell'Eurozona con protezione parziale dal ribasso, disposti a mantenere l'investimento fino alla scadenza e a sopportare i rischi di credito dell'emittente e di mercato.
Royal Bank of Canada (RY) ha presentado un suplemento de precio 424B2 para una pequeña emisión de 555.000 dólares de Capped Enhanced Return Buffer Notes vinculadas al índice EURO STOXX 50, con vencimiento el 6 julio 2027. Las notas ofrecen una participación del 300% en el rendimiento positivo del índice, pero las ganancias están limitadas al 24%, con un reembolso máximo de 1.240 dólares por cada 1.000 dólares de valor nominal. La estructura incluye un buffer de protección a la baja del 15%; los inversores reciben el capital completo si el índice baja hasta un 15%, pero pierden el 1% del capital por cada 1% de descenso más allá de ese umbral.
Las notas no pagan intereses periódicos y son obligaciones senior no garantizadas de RBC, exponiendo a los tenedores al riesgo crediticio del banco. No estarán listadas en ninguna bolsa y la liquidez secundaria, si existe, será proporcionada únicamente por RBC Capital Markets a su discreción. El valor estimado inicial es de 980,29 dólares por 1.000 dólares, un 2,0% por debajo del precio de oferta pública, reflejando la compensación del distribuidor, los costos de cobertura y la tasa de financiamiento interna más baja de RBC.
Las principales advertencias de riesgo destacan la posible pérdida de capital, el rendimiento limitado en comparación con la exposición directa a acciones, restricciones de valoración y liquidez, y un tratamiento fiscal estadounidense incierto. El producto es adecuado para inversores que buscan una exposición amplificada pero limitada a las acciones de la Eurozona con protección parcial a la baja, dispuestos a mantener hasta el vencimiento y tolerar los riesgos crediticios del emisor y de mercado.
Royal Bank of Canada (RY)는 2027년 7월 6일 만기인 EURO STOXX 50 지수에 연동된 555,000달러 규모의 Capped Enhanced Return Buffer Notes에 대해 424B2 가격 보충서를 제출했습니다. 이 노트는 지수 상승 시 300% 참여율을 제공하지만, 수익은 24%로 제한되어 1,000달러 액면가당 최대 상환액은 1,240달러입니다. 구조에는 15% 하락 방어선이 포함되어 있어 지수가 15% 이하로 하락하면 원금 전액을 지급하지만, 그 이상 하락 시 1% 하락마다 원금 1%를 손실합니다.
이 노트는 정기 이자 지급이 없으며 RBC의 선순위 무담보 채무로, 투자자는 은행의 신용위험에 노출됩니다. 거래소에 상장되지 않으며, 2차 유동성은 RBC Capital Markets가 재량에 따라 제공할 수 있습니다. 초기 예상 가치는 1,000달러당 980.29달러로, 공모가보다 2.0% 낮으며, 딜러 보상, 헤지 비용 및 RBC의 낮은 내부 자금 조달 비용을 반영합니다.
주요 위험 고지는 원금 손실 가능성, 직접 주식 투자 대비 제한된 상승 잠재력, 평가 및 유동성 제약, 불확실한 미국 세금 처리 등을 강조합니다. 이 상품은 유로존 주식에 대해 증폭되었으나 제한된 노출과 부분적인 하락 보호를 원하는 투자자, 만기까지 보유 가능하며 발행자 신용 및 시장 위험을 감수할 수 있는 투자자에게 적합합니다.
Royal Bank of Canada (RY) a déposé un supplément de prix 424B2 pour une émission modeste de 555 000 dollars de Capped Enhanced Return Buffer Notes liées à l'indice EURO STOXX 50, arrivant à échéance le 6 juillet 2027. Ces notes offrent une participation de 300% à la performance positive de l'indice, mais les gains sont plafonnés à 24%, limitant le remboursement maximal à 1 240 dollars pour 1 000 dollars de valeur nominale. La structure comprend un buffer de protection à la baisse de 15% ; les investisseurs récupèrent la totalité du capital si l'indice baisse ≤15%, mais perdent 1% du capital pour chaque baisse supplémentaire de 1% au-delà de ce seuil.
Les notes ne versent aucun intérêt périodique et constituent des obligations senior non garanties de RBC, exposant les détenteurs au risque de crédit de la banque. Elles ne seront cotées sur aucune bourse et la liquidité secondaire, si elle existe, sera fournie uniquement à la discrétion de RBC Capital Markets. La valeur estimée initiale est de 980,29 dollars pour 1 000 dollars, soit 2,0% en dessous du prix d'offre publique, reflétant la rémunération des intermédiaires, les coûts de couverture et le taux de financement interne plus bas de RBC.
Les principales mises en garde sur les risques soulignent la perte potentielle de capital, le potentiel limité à la hausse par rapport à une exposition directe aux actions, les contraintes de valorisation et de liquidité, ainsi qu'un traitement fiscal américain incertain. Ce produit convient aux investisseurs recherchant une exposition amplifiée mais plafonnée aux actions de la zone euro avec une protection partielle à la baisse, capables de conserver jusqu'à l'échéance et de tolérer les risques de crédit de l'émetteur et de marché.
Royal Bank of Canada (RY) hat ein 424B2-Preiszusatzblatt für eine kleine Emission von 555.000 US-Dollar Capped Enhanced Return Buffer Notes eingereicht, die an den EURO STOXX 50 Index gekoppelt sind und am 6. Juli 2027 fällig werden. Die Notes bieten eine 300%ige Teilnahme an positiven Indexentwicklungen, jedoch sind die Gewinne auf 24% begrenzt, wodurch die maximale Rückzahlung 1.240 US-Dollar pro 1.000 US-Dollar Nennwert beträgt. Die Struktur beinhaltet einen 15%igen Abwärtspuffer; Anleger erhalten den vollen Kapitalbetrag, wenn der Index um ≤15% fällt, verlieren jedoch 1% des Kapitals für jeden weiteren 1%igen Rückgang darüber hinaus.
Die Notes zahlen keine periodischen Zinsen und sind unbesicherte Seniorverbindlichkeiten von RBC, wodurch die Inhaber dem Kreditrisiko der Bank ausgesetzt sind. Sie werden an keiner Börse notiert und die Sekundärliquidität, falls vorhanden, wird ausschließlich nach Ermessen von RBC Capital Markets bereitgestellt. Der anfängliche Schätzwert liegt bei 980,29 US-Dollar pro 1.000 US-Dollar – 2,0% unter dem öffentlichen Angebotspreis – und spiegelt Händlervergütungen, Absicherungskosten und den niedrigeren internen Finanzierungssatz von RBC wider.
Wichtige Risikohinweise heben den möglichen Kapitalverlust, die begrenzte Aufwärtschance im Vergleich zu direkter Aktienexponierung, Bewertungs- und Liquiditätsbeschränkungen sowie unklare US-Steuerbehandlung hervor. Das Produkt eignet sich für Anleger, die eine verstärkte, jedoch begrenzte Beteiligung an Eurozonen-Aktien mit teilweisem Abwärtsschutz suchen und bereit sind, bis zur Fälligkeit zu halten sowie Emittenten-Kredit- und Marktrisiken zu tolerieren.
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The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is not permitted. SUBJECT TO COMPLETION, DATED JULY 2, 2025 |
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Citigroup Global Markets Holdings Inc. |
July , 2025 Medium-Term Senior Notes, Series N Pricing Supplement No. 2025-USNCH27465 Filed Pursuant to Rule 424(b)(2) Registration Statement Nos. 333-270327 and 333-270327-01 |
Autocallable Securities Linked to the Worst Performing of the EURO STOXX 50® Index and the Russell 2000® Index Due July 15, 2030
▪The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup Inc. Unlike conventional debt securities, the securities do not pay interest, do not guarantee the repayment of principal at maturity and are subject to potential automatic early redemption on a periodic basis on the terms described below. Your return on the securities will depend solely on the performance of the worst performing of the underlyings specified below.
▪The securities offer the potential for automatic early redemption at a premium following the first valuation date (other than the final valuation date) on which the closing value of the worst performing underlying on that valuation date is greater than or equal to its initial underlying value. If the securities are not automatically redeemed prior to maturity, the securities will provide for (i) repayment of the stated principal amount plus a premium at maturity if the final underlying value of the worst performing underlying on the final valuation date is greater than or equal to its initial underlying value or (ii) repayment of the stated principal amount at maturity, with no premium, if the final underlying value of the worst performing underlying on the final valuation date is less than its initial underlying value but greater than or equal to its final barrier value specified below. However, if the securities are not automatically redeemed prior to maturity and the final underlying value of the worst performing underlying on the final valuation date is less than its final barrier value, you will lose 1% of the stated principal amount of your securities for every 1% by which its final underlying value is less than its initial underlying value.
▪You will be subject to risks associated with each of the underlyings and will be negatively affected by adverse movements in any one of the underlyings. Although you will have downside exposure to the worst performing underlying on the final valuation date, you will not receive dividends with respect to any underlying or participate in any appreciation of any underlying.
▪Investors in the securities must be willing to accept (i) an investment that may have limited or no liquidity and (ii) the risk of not receiving any payments due under the securities if we and Citigroup Inc. default on our obligations. All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
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KEY TERMS |
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Issuer: |
Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc. |
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Guarantee: |
All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc. |
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Underlyings: |
Underlying Initial underlying value* Final barrier value** EURO STOXX 50® Index
Russell 2000® Index
*For each underlying, its closing value on the pricing date **For each underlying, 75.00% of its initial underlying value |
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Stated principal amount: |
$1,000 per security |
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Pricing date: |
July 10, 2025 |
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Issue date: |
July 15, 2025 |
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Valuation dates: |
November 10, 2025, December 10, 2025, January 12, 2026, February 10, 2026, March 10, 2026, April 10, 2026, May 11, 2026, June 10, 2026, July 10, 2026, August 10, 2026, September 10, 2026, October 12, 2026, November 10, 2026, December 10, 2026, January 11, 2027, February 10, 2027, March 10, 2027, April 12, 2027, May 10, 2027, June 10, 2027, July 12, 2027, August 10, 2027, September 10, 2027, October 11, 2027, November 10, 2027, December 10, 2027, January 10, 2028, February 10, 2028, March 10, 2028, April 10, 2028, May 10, 2028, June 12, 2028, July 10, 2028, August 10, 2028, September 11, 2028, October 10, 2028, November 10, 2028, December 11, 2028, January 10, 2029, February 12, 2029, March 12, 2029, April 10, 2029, May 10, 2029, June 11, 2029, July 10, 2029, August 10, 2029, September 10, 2029, October 10, 2029, November 12, 2029, December 10, 2029, January 10, 2030, February 11, 2030, March 11, 2030, April 10, 2030, May 10, 2030, June 10, 2030 and July 10, 2030 (the “final valuation date”), each subject to postponement if such date is not a scheduled trading day or certain market disruption events occur |
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Maturity date: |
Unless earlier redeemed, July 15, 2030 |
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Automatic early redemption: |
If, on any valuation date prior to the final valuation date, the closing value of the worst performing underlying on that valuation date is greater than or equal to its initial underlying value, the securities will be automatically redeemed on the fifth business day immediately following that valuation date for an amount in cash per security equal to $1,000 plus the premium applicable to that valuation date. If the securities are automatically redeemed following any valuation date prior to the final valuation date, they will cease to be outstanding and you will not receive the premium applicable to any later valuation date. |
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Payment at maturity: |
If the securities are not automatically redeemed prior to maturity, you will receive at maturity for each security you then hold: ■If the final underlying value of the worst performing underlying on the final valuation date is greater than or equal to its initial underlying value: $1,000 + the premium applicable to the final valuation date ■If the final underlying value of the worst performing underlying on the final valuation date is less than its initial underlying value but greater than or equal to its final barrier value: $1,000 ■If the final underlying value of the worst performing underlying on the final valuation date is less than its final barrier value: $1,000 + ($1,000 × the underlying return of the worst performing underlying on the final valuation date) If the securities are not automatically redeemed prior to maturity and the final underlying value of the worst performing underlying on the final valuation date is less than its final barrier value, you will receive significantly less than the stated principal amount of your securities, and possibly nothing, at maturity. |
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Listing: |
The securities will not be listed on any securities exchange |
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Underwriter: |
Citigroup Global Markets Inc. (“CGMI”), an affiliate of the issuer, acting as principal |
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Underwriting fee and issue price: |
Issue price(1) |
Underwriting fee(2) |
Proceeds to issuer(3) |
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Per security: |
$1,000.00 |
$30.00 |
$970.00 |
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Total: |
$ |
$ |
$ |
(Key Terms continued on next page)
(1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing date will be at least $909.00 per security, which will be less than the issue price. The estimated value of the securities is based on CGMI’s proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other of our affiliates, nor is it an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you at any time after issuance. See “Valuation of the Securities” in this pricing supplement.
(2) CGMI will receive an underwriting fee of up to $30.00 for each security sold in this offering. The total underwriting fee and proceeds to issuer in the table above give effect to the actual total underwriting fee. For more information on the distribution of the securities, see “Supplemental Plan of Distribution” in this pricing supplement. In addition to the underwriting fee, CGMI and its affiliates may profit from expected hedging activity related to this offering, even if the value of the securities declines. See “Use of Proceeds and Hedging” in the accompanying prospectus.
(3) The per security proceeds to issuer indicated above represent the minimum per security proceeds to issuer for any security, assuming the maximum per security underwriting fee. As noted above, the underwriting fee is variable.
Investing in the securities involves risks not associated with an investment in conventional debt securities. See “Summary Risk Factors” beginning on page PS-8.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities or determined that this pricing supplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectus are truthful or complete. Any representation to the contrary is a criminal offense.
You should read this pricing supplement together with the accompanying product supplement, underlying supplement, prospectus supplement and prospectus, which can be accessed via the hyperlinks below:
Product Supplement No. EA-02-10 dated March 7, 2023Underlying Supplement No. 11 dated March 7, 2023
Prospectus Supplement and Prospectus each dated March 7, 2023
The securities are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.
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Citigroup Global Markets Holdings Inc. |
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KEY TERMS (continued) |
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Premium: |
The premium applicable to each valuation date will be determined on the pricing date and will be at least the percentage indicated below. The premium may be significantly less than the appreciation of any underlying from the pricing date to the applicable valuation date.
•November 10, 2025: 3.45% of the stated principal amount •December 10, 2025: 4.3125% of the stated principal amount •January 12, 2026: 5.175% of the stated principal amount •February 10, 2026: 6.0375% of the stated principal amount •March 10, 2026: 6.90% of the stated principal amount •April 10, 2026: 7.7625% of the stated principal amount •May 11, 2026: 8.625% of the stated principal amount •June 10, 2026: 9.4875% of the stated principal amount •July 10, 2026: 10.35% of the stated principal amount •August 10, 2026: 11.2125% of the stated principal amount •September 10, 2026: 12.075% of the stated principal amount •October 12, 2026: 12.9375% of the stated principal amount •November 10, 2026: 13.80% of the stated principal amount •December 10, 2026: 14.6625% of the stated principal amount •January 11, 2027: 15.525% of the stated principal amount •February 10, 2027: 16.3875% of the stated principal amount •March 10, 2027: 17.25% of the stated principal amount •April 12, 2027: 18.1125% of the stated principal amount •May 10, 2027: 18.975% of the stated principal amount •June 10, 2027: 19.8375% of the stated principal amount •July 12, 2027: 20.70% of the stated principal amount •August 10, 2027: 21.5625% of the stated principal amount •September 10, 2027: 22.425% of the stated principal amount •October 11, 2027: 23.2875% of the stated principal amount •November 10, 2027: 24.15% of the stated principal amount •December 10, 2027: 25.0125% of the stated principal amount •January 10, 2028: 25.875% of the stated principal amount •February 10, 2028: 26.7375% of the stated principal amount •March 10, 2028: 27.60% of the stated principal amount •April 10, 2028: 28.4625% of the stated principal amount •May 10, 2028: 29.325% of the stated principal amount •June 12, 2028: 30.1875% of the stated principal amount •July 10, 2028: 31.05% of the stated principal amount •August 10, 2028: 31.9125% of the stated principal amount •September 11, 2028: 32.775% of the stated principal amount •October 10, 2028: 33.6375% of the stated principal amount •November 10, 2028: 34.50% of the stated principal amount •December 11, 2028: 35.3625% of the stated principal amount •January 10, 2029: 36.225% of the stated principal amount •February 12, 2029: 37.0875% of the stated principal amount •March 12, 2029: 37.95% of the stated principal amount •April 10, 2029: 38.8125% of the stated principal amount •May 10, 2029: 39.675% of the stated principal amount •June 11, 2029: 40.5375% of the stated principal amount •July 10, 2029: 41.40% of the stated principal amount •August 10, 2029: 42.2625% of the stated principal amount •September 10, 2029: 43.125% of the stated principal amount •October 10, 2029: 43.9875% of the stated principal amount •November 12, 2029: 44.85% of the stated principal amount •December 10, 2029: 45.7125% of the stated principal amount •January 10, 2030: 46.575% of the stated principal amount •February 11, 2030: 47.4375% of the stated principal amount •March 11, 2030: 48.30% of the stated principal amount •April 10, 2030: 49.1625% of the stated principal amount •May 10, 2030: 50.025% of the stated principal amount •June 10, 2030: 50.8875% of the stated principal amount •July 10, 2030: 51.75% of the stated principal amount |
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Final underlying value: |
For each underlying, its closing value on the final valuation date |
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Worst performing underlying: |
For any valuation date, the underlying with the lowest underlying return determined as of that valuation date |
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Underlying return: |
For each underlying on any valuation date, (i) its closing value on that valuation date minus its initial underlying value, divided by (ii) its initial underlying value |
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CUSIP / ISIN: |
17333LHA6 / US17333LHA61 |
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Citigroup Global Markets Holdings Inc. |
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Additional Information
The terms of the securities are set forth in the accompanying product supplement, prospectus supplement and prospectus, as supplemented by this pricing supplement. The accompanying product supplement, prospectus supplement and prospectus contain important disclosures that are not repeated in this pricing supplement. For example, the accompanying product supplement contains important information about how the closing value of each underlying will be determined and about adjustments that may be made to the terms of the securities upon the occurrence of market disruption events and other specified events with respect to each underlying. The accompanying underlying supplement contains information about each underlying that is not repeated in this pricing supplement. It is important that you read the accompanying product supplement, underlying supplement, prospectus supplement and prospectus together with this pricing supplement before deciding whether to invest in the securities. Certain terms used but not defined in this pricing supplement are defined in the accompanying product supplement.
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Citigroup Global Markets Holdings Inc. |
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Hypothetical Payment Upon Automatic Early Redemption
The following table illustrates how the amount payable per security upon automatic early redemption will be calculated if the closing value of the worst performing underlying on any valuation date prior to the final valuation date is greater than or equal to its initial underlying value. The table assumes that the premium applicable to each valuation date will be set at the lowest value indicated under “Key Terms” above. The actual premium applicable to each valuation date will be determined on the pricing date.
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If the first valuation date on which the closing value of the worst performing underlying on that valuation date is greater than or equal to its initial underlying value is... |
...then you will receive the following payment per security upon automatic early redemption: |
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November 10, 2025 |
$1,000.00 + applicable premium = $1,000.00 + $34.50 = $1,034.50 |
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December 10, 2025 |
$1,000.00 + applicable premium = $1,000.00 + $43.125 = $1,043.125 |
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January 12, 2026 |
$1,000.00 + applicable premium = $1,000.00 + $51.75 = $1,051.75 |
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February 10, 2026 |
$1,000.00 + applicable premium = $1,000.00 + $60.375 = $1,060.375 |
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March 10, 2026 |
$1,000.00 + applicable premium = $1,000.00 + $69.00 = $1,069.00 |
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April 10, 2026 |
$1,000.00 + applicable premium = $1,000.00 + $77.625 = $1,077.625 |
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May 11, 2026 |
$1,000.00 + applicable premium = $1,000.00 + $86.25 = $1,086.25 |
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June 10, 2026 |
$1,000.00 + applicable premium = $1,000.00 + $94.875 = $1,094.875 |
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July 10, 2026 |
$1,000.00 + applicable premium = $1,000.00 + $103.50 = $1,103.50 |
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August 10, 2026 |
$1,000.00 + applicable premium = $1,000.00 + $112.125 = $1,112.125 |
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September 10, 2026 |
$1,000.00 + applicable premium = $1,000.00 + $120.75 = $1,120.75 |
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October 12, 2026 |
$1,000.00 + applicable premium = $1,000.00 + $129.375 = $1,129.375 |
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November 10, 2026 |
$1,000.00 + applicable premium = $1,000.00 + $138.00 = $1,138.00 |
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December 10, 2026 |
$1,000.00 + applicable premium = $1,000.00 + $146.625 = $1,146.625 |
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January 11, 2027 |
$1,000.00 + applicable premium = $1,000.00 + $155.25 = $1,155.25 |
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February 10, 2027 |
$1,000.00 + applicable premium = $1,000.00 + $163.875 = $1,163.875 |
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March 10, 2027 |
$1,000.00 + applicable premium = $1,000.00 + $172.50 = $1,172.50 |
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April 12, 2027 |
$1,000.00 + applicable premium = $1,000.00 + $181.125 = $1,181.125 |
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May 10, 2027 |
$1,000.00 + applicable premium = $1,000.00 + $189.75 = $1,189.75 |
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June 10, 2027 |
$1,000.00 + applicable premium = $1,000.00 + $198.375 = $1,198.375 |
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July 12, 2027 |
$1,000.00 + applicable premium = $1,000.00 + $207.00 = $1,207.00 |
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August 10, 2027 |
$1,000.00 + applicable premium = $1,000.00 + $215.625 = $1,215.625 |
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September 10, 2027 |
$1,000.00 + applicable premium = $1,000.00 + $224.25 = $1,224.25 |
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October 11, 2027 |
$1,000.00 + applicable premium = $1,000.00 + $232.875 = $1,232.875 |
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November 10, 2027 |
$1,000.00 + applicable premium = $1,000.00 + $241.50 = $1,241.50 |
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December 10, 2027 |
$1,000.00 + applicable premium = $1,000.00 + $250.125 = $1,250.125 |
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January 10, 2028 |
$1,000.00 + applicable premium = $1,000.00 + $258.75 = $1,258.75 |
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February 10, 2028 |
$1,000.00 + applicable premium = $1,000.00 + $267.375 = $1,267.375 |
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March 10, 2028 |
$1,000.00 + applicable premium = $1,000.00 + $276.00 = $1,276.00 |
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April 10, 2028 |
$1,000.00 + applicable premium = $1,000.00 + $284.625 = $1,284.625 |
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May 10, 2028 |
$1,000.00 + applicable premium = $1,000.00 + $293.25 = $1,293.25 |
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June 12, 2028 |
$1,000.00 + applicable premium = $1,000.00 + $301.875 = $1,301.875 |
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July 10, 2028 |
$1,000.00 + applicable premium = $1,000.00 + $310.50 = $1,310.50 |
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August 10, 2028 |
$1,000.00 + applicable premium = $1,000.00 + $319.125 = $1,319.125 |
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September 11, 2028 |
$1,000.00 + applicable premium = $1,000.00 + $327.75 = $1,327.75 |
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October 10, 2028 |
$1,000.00 + applicable premium = $1,000.00 + $336.375 = $1,336.375 |
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November 10, 2028 |
$1,000.00 + applicable premium = $1,000.00 + $345.00 = $1,345.00 |
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December 11, 2028 |
$1,000.00 + applicable premium = $1,000.00 + $353.625 = $1,353.625 |
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January 10, 2029 |
$1,000.00 + applicable premium = $1,000.00 + $362.25 = $1,362.25 |
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February 12, 2029 |
$1,000.00 + applicable premium = $1,000.00 + $370.875 = $1,370.875 |
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March 12, 2029 |
$1,000.00 + applicable premium = $1,000.00 + $379.50 = $1,379.50 |
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April 10, 2029 |
$1,000.00 + applicable premium = $1,000.00 + $388.125 = $1,388.125 |
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May 10, 2029 |
$1,000.00 + applicable premium = $1,000.00 + $396.75 = $1,396.75 |
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June 11, 2029 |
$1,000.00 + applicable premium = $1,000.00 + $405.375 = $1,405.375 |
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July 10, 2029 |
$1,000.00 + applicable premium = $1,000.00 + $414.00 = $1,414.00 |
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August 10, 2029 |
$1,000.00 + applicable premium = $1,000.00 + $422.625 = $1,422.625 |
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September 10, 2029 |
$1,000.00 + applicable premium = $1,000.00 + $431.25 = $1,431.25 |
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October 10, 2029 |
$1,000.00 + applicable premium = $1,000.00 + $439.875 = $1,439.875 |
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$1,000.00 + applicable premium = $1,000.00 + $448.50 = $1,448.50 |
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Citigroup Global Markets Holdings Inc. |
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November 12, 2029 |
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December 10, 2029 |
$1,000.00 + applicable premium = $1,000.00 + $457.125 = $1,457.125 |
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January 10, 2030 |
$1,000.00 + applicable premium = $1,000.00 + $465.75 = $1,465.75 |
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February 11, 2030 |
$1,000.00 + applicable premium = $1,000.00 + $474.375 = $1,474.375 |
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March 11, 2030 |
$1,000.00 + applicable premium = $1,000.00 + $483.00 = $1,483.00 |
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April 10, 2030 |
$1,000.00 + applicable premium = $1,000.00 + $491.625 = $1,491.625 |
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May 10, 2030 |
$1,000.00 + applicable premium = $1,000.00 + $500.25 = $1,500.25 |
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June 10, 2030 |
$1,000.00 + applicable premium = $1,000.00 + $508.875 = $1,508.875 |
If, on any valuation date prior to the final valuation date, the closing value of an underlying is greater than or equal to its initial underlying value, but the closing value of the other underlying is less than its initial underlying value, you will not receive the premium indicated above following that valuation date. In order to receive the premium indicated above, the closing value of each underlying on the applicable valuation date must be greater than or equal to its initial underlying value.
Payment at Maturity Diagram
The diagram below illustrates your payment at maturity of the securities, assuming the securities have not previously been automatically redeemed, for a range of hypothetical underlying returns of the worst performing underlying on the final valuation date. Your payment at maturity (if the securities are not earlier automatically redeemed) will be determined based solely on the performance of the worst performing underlying on the final valuation date. The diagram assumes that the premium applicable to the final valuation date will be set at the lowest value indicated under “Key Terms” above. The actual premium applicable to the final valuation date will be determined on the pricing date.
Investors in the securities will not receive any dividends with respect to the underlyings. The diagram and examples below do not show any effect of lost dividend yield over the term of the securities. See “Summary Risk Factors—You will not receive dividends or have any other rights with respect to the underlyings” below.
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Payment at Maturity Diagram |
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n The Securities |
n The Worst Performing Underlying on the Final Valuation Date |
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Citigroup Global Markets Holdings Inc. |
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Hypothetical Examples of the Payment at Maturity
The examples below are intended to illustrate how, if the securities are not automatically redeemed prior to maturity, your payment at maturity will depend on the final underlying value of the worst performing underlying on the final valuation date. Your actual payment at maturity per security, if the securities are not automatically redeemed prior to maturity, will depend on the actual final underlying value of the worst performing underlying on the final valuation date. The examples are solely for illustrative purposes, do not show all possible outcomes and are not a prediction of any payment that may be made on the securities.
The examples below are based on the following hypothetical values and do not reflect the actual initial underlying values or final barrier values of the underlyings. For the actual initial underlying value and final barrier value of each underlying, see the cover page of this pricing supplement. We have used these hypothetical values, rather than the actual values, to simplify the calculations and aid understanding of how the securities work. However, you should understand that the actual payment at maturity on the securities will be calculated based on the actual initial underlying value and final barrier value of each underlying, and not the hypothetical values indicated below. For ease of analysis, figures below have been rounded. The examples below assume that the premium applicable to the final valuation date will be set at the lowest value indicated under “Key Terms” above. The actual premium applicable to the final valuation date will be determined on the pricing date.
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Underlying |
Hypothetical initial underlying value |
Hypothetical final barrier value |
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EURO STOXX 50® Index |
100.00 |
75.00 (75.00% of its hypothetical initial underlying value) |
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Russell 2000® Index |
100.00 |
75.00 (75.00% of its hypothetical initial underlying value) |
Example 1—Upside Scenario. The final underlying value of the worst performing underlying on the final valuation date is 110.00, resulting in a 10.00% underlying return for the worst performing underlying on the final valuation date. In this example, the final underlying value of the worst performing underlying on the final valuation date is greater than its initial underlying value.
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Underlying |
Hypothetical final underlying value |
Hypothetical underlying return |
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EURO STOXX 50® Index* |
110.00 |
10.00% |
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Russell 2000® Index |
130.00 |
30.00% |
* Worst performing underlying on the final valuation date
Payment at maturity per security = $1,000 + the premium applicable to the final valuation date
= $1,000 + $517.50
= $1,517.50
In this scenario, because the final underlying value of the worst performing underlying on the final valuation date is greater than its initial underlying value, you would be repaid the stated principal amount of your securities at maturity plus the premium applicable to the final valuation date.
Example 2—Par Scenario. The final underlying value of the worst performing underlying on the final valuation date is 87.00, resulting in a -13.00% underlying return for the worst performing underlying on the final valuation date. In this example, the final underlying value of the worst performing underlying on the final valuation date is less than its initial underlying value but greater than its final barrier value.
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Underlying |
Hypothetical final underlying value |
Hypothetical underlying return |
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EURO STOXX 50® Index |
100.00 |
0.00% |
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Russell 2000® Index* |
87.00 |
-13.00% |
* Worst performing underlying on the final valuation date
Payment at maturity per security = $1,000
In this scenario, the worst performing underlying on the final valuation date has depreciated from its initial underlying value to its final underlying value so that its final underlying value is less than its initial underlying value but not below its final barrier value. As a result, you would be repaid the stated principal amount of your securities at maturity but would not receive any positive return on your investment.
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Citigroup Global Markets Holdings Inc. |
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Example 3—Downside Scenario. The final underlying value of the worst performing underlying on the final valuation date is 30.00, resulting in a -70.00% underlying return for the worst performing underlying on the final valuation date. In this example, the final underlying value of the worst performing underlying on the final valuation date is less than its final barrier value.
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Underlying |
Hypothetical final underlying value |
Hypothetical underlying return |
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EURO STOXX 50® Index* |
30.00 |
-70.00% |
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Russell 2000® Index |
105.00 |
5.00% |
* Worst performing underlying on the final valuation date
Payment at maturity per security = $1,000 + ($1,000 × the underlying return of the worst performing underlying on the final valuation date)
= $1,000 + ($1,000 × -70.00%)
= $1,000 + -$700.00
= $300.00
In this scenario, the worst performing underlying on the final valuation date has depreciated from its initial underlying value to its final underlying value and its final underlying value is less than its final barrier value. As a result, your total return at maturity in this scenario would be negative and would reflect 1-to-1 exposure to the negative performance of the worst performing underlying on the final valuation date.
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Citigroup Global Markets Holdings Inc. |
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Summary Risk Factors
An investment in the securities is significantly riskier than an investment in conventional debt securities. The securities are subject to all of the risks associated with an investment in our conventional debt securities (guaranteed by Citigroup Inc.), including the risk that we and Citigroup Inc. may default on our obligations under the securities, and are also subject to risks associated with each underlying. Accordingly, the securities are suitable only for investors who are capable of understanding the complexities and risks of the securities. You should consult your own financial, tax and legal advisors as to the risks of an investment in the securities and the suitability of the securities in light of your particular circumstances.
The following is a summary of certain key risk factors for investors in the securities. You should read this summary together with the more detailed description of risks relating to an investment in the securities contained in the section “Risk Factors Relating to the Securities” beginning on page EA-7 in the accompanying product supplement. You should also carefully read the risk factors included in the accompanying prospectus supplement and in the documents incorporated by reference in the accompanying prospectus, including Citigroup Inc.’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, which describe risks relating to the business of Citigroup Inc. more generally.
Citigroup Inc. will release quarterly earnings on July 15, 2025, which is after the pricing date but on the issue date of these securities.
■You may lose a significant portion or all of your investment. Unlike conventional debt securities, the securities do not provide for the repayment of the stated principal amount at maturity in all circumstances. If the securities are not automatically redeemed prior to maturity, your payment at maturity will depend on the final underlying value of the worst performing underlying on the final valuation date. If the final underlying value of the worst performing underlying on the final valuation date is less than its final barrier value, you will lose 1% of the stated principal amount of your securities for every 1% by which the worst performing underlying on the final valuation date has declined from its initial underlying value. There is no minimum payment at maturity on the securities, and you may lose up to all of your investment.
■Your potential return on the securities is limited. Your potential return on the securities is limited to the applicable premium payable upon automatic early redemption or at maturity, as described on the cover page of this pricing supplement. If the closing value of the worst performing underlying on one of the valuation dates is greater than or equal to its initial underlying value, you will be repaid the stated principal amount of your securities and will receive the fixed premium applicable to that valuation date, regardless of how significantly the closing value of the worst performing underlying on that valuation date may exceed its initial underlying value. Accordingly, any premium may result in a return on the securities that is significantly less than the return you could have achieved on a direct investment in any or all of the underlyings.
■The securities do not pay interest. Unlike conventional debt securities, the securities do not pay interest prior to maturity. You should not invest in the securities if you seek current income during the term of the securities.
■The securities are subject to heightened risk because they have multiple underlyings. The securities are more risky than similar investments that may be available with only one underlying. With multiple underlyings, there is a greater chance that any one underlying will perform poorly, adversely affecting your return on the securities.
■The securities are subject to the risks of each of the underlyings and will be negatively affected if any one underlying performs poorly. You are subject to risks associated with each of the underlyings. If any one underlying performs poorly, you will be negatively affected. The securities are not linked to a basket composed of the underlyings, where the blended performance of the underlyings would be better than the performance of the worst performing underlying alone. Instead, you are subject to the full risks of whichever of the underlyings is the worst performing underlying.
■You will not benefit in any way from the performance of any better performing underlying. The return on the securities depends solely on the performance of the worst performing underlying, and you will not benefit in any way from the performance of any better performing underlying.
■You will be subject to risks relating to the relationship between the underlyings. It is preferable from your perspective for the underlyings to be correlated with each other, in the sense that their closing values tend to increase or decrease at similar times and by similar magnitudes. By investing in the securities, you assume the risk that the underlyings will not exhibit this relationship. The less correlated the underlyings, the more likely it is that any one of the underlyings will perform poorly over the term of the securities. All that is necessary for the securities to perform poorly is for one of the underlyings to perform poorly. It is impossible to predict what the relationship between the underlyings will be over the term of the securities. The underlyings differ in significant ways and, therefore, may not be correlated with each other.
■The securities may be automatically redeemed prior to maturity, limiting the term of the securities. If the closing value of the worst performing underlying on any valuation date (other than the final valuation date) is greater than or equal to its initial underlying value, the securities will be automatically redeemed. If the securities are automatically redeemed following any valuation date prior to the final valuation date, they will cease to be outstanding and you will not receive the premium applicable to any later valuation date. Moreover, you may not be able to reinvest your funds in another investment that provides a similar yield with a similar level of risk.
■The securities offer downside exposure to the worst performing underlying, but no upside exposure to any underlying. You will not participate in any appreciation in the value of any underlying over the term of the securities. Consequently, your return on the securities will be limited to the applicable premium payable upon an automatic early redemption or at maturity and may be significantly less than the return on any underlying over the term of the securities.
■You will not receive dividends or have any other rights with respect to the underlyings. You will not receive any dividends with respect to the underlyings. This lost dividend yield may be significant over the term of the securities. The payment scenarios described in
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Citigroup Global Markets Holdings Inc. |
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this pricing supplement do not show any effect of such lost dividend yield over the term of the securities. In addition, you will not have voting rights or any other rights with respect to the underlyings or the stocks included in the underlyings.
■The performance of the securities will depend on the closing values of the underlyings solely on the valuation dates, which makes the securities particularly sensitive to volatility in the closing values of the underlyings on or near the valuation dates. Whether the securities will be automatically redeemed prior to maturity will depend on the closing values of the underlyings solely on the valuation dates (other than the final valuation date), regardless of the closing values of the underlyings on other days during the term of the securities. If the securities are not automatically redeemed prior to maturity, what you receive at maturity will depend solely on the closing value of the worst performing underlying on the final valuation date, and not on any other day during the term of the securities. Because the performance of the securities depends on the closing values of the underlyings on a limited number of dates, the securities will be particularly sensitive to volatility in the closing values of the underlyings on or near the valuation dates. You should understand that the closing value of each underlying has historically been highly volatile.
■The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. If we default on our obligations under the securities and Citigroup Inc. defaults on its guarantee obligations, you may not receive anything owed to you under the securities.
■The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity. The securities will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the securities. CGMI currently intends to make a secondary market in relation to the securities and to provide an indicative bid price for the securities on a daily basis. Any indicative bid price for the securities provided by CGMI will be determined in CGMI’s sole discretion, taking into account prevailing market conditions and other relevant factors, and will not be a representation by CGMI that the securities can be sold at that price, or at all. CGMI may suspend or terminate making a market and providing indicative bid prices without notice, at any time and for any reason. If CGMI suspends or terminates making a market, there may be no secondary market at all for the securities because it is likely that CGMI will be the only broker-dealer that is willing to buy your securities prior to maturity. Accordingly, an investor must be prepared to hold the securities until maturity.
■The estimated value of the securities on the pricing date, based on CGMI’s proprietary pricing models and our internal funding rate, will be less than the issue price. The difference is attributable to certain costs associated with selling, structuring and hedging the securities that are included in the issue price. These costs include (i) any selling concessions or other fees paid in connection with the offering of the securities, (ii) hedging and other costs incurred by us and our affiliates in connection with the offering of the securities and (iii) the expected profit (which may be more or less than actual profit) to CGMI or other of our affiliates in connection with hedging our obligations under the securities. These costs adversely affect the economic terms of the securities because, if they were lower, the economic terms of the securities would be more favorable to you. The economic terms of the securities are also likely to be adversely affected by the use of our internal funding rate, rather than our secondary market rate, to price the securities. See “The estimated value of the securities would be lower if it were calculated based on our secondary market rate” below.
■The estimated value of the securities was determined for us by our affiliate using proprietary pricing models. CGMI derived the estimated value disclosed on the cover page of this pricing supplement from its proprietary pricing models. In doing so, it may have made discretionary judgments about the inputs to its models, such as the volatility of, and correlation between, the closing values of the underlyings, dividend yields on the underlyings and interest rates. CGMI’s views on these inputs may differ from your or others’ views, and as an underwriter in this offering, CGMI’s interests may conflict with yours. Both the models and the inputs to the models may prove to be wrong and therefore not an accurate reflection of the value of the securities. Moreover, the estimated value of the securities set forth on the cover page of this pricing supplement may differ from the value that we or our affiliates may determine for the securities for other purposes, including for accounting purposes. You should not invest in the securities because of the estimated value of the securities. Instead, you should be willing to hold the securities to maturity irrespective of the initial estimated value.
■The estimated value of the securities would be lower if it were calculated based on our secondary market rate. The estimated value of the securities included in this pricing supplement is calculated based on our internal funding rate, which is the rate at which we are willing to borrow funds through the issuance of the securities. Our internal funding rate is generally lower than our secondary market rate, which is the rate that CGMI will use in determining the value of the securities for purposes of any purchases of the securities from you in the secondary market. If the estimated value included in this pricing supplement were based on our secondary market rate, rather than our internal funding rate, it would likely be lower. We determine our internal funding rate based on factors such as the costs associated with the securities, which are generally higher than the costs associated with conventional debt securities, and our liquidity needs and preferences. Our internal funding rate is not an interest rate that is payable on the securities.
Because there is not an active market for traded instruments referencing our outstanding debt obligations, CGMI determines our secondary market rate based on the market price of traded instruments referencing the debt obligations of Citigroup Inc., our parent company and the guarantor of all payments due on the securities, but subject to adjustments that CGMI makes in its sole discretion. As a result, our secondary market rate is not a market-determined measure of our creditworthiness, but rather reflects the market’s perception of our parent company’s creditworthiness as adjusted for discretionary factors such as CGMI’s preferences with respect to purchasing the securities prior to maturity.
■The estimated value of the securities is not an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you in the secondary market. Any such secondary market price will fluctuate over the term of the securities based on the market and other factors described in the next risk factor. Moreover, unlike the estimated value included in this pricing supplement, any value of the securities determined for purposes of a secondary market transaction will be based on our secondary market rate, which will likely result in a lower value for the securities than if our internal funding rate were used. In addition, any secondary market price for the securities will be reduced by a bid-ask spread, which may vary depending on the aggregate stated
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principal amount of the securities to be purchased in the secondary market transaction, and the expected cost of unwinding related hedging transactions. As a result, it is likely that any secondary market price for the securities will be less than the issue price.
■The value of the securities prior to maturity will fluctuate based on many unpredictable factors. The value of your securities prior to maturity will fluctuate based on the closing values of the underlyings, the volatility of, and correlation between, the closing values of the underlyings, dividend yields on the underlyings, interest rates generally, the time remaining to maturity and our and Citigroup Inc.’s creditworthiness, as reflected in our secondary market rate, among other factors described under “Risk Factors Relating to the Securities—Risk Factors Relating to All Securities—The value of your securities prior to maturity will fluctuate based on many unpredictable factors” in the accompanying product supplement. Changes in the closing values of the underlyings may not result in a comparable change in the value of your securities. You should understand that the value of your securities at any time prior to maturity may be significantly less than the issue price.
■Immediately following issuance, any secondary market bid price provided by CGMI, and the value that will be indicated on any brokerage account statements prepared by CGMI or its affiliates, will reflect a temporary upward adjustment. The amount of this temporary upward adjustment will steadily decline to zero over the temporary adjustment period. See “Valuation of the Securities” in this pricing supplement.
■The EURO STOXX 50® Index is subject to risks associated with non-U.S. markets. Investments linked to the value of non-U.S. stocks involve risks associated with the securities markets in those countries, including risks of volatility in those markets, governmental intervention in those markets and cross-shareholdings in companies in certain countries. Also, there is generally less publicly available information about companies in some of these jurisdictions than about U.S. companies that are subject to the reporting requirements of the SEC. Further, non-U.S. companies are generally subject to accounting, auditing and financial reporting standards and requirements and securities trading rules that are different from those applicable to U.S. reporting companies. The prices of securities in foreign markets may be affected by political, economic, financial and social factors in those countries, or global regions, including changes in government, economic and fiscal policies and currency exchange laws. Moreover, the economies in such countries may differ favorably or unfavorably from the economy of the United States in such respects as growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency. In addition, the EURO STOXX 50® Index may include companies in countries with emerging markets. Countries with emerging markets may have relatively unstable governments, may present the risks of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets, and may have less protection of property rights than more developed countries. The economies of countries with emerging markets may be based on only a few industries, may be highly vulnerable to changes in local or global trade conditions (due to economic dependence upon commodity prices and international trade), and may suffer from extreme and volatile debt burdens, currency devaluations or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times.
■The performance of the EURO STOXX 50® Index will not be adjusted for changes in the exchange rate between the euro and the U.S. dollar. The closing value of the EURO STOXX 50® Index is calculated in euro, the value of which may be subject to a high degree of fluctuation relative to the U.S. dollar. However, the performance of the EURO STOXX 50® Index and the value of your securities will not be adjusted for exchange rate fluctuations. If the euro appreciates relative to the U.S. dollar over the term of the securities, the performance of the EURO STOXX 50® Index as measured for purposes of the securities will be less than it would have been if it offered exposure to that appreciation in addition to the change in the prices of the stocks included in the EURO STOXX 50® Index.
■The Russell 2000® Index is subject to risks associated with small capitalization stocks. The stocks that constitute the Russell 2000® Index are issued by companies with relatively small market capitalization. The stock prices of smaller companies may be more volatile than stock prices of large capitalization companies. These companies tend to be less well-established than large market capitalization companies. Small capitalization companies may be less able to withstand adverse economic, market, trade and competitive conditions relative to larger companies. Small capitalization companies are less likely to pay dividends on their stocks, and the presence of a dividend payment could be a factor that limits downward stock price pressure under adverse market conditions.
■Our offering of the securities is not a recommendation of any underlying. The fact that we are offering the securities does not mean that we believe that investing in an instrument linked to the underlyings is likely to achieve favorable returns. In fact, as we are part of a global financial institution, our affiliates may have positions (including short positions) in the underlyings or in instruments related to the underlyings, and may publish research or express opinions, that in each case are inconsistent with an investment linked to the underlyings. These and other activities of our affiliates may affect the closing values of the underlyings in a way that negatively affects the value of and your return on the securities.
■The closing value of an underlying may be adversely affected by our or our affiliates’ hedging and other trading activities. We expect to hedge our obligations under the securities through CGMI or other of our affiliates, who may take positions in the underlyings or in financial instruments related to the underlyings and may adjust such positions during the term of the securities. Our affiliates also take positions in the underlyings or in financial instruments related to the underlyings on a regular basis (taking long or short positions or both), for their accounts, for other accounts under their management or to facilitate transactions on behalf of customers. These activities could affect the closing values of the underlyings in a way that negatively affects the value of and your return on the securities. They could also result in substantial returns for us or our affiliates while the value of the securities declines.
■We and our affiliates may have economic interests that are adverse to yours as a result of our affiliates’ business activities. Our affiliates engage in business activities with a wide range of companies. These activities include extending loans, making and facilitating investments, underwriting securities offerings and providing advisory services. These activities could involve or affect the underlyings in a way that negatively affects the value of and your return on the securities. They could also result in substantial returns for us or our affiliates while the value of the securities declines. In addition, in the course of this business, we or our affiliates may acquire non-public information, which will not be disclosed to you.
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■The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities. If certain events occur during the term of the securities, such as market disruption events and other events with respect to an underlying, CGMI, as calculation agent, will be required to make discretionary judgments that could significantly affect your return on the securities. In making these judgments, the calculation agent’s interests as an affiliate of ours could be adverse to your interests as a holder of the securities. See “Risk Factors Relating to the Securities—Risk Factors Relating to All Securities—The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities” in the accompanying product supplement.
■Changes that affect the underlyings may affect the value of your securities. The sponsors of the underlyings may at any time make methodological changes or other changes in the manner in which they operate that could affect the values of the underlyings. We are not affiliated with any such underlying sponsor and, accordingly, we have no control over any changes any such sponsor may make. Such changes could adversely affect the performance of the underlyings and the value of and your return on the securities.
■The U.S. federal tax consequences of an investment in the securities are unclear. There is no direct legal authority regarding the proper U.S. federal tax treatment of the securities, and we do not plan to request a ruling from the Internal Revenue Service (the “IRS”). Consequently, significant aspects of the tax treatment of the securities are uncertain, and the IRS or a court might not agree with the treatment of the securities as prepaid forward contracts. If the IRS were successful in asserting an alternative treatment of the securities, the tax consequences of the ownership and disposition of the securities might be materially and adversely affected. Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect the U.S. federal tax treatment of the securities, possibly retroactively.
If you are a non-U.S. investor, you should review the discussion of withholding tax issues in “United States Federal Tax Considerations—Non-U.S. Holders” below.
You should read carefully the discussion under “United States Federal Tax Considerations” and “Risk Factors Relating to the Securities” in the accompanying product supplement and “United States Federal Tax Considerations” in this pricing supplement. You should also consult your tax adviser regarding the U.S. federal tax consequences of an investment in the securities, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.
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Information About the EURO STOXX 50® Index
The EURO STOXX 50® Index is composed of 50 component stocks of market sector leaders from within the EURO STOXX® Supersector indices, which represent the Eurozone portion of the STOXX Europe 600® Supersector indices. The STOXX Europe 600® Supersector indices contain the 600 largest stocks traded on the major exchanges of certain European countries. The EURO STOXX 50® Index is calculated and maintained by STOXX Limited.
Please refer to the section “Equity Index Descriptions— The STOXX Benchmark Indices” in the accompanying underlying supplement for additional information.
We have derived all information regarding the EURO STOXX 50® Index from publicly available information and have not independently verified any information regarding the EURO STOXX 50® Index. This pricing supplement relates only to the securities and not to the EURO STOXX 50® Index. We make no representation as to the performance of the EURO STOXX 50® Index over the term of the securities.
The securities represent obligations of Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) only. The sponsor of the EURO STOXX 50® Index is not involved in any way in this offering and has no obligation relating to the securities or to holders of the securities.
Historical Information
The closing value of the EURO STOXX 50® Index on June 30, 2025 was 5,303.24.
The graph below shows the closing value of the EURO STOXX 50® Index for each day such value was available from January 2, 2015 to June 30, 2025. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take historical closing values as an indication of future performance.
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Information About the Russell 2000® Index
The Russell 2000® Index is designed to track the performance of the small capitalization segment of the U.S. equity market. All stocks included in the Russell 2000® Index are traded on a major U.S. exchange. It is calculated and maintained by FTSE Russell.
Please refer to the section “Equity Index Descriptions— The Russell Indices” in the accompanying underlying supplement for additional information.
We have derived all information regarding the Russell 2000® Index from publicly available information and have not independently verified any information regarding the Russell 2000® Index. This pricing supplement relates only to the securities and not to the Russell 2000® Index. We make no representation as to the performance of the Russell 2000® Index over the term of the securities.
The securities represent obligations of Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) only. The sponsor of the Russell 2000® Index is not involved in any way in this offering and has no obligation relating to the securities or to holders of the securities.
Historical Information
The closing value of the Russell 2000® Index on June 30, 2025 was 2,175.035.
The graph below shows the closing value of the Russell 2000® Index for each day such value was available from January 2, 2015 to June 30, 2025. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take historical closing values as an indication of future performance.
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Russell 2000® Index – Historical Closing Values |
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United States Federal Tax Considerations
You should read carefully the discussion under “United States Federal Tax Considerations” and “Risk Factors Relating to the Securities” in the accompanying product supplement and “Summary Risk Factors” in this pricing supplement.
In the opinion of our counsel, Davis Polk & Wardwell LLP, a security should be treated as a prepaid forward contract for U.S. federal income tax purposes. By purchasing a security, you agree (in the absence of an administrative determination or judicial ruling to the contrary) to this treatment. There is uncertainty regarding this treatment, and the IRS or a court might not agree with it. Moreover, our counsel’s opinion is based on market conditions as of the date of this preliminary pricing supplement and is subject to confirmation on the pricing date.
Assuming this treatment of the securities is respected and subject to the discussion in “United States Federal Tax Considerations” in the accompanying product supplement, the following U.S. federal income tax consequences should result under current law:
●You should not recognize taxable income over the term of the securities prior to maturity, other than pursuant to a sale or exchange.
●Upon a sale or exchange of a security (including retirement at maturity), you should recognize capital gain or loss equal to the difference between the amount realized and your tax basis in the security. Such gain or loss should be long-term capital gain or loss if you held the security for more than one year.
We do not plan to request a ruling from the IRS regarding the treatment of the securities. An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of “prepaid forward contracts” and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. You should consult your tax adviser regarding possible alternative tax treatments of the securities and potential changes in applicable law.
Non-U.S. Holders. Subject to the discussions below and in “United States Federal Tax Considerations” in the accompanying product supplement, if you are a Non-U.S. Holder (as defined in the accompanying product supplement) of the securities, you generally should not be subject to U.S. federal withholding or income tax in respect of any amount paid to you with respect to the securities, provided that (i) income in respect of the securities is not effectively connected with your conduct of a trade or business in the United States, and (ii) you comply with the applicable certification requirements.
As discussed under “United States Federal Tax Considerations—Tax Consequences to Non-U.S. Holders” in the accompanying product supplement, Section 871(m) of the Code and Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities (“U.S. Underlying Equities”) or indices that include U.S. Underlying Equities. Section 871(m) generally applies to instruments that substantially replicate the economic performance of one or more U.S. Underlying Equities, as determined based on tests set forth in the applicable Treasury regulations. However, the regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that do not have a “delta” of one. Based on the terms of the securities and representations provided by us as of the date of this preliminary pricing supplement, our counsel is of the opinion that the securities should not be treated as transactions that have a “delta” of one within the meaning of the regulations with respect to any U.S. Underlying Equity and, therefore, should not be subject to withholding tax under Section 871(m). However, the final determination regarding the treatment of the securities under Section 871(m) will be made as of the pricing date for the securities, and it is possible that the securities will be subject to withholding tax under Section 871(m) based on the circumstances as of that date.
A determination that the securities are not subject to Section 871(m) is not binding on the IRS, and the IRS may disagree with this treatment. Moreover, Section 871(m) is complex and its application may depend on your particular circumstances, including your other transactions. You should consult your tax adviser regarding the potential application of Section 871(m) to the securities.
If withholding tax applies to the securities, we will not be required to pay any additional amounts with respect to amounts withheld.
You should read the section entitled “United States Federal Tax Considerations” in the accompanying product supplement. The preceding discussion, when read in combination with that section, constitutes the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal tax consequences of owning and disposing of the securities.
You should also consult your tax adviser regarding all aspects of the U.S. federal income and estate tax consequences of an investment in the securities and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.
Supplemental Plan of Distribution
CGMI, an affiliate of Citigroup Global Markets Holdings Inc. and the underwriter of the sale of the securities, is acting as principal and will receive an underwriting fee of up to $30.00 for each security sold in this offering. The actual underwriting fee will be equal to the selling concession provided to selected dealers, as described in this paragraph. From this underwriting fee, CGMI will pay selected dealers not affiliated with CGMI a variable selling concession of up to $30.00 for each security they sell. For the avoidance of doubt, any fees or selling concessions described in this pricing supplement will not be rebated if the securities are automatically redeemed prior to maturity.
See “Plan of Distribution; Conflicts of Interest” in the accompanying product supplement and “Plan of Distribution” in each of the accompanying prospectus supplement and prospectus for additional information.
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Valuation of the Securities
CGMI calculated the estimated value of the securities set forth on the cover page of this pricing supplement based on proprietary pricing models. CGMI’s proprietary pricing models generated an estimated value for the securities by estimating the value of a hypothetical package of financial instruments that would replicate the payout on the securities, which consists of a fixed-income bond (the “bond component”) and one or more derivative instruments underlying the economic terms of the securities (the “derivative component”). CGMI calculated the estimated value of the bond component using a discount rate based on our internal funding rate. CGMI calculated the estimated value of the derivative component based on a proprietary derivative-pricing model, which generated a theoretical price for the instruments that constitute the derivative component based on various inputs, including the factors described under “Summary Risk Factors—The value of the securities prior to maturity will fluctuate based on many unpredictable factors” in this pricing supplement, but not including our or Citigroup Inc.’s creditworthiness. These inputs may be market-observable or may be based on assumptions made by CGMI in its discretionary judgment.
The estimated value of the securities is a function of the terms of the securities and the inputs to CGMI’s proprietary pricing models. As of the date of this preliminary pricing supplement, it is uncertain what the estimated value of the securities will be on the pricing date because certain terms of the securities have not yet been fixed and because it is uncertain what the values of the inputs to CGMI’s proprietary pricing models will be on the pricing date.
For a period of approximately four months following issuance of the securities, the price, if any, at which CGMI would be willing to buy the securities from investors, and the value that will be indicated for the securities on any brokerage account statements prepared by CGMI or its affiliates (which value CGMI may also publish through one or more financial information vendors), will reflect a temporary upward adjustment from the price or value that would otherwise be determined. This temporary upward adjustment represents a portion of the hedging profit expected to be realized by CGMI or its affiliates over the term of the securities. The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the four-month temporary adjustment period. However, CGMI is not obligated to buy the securities from investors at any time. See “Summary Risk Factors—The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity.”
Contact
Clients may contact their local brokerage representative. Third-party distributors may contact Citi Structured Investment Sales at (212) 723-7005.
© 2025 Citigroup Global Markets Inc. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.
FAQ
What participation rate and cap apply to RY's Capped Enhanced Return Buffer Notes?
How does the 15% buffer protect principal in these RBC notes?
What happens if the EURO STOXX 50 falls more than 15% by June 30 2027?
Do the Royal Bank of Canada Capped Notes pay any interest?
What is the initial estimated value versus the public offering price?
Are these RBC notes listed on an exchange?
