[424B2] Citigroup Inc. Prospectus Supplement
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc. (symbol C), is marketing Dual Directional Barrier Securities linked to the S&P 500® Index ("SPX") that mature in July 2026. The notes are zero-coupon, unsecured senior obligations and will not be listed on any exchange.
Pay-off profile: for each $1,000 face value note, investors receive:
- Upside: 1-to-1 participation in SPX gains, capped at a maximum upside return of $100 (10%).
- Moderate downside (SPX decline ≤ 18.20% barrier): positive return equal to the absolute index decline (e.g., –5% index → +5% note return).
- Severe downside (SPX decline > 18.20%): full negative exposure; payment equals $1,000 × (1 + index return), down to zero at –100%.
Key terms: strike date 15-Jul-2025; maturity 31-Jul-2026 (t+3 settlement); barrier ≤ 81.80% of initial index level; CUSIP 17333LMD4; underwriting fee $10 (1.0%); expected issue price $1,000; estimated value ≈ $935; secondary market is discretionary and may include a six-month temporary bid premium phased to zero.
Investor considerations: the structure favors range-bound or moderately declining markets but significantly limits upside versus direct SPX exposure and exposes holders to full downside beyond –18.20%. The note pays no coupons or dividends, and investors forgo SPX dividend yield (~1.4% historically). Credit exposure rests on both Citigroup Global Markets Holdings Inc. and Citigroup Inc.
Risk highlights: potential loss of entire principal; illiquidity; valuation and bid-ask spread headwind; initial value < issue price; exposure to discretionary determinations by the affiliated calculation agent; uncertain U.S. tax treatment (pre-paid forward assumption, Section 871(m) review).
The offer targets investors seeking a short-dated, credit-risk-bearing instrument that can deliver modest positive returns in flat to mildly negative equity scenarios, but who are comfortable sacrificing upside and assuming tail-risk to principal.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc. (simbolo C), sta promuovendo Dual Directional Barrier Securities legate all'indice S&P 500® ("SPX") con scadenza a luglio 2026. Le obbligazioni sono zero-coupon, senior unsecured e non saranno quotate in alcun mercato.
Profilo di rendimento: per ogni obbligazione con valore nominale di $1.000, gli investitori ricevono:
- Rendimento positivo: partecipazione 1 a 1 ai guadagni dell'SPX, con un rendimento massimo del 10% ($100).
- Perdita moderata (calo SPX ≤ 18,20% barriera): rendimento positivo pari alla variazione assoluta dell'indice (es. –5% indice → +5% rendimento obbligazione).
- Perdita severa (calo SPX > 18,20%): esposizione negativa completa; pagamento pari a $1.000 × (1 + rendimento indice), fino a zero in caso di –100%.
Termini chiave: data strike 15-lug-2025; scadenza 31-lug-2026 (regolamento t+3); barriera ≤ 81,80% del livello iniziale dell'indice; CUSIP 17333LMD4; commissione di sottoscrizione $10 (1,0%); prezzo di emissione previsto $1.000; valore stimato ≈ $935; mercato secondario discrezionale con possibile premio temporaneo di offerta di sei mesi decrescente a zero.
Considerazioni per gli investitori: la struttura favorisce mercati stabili o leggermente in calo ma limita significativamente il potenziale di guadagno rispetto all'esposizione diretta all'SPX e espone a perdite totali oltre il –18,20%. L'obbligazione non paga cedole né dividendi, rinunciando al rendimento da dividendi SPX (~1,4% storico). Il rischio di credito è a carico sia di Citigroup Global Markets Holdings Inc. che di Citigroup Inc.
Rischi principali: possibile perdita totale del capitale; illiquidità; svantaggi di valutazione e spread denaro-lettera; valore iniziale inferiore al prezzo di emissione; dipendenza da decisioni discrezionali dell'agente di calcolo affiliato; trattamento fiscale USA incerto (assunzione pre-paid forward, revisione Sezione 871(m)).
L'offerta è rivolta a investitori che cercano uno strumento a breve termine con rischio di credito, in grado di generare rendimenti positivi modesti in mercati stabili o moderatamente negativi, ma disposti a rinunciare al potenziale di guadagno e assumere rischi estremi sul capitale.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc. (símbolo C), está comercializando Dual Directional Barrier Securities vinculados al índice S&P 500® ("SPX") con vencimiento en julio de 2026. Los bonos son zero-cupón, obligaciones senior no garantizadas y no estarán listados en ninguna bolsa.
Perfil de pago: por cada bono con valor nominal de $1,000, los inversores reciben:
- Subida: participación 1 a 1 en las ganancias del SPX, con un rendimiento máximo del 10% ($100).
- Caída moderada (descenso del SPX ≤ 18.20% barrera): rendimiento positivo igual a la caída absoluta del índice (ej. –5% índice → +5% rendimiento del bono).
- Caída severa (descenso del SPX > 18.20%): exposición negativa total; pago igual a $1,000 × (1 + rendimiento del índice), hasta cero en –100%.
Términos clave: fecha strike 15-jul-2025; vencimiento 31-jul-2026 (liquidación t+3); barrera ≤ 81.80% del nivel inicial del índice; CUSIP 17333LMD4; comisión de suscripción $10 (1.0%); precio esperado de emisión $1,000; valor estimado ≈ $935; mercado secundario discrecional con posible prima temporal de oferta de seis meses que se reduce a cero.
Consideraciones para inversores: la estructura favorece mercados estables o moderadamente bajistas pero limita significativamente el potencial alcista frente a la exposición directa al SPX y expone a pérdidas totales más allá del –18.20%. El bono no paga cupones ni dividendos, renunciando al rendimiento por dividendos del SPX (~1.4% histórico). La exposición crediticia recae tanto en Citigroup Global Markets Holdings Inc. como en Citigroup Inc.
Aspectos de riesgo: posible pérdida total del principal; iliquidez; desventajas en valoración y spread bid-ask; valor inicial inferior al precio de emisión; exposición a decisiones discrecionales del agente calculador afiliado; tratamiento fiscal estadounidense incierto (suposición pre-paid forward, revisión Sección 871(m)).
La oferta está dirigida a inversores que buscan un instrumento de corto plazo con riesgo crediticio, capaz de ofrecer rendimientos positivos modestos en escenarios de mercado planos o ligeramente negativos, pero que estén dispuestos a renunciar a la subida y asumir riesgos extremos sobre el principal.
Citigroup Global Markets Holdings Inc.는 Citigroup Inc.(심볼 C)가 보증하며, 2026년 7월 만기인 S&P 500® 지수("SPX") 연계 Dual Directional Barrier Securities를 판매 중입니다. 이 노트는 제로 쿠폰, 무담보 선순위 채무로, 어떤 거래소에도 상장되지 않습니다.
지급 구조: 액면가 $1,000당 투자자는 다음과 같은 수익을 받습니다:
- 상승 시: SPX 상승에 1대1로 참여하며, 최대 수익률은 $100 (10%)로 제한됩니다.
- 중간 하락 (SPX 하락 ≤ 18.20% 장벽): 지수 하락 절대값만큼 긍정적 수익 (예: 지수 –5% → 노트 +5% 수익).
- 심각한 하락 (SPX 하락 > 18.20%): 전면적 손실 노출; 지급액은 $1,000 × (1 + 지수 수익률)로, –100% 시 0까지 하락.
주요 조건: 행사가 2025년 7월 15일; 만기 2026년 7월 31일 (t+3 결제); 장벽 ≤ 초기 지수 수준의 81.80%; CUSIP 17333LMD4; 인수 수수료 $10 (1.0%); 예상 발행가 $1,000; 예상 가치 약 $935; 2차 시장은 재량적이며 6개월간 점차 사라지는 일시적 입찰 프리미엄 포함 가능.
투자자 고려사항: 이 구조는 횡보장 또는 완만한 하락장에 적합하나, 직접 SPX 노출 대비 상승 잠재력을 크게 제한하며 –18.20% 이상의 하락 시 전면적 손실 위험이 있습니다. 노트는 쿠폰이나 배당금을 지급하지 않으며, SPX 배당 수익률(~1.4% 역사적 수치)을 포기합니다. 신용 위험은 Citigroup Global Markets Holdings Inc.와 Citigroup Inc.에 있습니다.
리스크 요약: 원금 전액 손실 가능성; 유동성 부족; 가치 평가 및 매수-매도 스프레드 불리함; 초기 가치가 발행가 미만; 제휴 계산 대리인의 재량적 결정 노출; 미국 세법 불확실성(선불 선도 가정, 섹션 871(m) 검토).
이 상품은 단기 신용 위험을 부담하면서 횡보 또는 약간의 하락장에서도 소폭의 긍정적 수익을 원하는 투자자, 상승 잠재력 포기와 극단적 손실 위험 감수를 감수할 수 있는 투자자를 대상으로 합니다.
Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc. (symbole C), commercialise des Dual Directional Barrier Securities liés à l'indice S&P 500® ("SPX") arrivant à échéance en juillet 2026. Les titres sont des obligations senior non garanties à coupon zéro et ne seront pas cotés en bourse.
Profil de remboursement : pour chaque obligation d'une valeur nominale de 1 000 $, les investisseurs reçoivent :
- Potentiel haussier : participation au gain de l'indice SPX à hauteur de 1 pour 1, plafonnée à un rendement maximal de 100 $ (10%).
- Baisse modérée (baisse de l'SPX ≤ 18,20 % barrière) : rendement positif égal à la baisse absolue de l'indice (ex. –5 % indice → +5 % rendement de l'obligation).
- Baisse sévère (baisse de l'SPX > 18,20 %) : exposition négative totale ; paiement égal à 1 000 $ × (1 + rendement de l'indice), jusqu'à zéro à –100 %.
Conditions clés : date d'exercice 15-juil-2025 ; échéance 31-juil-2026 (règlement t+3) ; barrière ≤ 81,80 % du niveau initial de l'indice ; CUSIP 17333LMD4 ; frais de souscription 10 $ (1,0 %) ; prix d'émission attendu 1 000 $ ; valeur estimée ≈ 935 $ ; marché secondaire discrétionnaire avec prime temporaire d'offre de six mois dégressive jusqu'à zéro.
Considérations pour les investisseurs : la structure favorise les marchés stables ou en légère baisse mais limite significativement le potentiel haussier par rapport à une exposition directe au SPX et expose à une perte totale au-delà de –18,20 %. L'obligation ne verse ni coupons ni dividendes, renonçant au rendement en dividendes du SPX (~1,4 % historique). L'exposition au risque de crédit repose à la fois sur Citigroup Global Markets Holdings Inc. et Citigroup Inc.
Points clés de risque : perte potentielle de la totalité du capital ; illiquidité ; désavantages de valorisation et d'écart acheteur-vendeur ; valeur initiale inférieure au prix d'émission ; dépendance aux décisions discrétionnaires de l'agent de calcul affilié ; traitement fiscal américain incertain (hypothèse prépayée forward, revue Section 871(m)).
Cette offre s'adresse aux investisseurs recherchant un instrument à court terme avec risque de crédit, capable de générer des rendements positifs modestes dans des scénarios de marché stables ou légèrement négatifs, mais prêts à renoncer au potentiel haussier et à assumer un risque extrême sur le capital.
Citigroup Global Markets Holdings Inc., garantiert von Citigroup Inc. (Symbol C), bietet Dual Directional Barrier Securities an, die an den S&P 500® Index ("SPX") gekoppelt sind und im Juli 2026 fällig werden. Die Schuldverschreibungen sind Nullkupon-, unbesicherte Seniorverbindlichkeiten und werden an keiner Börse gehandelt.
Auszahlungsprofil: Für jede Anleihe mit einem Nennwert von 1.000 $ erhalten Investoren:
- Aufwärtspotenzial: 1-zu-1 Partizipation an SPX-Gewinnen, begrenzt auf eine maximale Rendite von 100 $ (10%).
- Moderater Abwärtsschutz (SPX-Rückgang ≤ 18,20% Barriere): positiver Ertrag entsprechend dem absoluten Indexrückgang (z.B. –5% Index → +5% Anleiherendite).
- Starker Abwärtsschutz (SPX-Rückgang > 18,20%): volle negative Exponierung; Auszahlung entspricht 1.000 $ × (1 + Indexrendite), bis auf null bei –100%.
Wesentliche Bedingungen: Strike-Datum 15. Juli 2025; Fälligkeit 31. Juli 2026 (t+3 Abwicklung); Barriere ≤ 81,80% des Anfangsindex; CUSIP 17333LMD4; Underwriting-Gebühr 10 $ (1,0%); erwarteter Ausgabepreis 1.000 $; geschätzter Wert ≈ 935 $; Sekundärmarkt ist diskretionär und kann eine sechsmonatige temporäre Gebotsprämie enthalten, die auf null ausläuft.
Investorenhinweise: Die Struktur eignet sich für seitwärts tendierende oder moderat fallende Märkte, begrenzt jedoch deutlich das Aufwärtspotenzial gegenüber einer direkten SPX-Exponierung und birgt vollständiges Abwärtsrisiko bei Verlusten über –18,20%. Die Anleihe zahlt keine Kupons oder Dividenden und verzichtet auf die SPX-Dividendenrendite (~1,4% historisch). Das Kreditrisiko liegt bei Citigroup Global Markets Holdings Inc. und Citigroup Inc.
Risikohinweise: mögliches Totalverlustrisiko; Illiquidität; Bewertungs- und Bid-Ask-Spread-Nachteile; Anfangswert unter Ausgabepreis; Abhängigkeit von diskretionären Entscheidungen des verbundenen Berechnungsagenten; unsichere US-Steuerbehandlung (Prepaid-Forward-Annahme, Abschnitt 871(m)-Überprüfung).
Das Angebot richtet sich an Investoren, die ein kurzfristiges, kreditrisikobehaftetes Instrument suchen, das moderate positive Renditen in seitwärts oder leicht negativen Aktienmärkten erzielen kann, aber bereit sind, Aufwärtspotenzial aufzugeben und Tail-Risiken am Kapital zu tragen.
- None.
- None.
Insights
TL;DR Limited-upside note rewards small moves but carries full tail risk; neutral to slightly negative for most investors.
The design provides an 18.2% ‘comfort zone’ where declines convert into gains, attractive for range-bound outlooks. However, the 10% upside cap drastically underperforms a simple SPX ETF if the market rallies—a plausible outcome given the historical 12-month median SPX return is ~11%. The credit component (Citigroup senior unsecured) is investment-grade, yet adds spread risk that equity holders avoid. Estimated value at 93.5% shows a 6.5-point cost to enter, and secondary liquidity is dealer-driven. Overall impact is neutral: innovative payoff but high embedded costs and asymmetric risk.
TL;DR Attractive hedge for modest pullbacks but downside gap risk beyond –18.2% makes it defensive only until it is not.
From a portfolio perspective, the note can substitute for part of cash holdings to pick up potential single-digit returns if equities stall, but sizing must be small. The –18.2% cliff triggers linear losses, effectively re-leveraging equity downside while stripping dividends and capping upside—an unattractive risk-reward for long-term investors. Given the 12-month SPX drawdown exceeds 18% roughly 20% of the time, tail probability is non-trivial. I would mark impact as slightly negative due to skewed payoff and illiquidity.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc. (simbolo C), sta promuovendo Dual Directional Barrier Securities legate all'indice S&P 500® ("SPX") con scadenza a luglio 2026. Le obbligazioni sono zero-coupon, senior unsecured e non saranno quotate in alcun mercato.
Profilo di rendimento: per ogni obbligazione con valore nominale di $1.000, gli investitori ricevono:
- Rendimento positivo: partecipazione 1 a 1 ai guadagni dell'SPX, con un rendimento massimo del 10% ($100).
- Perdita moderata (calo SPX ≤ 18,20% barriera): rendimento positivo pari alla variazione assoluta dell'indice (es. –5% indice → +5% rendimento obbligazione).
- Perdita severa (calo SPX > 18,20%): esposizione negativa completa; pagamento pari a $1.000 × (1 + rendimento indice), fino a zero in caso di –100%.
Termini chiave: data strike 15-lug-2025; scadenza 31-lug-2026 (regolamento t+3); barriera ≤ 81,80% del livello iniziale dell'indice; CUSIP 17333LMD4; commissione di sottoscrizione $10 (1,0%); prezzo di emissione previsto $1.000; valore stimato ≈ $935; mercato secondario discrezionale con possibile premio temporaneo di offerta di sei mesi decrescente a zero.
Considerazioni per gli investitori: la struttura favorisce mercati stabili o leggermente in calo ma limita significativamente il potenziale di guadagno rispetto all'esposizione diretta all'SPX e espone a perdite totali oltre il –18,20%. L'obbligazione non paga cedole né dividendi, rinunciando al rendimento da dividendi SPX (~1,4% storico). Il rischio di credito è a carico sia di Citigroup Global Markets Holdings Inc. che di Citigroup Inc.
Rischi principali: possibile perdita totale del capitale; illiquidità; svantaggi di valutazione e spread denaro-lettera; valore iniziale inferiore al prezzo di emissione; dipendenza da decisioni discrezionali dell'agente di calcolo affiliato; trattamento fiscale USA incerto (assunzione pre-paid forward, revisione Sezione 871(m)).
L'offerta è rivolta a investitori che cercano uno strumento a breve termine con rischio di credito, in grado di generare rendimenti positivi modesti in mercati stabili o moderatamente negativi, ma disposti a rinunciare al potenziale di guadagno e assumere rischi estremi sul capitale.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc. (símbolo C), está comercializando Dual Directional Barrier Securities vinculados al índice S&P 500® ("SPX") con vencimiento en julio de 2026. Los bonos son zero-cupón, obligaciones senior no garantizadas y no estarán listados en ninguna bolsa.
Perfil de pago: por cada bono con valor nominal de $1,000, los inversores reciben:
- Subida: participación 1 a 1 en las ganancias del SPX, con un rendimiento máximo del 10% ($100).
- Caída moderada (descenso del SPX ≤ 18.20% barrera): rendimiento positivo igual a la caída absoluta del índice (ej. –5% índice → +5% rendimiento del bono).
- Caída severa (descenso del SPX > 18.20%): exposición negativa total; pago igual a $1,000 × (1 + rendimiento del índice), hasta cero en –100%.
Términos clave: fecha strike 15-jul-2025; vencimiento 31-jul-2026 (liquidación t+3); barrera ≤ 81.80% del nivel inicial del índice; CUSIP 17333LMD4; comisión de suscripción $10 (1.0%); precio esperado de emisión $1,000; valor estimado ≈ $935; mercado secundario discrecional con posible prima temporal de oferta de seis meses que se reduce a cero.
Consideraciones para inversores: la estructura favorece mercados estables o moderadamente bajistas pero limita significativamente el potencial alcista frente a la exposición directa al SPX y expone a pérdidas totales más allá del –18.20%. El bono no paga cupones ni dividendos, renunciando al rendimiento por dividendos del SPX (~1.4% histórico). La exposición crediticia recae tanto en Citigroup Global Markets Holdings Inc. como en Citigroup Inc.
Aspectos de riesgo: posible pérdida total del principal; iliquidez; desventajas en valoración y spread bid-ask; valor inicial inferior al precio de emisión; exposición a decisiones discrecionales del agente calculador afiliado; tratamiento fiscal estadounidense incierto (suposición pre-paid forward, revisión Sección 871(m)).
La oferta está dirigida a inversores que buscan un instrumento de corto plazo con riesgo crediticio, capaz de ofrecer rendimientos positivos modestos en escenarios de mercado planos o ligeramente negativos, pero que estén dispuestos a renunciar a la subida y asumir riesgos extremos sobre el principal.
Citigroup Global Markets Holdings Inc.는 Citigroup Inc.(심볼 C)가 보증하며, 2026년 7월 만기인 S&P 500® 지수("SPX") 연계 Dual Directional Barrier Securities를 판매 중입니다. 이 노트는 제로 쿠폰, 무담보 선순위 채무로, 어떤 거래소에도 상장되지 않습니다.
지급 구조: 액면가 $1,000당 투자자는 다음과 같은 수익을 받습니다:
- 상승 시: SPX 상승에 1대1로 참여하며, 최대 수익률은 $100 (10%)로 제한됩니다.
- 중간 하락 (SPX 하락 ≤ 18.20% 장벽): 지수 하락 절대값만큼 긍정적 수익 (예: 지수 –5% → 노트 +5% 수익).
- 심각한 하락 (SPX 하락 > 18.20%): 전면적 손실 노출; 지급액은 $1,000 × (1 + 지수 수익률)로, –100% 시 0까지 하락.
주요 조건: 행사가 2025년 7월 15일; 만기 2026년 7월 31일 (t+3 결제); 장벽 ≤ 초기 지수 수준의 81.80%; CUSIP 17333LMD4; 인수 수수료 $10 (1.0%); 예상 발행가 $1,000; 예상 가치 약 $935; 2차 시장은 재량적이며 6개월간 점차 사라지는 일시적 입찰 프리미엄 포함 가능.
투자자 고려사항: 이 구조는 횡보장 또는 완만한 하락장에 적합하나, 직접 SPX 노출 대비 상승 잠재력을 크게 제한하며 –18.20% 이상의 하락 시 전면적 손실 위험이 있습니다. 노트는 쿠폰이나 배당금을 지급하지 않으며, SPX 배당 수익률(~1.4% 역사적 수치)을 포기합니다. 신용 위험은 Citigroup Global Markets Holdings Inc.와 Citigroup Inc.에 있습니다.
리스크 요약: 원금 전액 손실 가능성; 유동성 부족; 가치 평가 및 매수-매도 스프레드 불리함; 초기 가치가 발행가 미만; 제휴 계산 대리인의 재량적 결정 노출; 미국 세법 불확실성(선불 선도 가정, 섹션 871(m) 검토).
이 상품은 단기 신용 위험을 부담하면서 횡보 또는 약간의 하락장에서도 소폭의 긍정적 수익을 원하는 투자자, 상승 잠재력 포기와 극단적 손실 위험 감수를 감수할 수 있는 투자자를 대상으로 합니다.
Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc. (symbole C), commercialise des Dual Directional Barrier Securities liés à l'indice S&P 500® ("SPX") arrivant à échéance en juillet 2026. Les titres sont des obligations senior non garanties à coupon zéro et ne seront pas cotés en bourse.
Profil de remboursement : pour chaque obligation d'une valeur nominale de 1 000 $, les investisseurs reçoivent :
- Potentiel haussier : participation au gain de l'indice SPX à hauteur de 1 pour 1, plafonnée à un rendement maximal de 100 $ (10%).
- Baisse modérée (baisse de l'SPX ≤ 18,20 % barrière) : rendement positif égal à la baisse absolue de l'indice (ex. –5 % indice → +5 % rendement de l'obligation).
- Baisse sévère (baisse de l'SPX > 18,20 %) : exposition négative totale ; paiement égal à 1 000 $ × (1 + rendement de l'indice), jusqu'à zéro à –100 %.
Conditions clés : date d'exercice 15-juil-2025 ; échéance 31-juil-2026 (règlement t+3) ; barrière ≤ 81,80 % du niveau initial de l'indice ; CUSIP 17333LMD4 ; frais de souscription 10 $ (1,0 %) ; prix d'émission attendu 1 000 $ ; valeur estimée ≈ 935 $ ; marché secondaire discrétionnaire avec prime temporaire d'offre de six mois dégressive jusqu'à zéro.
Considérations pour les investisseurs : la structure favorise les marchés stables ou en légère baisse mais limite significativement le potentiel haussier par rapport à une exposition directe au SPX et expose à une perte totale au-delà de –18,20 %. L'obligation ne verse ni coupons ni dividendes, renonçant au rendement en dividendes du SPX (~1,4 % historique). L'exposition au risque de crédit repose à la fois sur Citigroup Global Markets Holdings Inc. et Citigroup Inc.
Points clés de risque : perte potentielle de la totalité du capital ; illiquidité ; désavantages de valorisation et d'écart acheteur-vendeur ; valeur initiale inférieure au prix d'émission ; dépendance aux décisions discrétionnaires de l'agent de calcul affilié ; traitement fiscal américain incertain (hypothèse prépayée forward, revue Section 871(m)).
Cette offre s'adresse aux investisseurs recherchant un instrument à court terme avec risque de crédit, capable de générer des rendements positifs modestes dans des scénarios de marché stables ou légèrement négatifs, mais prêts à renoncer au potentiel haussier et à assumer un risque extrême sur le capital.
Citigroup Global Markets Holdings Inc., garantiert von Citigroup Inc. (Symbol C), bietet Dual Directional Barrier Securities an, die an den S&P 500® Index ("SPX") gekoppelt sind und im Juli 2026 fällig werden. Die Schuldverschreibungen sind Nullkupon-, unbesicherte Seniorverbindlichkeiten und werden an keiner Börse gehandelt.
Auszahlungsprofil: Für jede Anleihe mit einem Nennwert von 1.000 $ erhalten Investoren:
- Aufwärtspotenzial: 1-zu-1 Partizipation an SPX-Gewinnen, begrenzt auf eine maximale Rendite von 100 $ (10%).
- Moderater Abwärtsschutz (SPX-Rückgang ≤ 18,20% Barriere): positiver Ertrag entsprechend dem absoluten Indexrückgang (z.B. –5% Index → +5% Anleiherendite).
- Starker Abwärtsschutz (SPX-Rückgang > 18,20%): volle negative Exponierung; Auszahlung entspricht 1.000 $ × (1 + Indexrendite), bis auf null bei –100%.
Wesentliche Bedingungen: Strike-Datum 15. Juli 2025; Fälligkeit 31. Juli 2026 (t+3 Abwicklung); Barriere ≤ 81,80% des Anfangsindex; CUSIP 17333LMD4; Underwriting-Gebühr 10 $ (1,0%); erwarteter Ausgabepreis 1.000 $; geschätzter Wert ≈ 935 $; Sekundärmarkt ist diskretionär und kann eine sechsmonatige temporäre Gebotsprämie enthalten, die auf null ausläuft.
Investorenhinweise: Die Struktur eignet sich für seitwärts tendierende oder moderat fallende Märkte, begrenzt jedoch deutlich das Aufwärtspotenzial gegenüber einer direkten SPX-Exponierung und birgt vollständiges Abwärtsrisiko bei Verlusten über –18,20%. Die Anleihe zahlt keine Kupons oder Dividenden und verzichtet auf die SPX-Dividendenrendite (~1,4% historisch). Das Kreditrisiko liegt bei Citigroup Global Markets Holdings Inc. und Citigroup Inc.
Risikohinweise: mögliches Totalverlustrisiko; Illiquidität; Bewertungs- und Bid-Ask-Spread-Nachteile; Anfangswert unter Ausgabepreis; Abhängigkeit von diskretionären Entscheidungen des verbundenen Berechnungsagenten; unsichere US-Steuerbehandlung (Prepaid-Forward-Annahme, Abschnitt 871(m)-Überprüfung).
Das Angebot richtet sich an Investoren, die ein kurzfristiges, kreditrisikobehaftetes Instrument suchen, das moderate positive Renditen in seitwärts oder leicht negativen Aktienmärkten erzielen kann, aber bereit sind, Aufwärtspotenzial aufzugeben und Tail-Risiken am Kapital zu tragen.
|
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, JULY 15, 2025 | |
| Citigroup Global Markets Holdings Inc. |
July----, 2025 Medium-Term Senior Notes, Series N Pricing Supplement No. 2025-USNCH[ ] Filed Pursuant to Rule 424(b)(2) Registration Statement Nos. 333-270327 and 333-270327-01 |
Dual Directional Barrier Securities Based on the Performance of the S&P 500® Index Due July , 2026
| ▪ | The securities offered by this pricing supplement are unsecured senior debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup Inc. Unlike conventional debt securities, the securities do not pay interest and do not repay a fixed amount of principal at maturity. Instead, the securities offer a payment at maturity that may be greater than, equal to or less than the stated principal amount, depending on the performance of the S&P 500® Index (the “underlying index”) from the initial index level to the final index level. |
| ▪ | The securities offer the potential for a positive return at maturity based on the absolute value of the percentage change, within a limited range, in the underlying index from the initial index level to the final index level. If the underlying index appreciates, the securities offer 1-to-1 participation in that appreciation, subject to the maximum upside return specified below. If the underlying index depreciates, the securities offer 1-to-1 positive participation in the absolute value of that depreciation, but only if the final index level is greater than or equal to the barrier level specified below, which is equal to at most 81.80% of the initial index level (to be determined on the strike date). In exchange for the potential for a positive return at maturity even if the underlying index depreciates, investors in the securities must be willing to forgo (i) interest on the securities and dividends on the stocks included in the underlying index and (ii) participation in any appreciation of the underlying index in excess of the maximum upside return. Additionally, if the underlying index depreciates and the final index level is less than the barrier level, you will have full negative downside exposure to that depreciation and will lose 1% of the stated principal amount of your securities for every 1% by which the final index level is less than the initial index level. |
| ▪ | In order to obtain the modified exposure to the underlying index that the securities provide, investors must be willing to accept (i) an investment that may have limited or no liquidity and (ii) the risk of not receiving any amount 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. |
| KEY TERMS | | ||
| Issuer: | Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc. | ||
| Guarantee: | All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc. | ||
| Underlying index: | The S&P 500® Index (ticker symbol: “SPX”) | ||
| Aggregate stated principal amount: | $ | ||
| Stated principal amount: | $1,000 per security | ||
| Strike date: | July 15, 2025 | ||
| Pricing date: | July , 2025 (expected to be July 16, 2025) | ||
| Issue date: | July , 2025 (expected to be July 21, 2025) | ||
| Final valuation date: | July , 2026 (expected to be July 28, 2026), subject to postponement if such date is not a scheduled trading day or if certain market disruption events occur | ||
| Maturity date: | July , 2026 (expected to be July 31, 2026), subject to postponement as described under “Additional Information” below | ||
| Payment at maturity: |
At maturity, for each $1,000 security you then hold, you will receive an amount in U.S. dollars determined as follows: ▪ If
the final index level is greater than or equal to the initial index level: ▪ If
the final index level is less than the initial index level, but greater than or equal to the barrier level: ▪ If
the final index level is less than the barrier level: If the final index level is less than the barrier level, your payment at maturity will be less, and possibly significantly less, than at most $818.00 per security (to be determined on the strike date). You may lose a significant portion, and up to all, of your investment. | ||
| Initial index level: | , the closing level of the underlying index on the strike date | ||
| Final index level: | The closing level of the underlying index on the final valuation date | ||
| Maximum upside return: | $100.00 per security (10.00% of the stated principal amount) | ||
| Barrier level: | , which is at most 81.80% of the initial index level (to be determined on the strike date) | ||
| Absolute index return: | The absolute value of the index return | ||
| Index return: | (i) final index level minus initial index level, divided by (ii) initial index level | ||
| Listing: | The securities will not be listed on any securities exchange | ||
| CUSIP / ISIN: | 17333LMD4 / US17333LMD46 | ||
| Underwriter: | Citigroup Global Markets Inc. (“CGMI”), an affiliate of the issuer, acting as principal | ||
| Underwriting fee and issue price: | Issue price(1)(2) | Underwriting fee(3) | Proceeds to issuer(3) |
| Per security: | $1,000.00 | $10.00 | $990.00 |
| Total: | $ | $ | $ |
(1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing date will be at least $935.00 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) The issue price for investors purchasing the securities in fiduciary accounts is $990.00 per security.
(3) CGMI will receive an underwriting fee of $10.00 for each security sold in this offering. J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. will act as placement agents for the securities and, from the underwriting fee to CGMI, will receive a placement fee of $10.00 for each security they sell in this offering to accounts other than fiduciary accounts. CGMI and the placement agents will forgo an underwriting fee and placement fee for sales to fiduciary accounts. The total underwriting fees 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.
Investing in the securities involves risks not associated with an investment in conventional debt securities. See “Summary Risk Factors” beginning on page PS-6.
Neither the Securities and Exchange Commission (the “SEC”) 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, each of which can be accessed via the hyperlinks below:
Product Supplement No. EA-02-10 dated March 7, 2023 Underlying 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.
| Citigroup Global Markets Holdings Inc. |
| Dual Directional Barrier Securities Based on the Performance of the S&P 500® Index Due July , 2026 |
| |
Additional Information
General. 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, certain events may occur that could affect your payment at maturity. These events and their consequences are described in the accompanying product supplement in the sections “Description of the Securities—Consequences of a Market Disruption Event; Postponement of a Valuation Date” and “Description of the Securities—Certain Additional Terms for Securities Linked to an Underlying Index—Discontinuance or Material Modification of an Underlying Index,” and not in this pricing supplement (except as set forth in the next paragraph). The accompanying underlying supplement contains important disclosures regarding the underlying index that are 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 in deciding whether to invest in the securities. Certain terms used but not defined in this pricing supplement are defined in the accompanying product supplement.
Postponement of the Final Valuation Date; Postponement of the Maturity Date. If the scheduled final valuation date is not a scheduled trading day, the final valuation date will be postponed to the next succeeding scheduled trading day. In addition, if a market disruption event occurs on the scheduled final valuation date, the calculation agent may, but is not required to, postpone the final valuation date to the next succeeding scheduled trading day on which a market disruption event does not occur. However, in no event will the scheduled final valuation date be postponed more than five scheduled trading days after the originally scheduled final valuation date as a result of a market disruption event occurring on the scheduled final valuation date. If the final valuation date is postponed so that it falls less than three business days prior to the scheduled maturity date, the maturity date will be postponed to the third business day after the final valuation date as postponed. The provisions in this paragraph supersede the related provisions in the accompanying product supplement to the extent the provisions in this paragraph are inconsistent with those provisions. The terms “scheduled trading day” and “market disruption event” are defined in the accompanying product supplement.
| July 2025 | PS-2 |
| Citigroup Global Markets Holdings Inc. |
| Dual Directional Barrier Securities Based on the Performance of the S&P 500® Index Due July , 2026 |
| |
Hypothetical Examples
The diagram below illustrates the payment at maturity of the securities for a range of hypothetical index returns. The table and examples that follow illustrate various hypothetical payments at maturity assuming a hypothetical initial index level of 100.00, a hypothetical barrier level of 81.80 and various hypothetical final index levels. For the actual initial index level and barrier level, 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 index level and barrier level, and not the hypothetical values indicated below. It is impossible to predict whether you will realize a gain or loss on your investment in the securities. Figures in the table and examples below have been rounded for ease of analysis. The diagram, table and examples below assume that the barrier level will be set at the highest value indicated on the cover page of this pricing supplement. The actual barrier level will be determined on the strike date.
Investors in the securities will not receive any dividends on the stocks that constitute the underlying index. The diagram and examples below do not show any effect of lost dividend yield over the term of the securities. See “Summary Risk Factors—Investing in the securities is not equivalent to investing in the underlying index or the stocks that constitute the underlying index” below.
| Dual Directional Barrier Securities Payment at Maturity Diagram | |
 | |
| n The Securities | n The Underlying Index |
| July 2025 | PS-3 |
| Citigroup Global Markets Holdings Inc. |
| Dual Directional Barrier Securities Based on the Performance of the S&P 500® Index Due July , 2026 |
| |
| Hypothetical Final Index Level | Hypothetical Index Return | Hypothetical Payment at Maturity per Security | Hypothetical Total Return on Securities at Maturity(1) |
| 200.00 | 100.00% | $1,100.00 | 10.00% |
| 175.00 | 75.00% | $1,100.00 | 10.00% |
| 150.00 | 50.00% | $1,100.00 | 10.00% |
| 140.00 | 40.00% | $1,100.00 | 10.00% |
| 130.00 | 30.00% | $1,100.00 | 10.00% |
| 120.00 | 20.00% | $1,100.00 | 10.00% |
| 110.00 | 10.00% | $1,100.00 | 10.00% |
| 105.00 | 5.00% | $1,050.00 | 5.00% |
| 102.00 | 2.00% | $1,020.00 | 2.00% |
| 100.00 | 0.00% | $1,000.00 | 0.00% |
| 95.00 | -5.00% | $1,050.00 | 5.00% |
| 90.00 | -10.00% | $1,100.00 | 10.00% |
| 85.00 | -15.00% | $1,150.00 | 15.00% |
| 81.80 | -18.20% | $1,182.00 | 18.20% |
| 81.79 | -18.21% | $817.90 | -18.21% |
| 80.00 | -20.00% | $800.00 | -20.00% |
| 70.00 | -30.00% | $700.00 | -30.00% |
| 60.00 | -40.00% | $600.00 | -40.00% |
| 50.00 | -50.00% | $500.00 | -50.00% |
| 25.00 | -75.00% | $250.00 | -75.00% |
| 0.00 | -100.00% | $0.00 | -100.00% |
(1) Hypothetical total return on securities at maturity = (i) hypothetical payment at maturity per security minus $1,000 stated principal amount per security, divided by (ii) $1,000 stated principal amount per security
Example 1—Upside Scenario A. The hypothetical final index level is 102.00 (a 2.00% increase from the hypothetical initial index level), which is greater than the hypothetical initial index level.
Payment at maturity per security = $1,000 + ($1,000 × absolute index return), subject to the maximum upside return of $100.00
= $1,000 + ($1,000 × 2.00%), subject to the maximum upside return of $100.00
= $1,000 + $20.00, subject to the maximum upside return of $100.00
= $1,020.00
In this scenario, because the hypothetical final index level is greater than the hypothetical initial index level but not by more than the maximum upside return of 10.00%, your total return on the securities at maturity would reflect 1-to-1 exposure to the positive performance of the underlying index.
Example 2—Upside Scenario B. The hypothetical final index level is 140.00 (a 40.00% increase from the hypothetical initial index level), which is greater than the hypothetical initial index level.
Payment at maturity per security = $1,000 + ($1,000 × absolute index return), subject to the maximum upside return of $100.00
= $1,000 + ($1,000 × 40.00%), subject to the maximum upside return of $100.00
= $1,000 + $400.00, subject to the maximum upside return of $100.00
= $1,100.00
In this scenario, because the underlying index appreciated from the hypothetical initial index level to the hypothetical final index level by more than the maximum upside return of 10.00%, you would receive a positive return at maturity equal to the maximum upside return. In this scenario, an investment in the securities would underperform a hypothetical alternative investment providing 1-to-1 exposure to the appreciation of the underlying index without a maximum upside return.
Example 3—Upside Scenario C. The hypothetical final index level is 95.00 (a 5.00% decrease from the hypothetical initial index level), which is less than the hypothetical initial index level but greater than the hypothetical barrier level.
Payment at maturity per security = $1,000 + ($1,000 × absolute index return)
= $1,000 + ($1,000 × | -5.00% |)
= $1,000 + $50.00
= $1,050.00
| July 2025 | PS-4 |
| Citigroup Global Markets Holdings Inc. |
| Dual Directional Barrier Securities Based on the Performance of the S&P 500® Index Due July , 2026 |
| |
In this scenario, because the underlying index depreciated from the hypothetical initial index level to the hypothetical final index level but not by more than 18.20%, your payment at maturity would reflect 1-to-1 positive exposure to the absolute value of the depreciation of the underlying index.
Example 4—Downside Scenario. The hypothetical final index level is 25.00 (a 75.00% decrease from the hypothetical initial index level), which is less than the hypothetical barrier level.
Payment at maturity per security = $1,000 + ($1,000 × index return)
= $1,000 + ($1,000 × -75%)
= $1,000 + -$750
= $250.00
In this scenario, because the underlying index depreciated by more than 18.20% from the hypothetical initial index level to the hypothetical final index level, your payment at maturity would reflect a loss equal to the full amount of the depreciation of the underlying index.
| July 2025 | PS-5 |
| Citigroup Global Markets Holdings Inc. |
| Dual Directional Barrier Securities Based on the Performance of the S&P 500® Index Due July , 2026 |
| |
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 the underlying index. Accordingly, the securities are appropriate only for investors who are capable of understanding the complexities and risks of the securities. You should consult your own financial, tax and legal advisers as to the risks of an investment in the securities and the appropriateness 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.
| ▪ | You may lose some or all of your investment. Unlike conventional debt securities, the securities do not repay a fixed amount of principal at maturity. Instead, your payment at maturity will depend on the performance of the underlying index from the initial index level to the final index level. If the final index level is less than the barrier level, you will lose 1% of the stated principal amount of the securities for every 1% by which the final index level is less than the initial index level. There is no minimum payment at maturity on the securities, and you may lose up to all of your investment. |
| ▪ | The initial index level, set on the strike date, may be higher than the closing level of the underlying index on the pricing date. If the closing level of the underlying index on the pricing date is less than the initial index level set on the strike date, the terms of the securities may be less favorable to you than the terms of an alternative investment that may be available to you that offers a similar payout as the securities but with the initial index level set on the pricing date. |
| ▪ | The securities do not pay interest. Unlike conventional debt securities, the securities do not pay interest or any other amounts prior to maturity. You should not invest in the securities if you seek current income during the term of the securities. |
| ▪ | Your potential return on the securities is limited. If the final index level is greater than the initial index level, your potential total return on the securities at maturity is limited to the maximum upside return set forth on the cover page of this pricing supplement. The return on the underlying index from the initial index level to the final index level may significantly exceed the maximum upside return. Therefore, your return on the securities may be significantly less than the return you could have achieved on an alternative investment providing 1-to-1 exposure to the appreciation of the underlying index without a maximum upside return. In addition, your potential for positive participation in the absolute value of any depreciation of the underlying index is limited. Because the barrier level is equal to at most 81.80% of the initial index level (to be determined on the strike date), the return potential of the securities in the event that the underlying index depreciates is limited to 18.20%. Any depreciation of the underlying index in excess of 18.20% will result in a loss, rather than a positive return, on the securities. |
| ▪ | Investing in the securities is not equivalent to investing in the underlying index or the stocks that constitute the underlying index. You will not have voting rights, rights to receive dividends or other distributions or any other rights with respect to the stocks that constitute the underlying index. |
| ▪ | What you receive at maturity depends on the closing level of the underlying index on a single day. Because what you receive at maturity depends on the closing level of the underlying index solely on the final valuation date, you are subject to the risk that the closing level of the underlying index on that day may be lower, and possibly significantly lower, than on one or more other dates during the term of the securities. If you had invested directly in the underlying index or in another instrument linked to the underlying index that you could sell for full value at a time selected by you, or if the payment at maturity were based on an average of closing levels of the underlying index, you might have achieved better returns. |
| ▪ | 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. |
| July 2025 | PS-6 |
| Citigroup Global Markets Holdings Inc. |
| Dual Directional Barrier Securities Based on the Performance of the S&P 500® Index Due July , 2026 |
| |
| ▪ | The estimated value of the securities on the pricing date, based on CGMI’s proprietary pricing models and our internal funding rate, is 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) the placement 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 the underlying index, dividend yields on the stocks that constitute the underlying index 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 we will pay to investors in the securities, which do not bear interest. |
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 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 level and volatility of the underlying index and a number of other factors, including the price and volatility of the stocks that constitute the underlying index, the dividend yields on the stocks that constitute the underlying index, interest rates generally, the time remaining to maturity and our and Citigroup Inc.’s creditworthiness, as reflected in our secondary market rate. Changes in the level of the underlying index 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. |
| July 2025 | PS-7 |
| Citigroup Global Markets Holdings Inc. |
| Dual Directional Barrier Securities Based on the Performance of the S&P 500® Index Due July , 2026 |
| |
| ▪ | The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities. If certain events occur, such as market disruption events or the discontinuance of the underlying index, CGMI, as calculation agent, will be required to make discretionary judgments that could significantly affect your payment at maturity. 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. |
| ▪ | Our offering of the securities does not constitute a recommendation of the underlying index by CGMI or its affiliates or by the placement agents or their affiliates. The fact that we are offering the securities does not mean that we believe, or that the placement agents or their affiliates believe, that investing in an instrument linked to the underlying index is likely to achieve favorable returns. In fact, as we and the placement agents are part of global financial institutions, our affiliates and the placement agents and their affiliates may have positions (including short positions) in the stocks that constitute the underlying index or in instruments related to the underlying index or such stocks and may publish research or express opinions, that in each case are inconsistent with an investment linked to the underlying index. These and other activities of our affiliates or the placement agents or their affiliates may affect the level of the underlying index in a way that has a negative impact on your interests as a holder of the securities. |
| ▪ | We and our affiliates or the placement agents or their affiliates may have economic interests that are adverse to yours as a result of our affiliates’ or their business activities. Our affiliates or the placement agents or their affiliates may currently or from time to time engage in business with the issuers of the stocks that constitute the underlying index, including extending loans to, making equity investments in or providing advisory services to such issuers. In the course of this business, we or our affiliates or the placement agents or their affiliates may acquire non-public information about such issuers, which we and they will not disclose to you. Moreover, if any of our affiliates or the placement agents or their affiliates is or becomes a creditor of any such issuer, they may exercise any remedies against such issuer that are available to them without regard to your interests. |
| ▪ | The level of the underlying index 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 directly in the stocks that constitute the underlying index and other financial instruments related to the underlying index or such stocks and may adjust such positions during the term of the securities. Our affiliates and the placement agents and their affiliates also trade the stocks that constitute the underlying index and other financial instruments related to the underlying index or such stocks 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 level of the underlying index in a way that negatively affects the value of the securities. They could also result in substantial returns for us or our affiliates or the placement agents or their affiliates while the value of the securities declines. |
| ▪ | Adjustments to the underlying index may affect the value of your securities. S&P Dow Jones Indices LLC (the “underlying index publisher”) may add, delete or substitute the stocks that constitute the underlying index or make other methodological changes that could affect the level of the underlying index. The underlying index publisher may discontinue or suspend calculation or publication of the underlying index at any time without regard to your interests as holders of 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.
| July 2025 | PS-8 |
| Citigroup Global Markets Holdings Inc. |
| Dual Directional Barrier Securities Based on the Performance of the S&P 500® Index Due July , 2026 |
| |
Information About the S&P 500® Index
The S&P 500® Index consists of common stocks of 500 issuers selected to provide a performance benchmark for the large capitalization segment of the U.S. equity markets. It is calculated and maintained by S&P Dow Jones Indices LLC. The S&P 500® Index is reported by Bloomberg L.P. under the ticker symbol “SPX.”
“Standard & Poor’s,” “S&P” and “S&P 500®” are trademarks of Standard & Poor’s Financial Services LLC and have been licensed for use by Citigroup Inc. and its affiliates. For more information, see “Equity Index Descriptions—The S&P U.S. Indices—License Agreement” in the accompanying underlying supplement.
Please refer to the section “Equity Index Descriptions—The S&P U.S. Indices” in the accompanying underlying supplement for important disclosures regarding the S&P 500® Index.
Historical Information
The closing level of the underlying index on July 11, 2025 was 6,259.75.
The graph below shows the closing levels of the underlying index for each day such level was available from January 2, 2015 to July 11, 2025. We obtained the closing levels from Bloomberg L.P., without independent verification. You should not take the historical levels of the underlying index as an indication of future performance.
| S&P 500® Index – Historical Closing Levels* January 2, 2015 to July 11, 2025 |
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| * The red line indicates the hypothetical barrier level of 5,120.476, assuming the closing level on July 11, 2025 were the initial index level. |
| July 2025 | PS-9 |
| Citigroup Global Markets Holdings Inc. |
| Dual Directional Barrier Securities Based on the Performance of the S&P 500® Index Due July , 2026 |
| |
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.
| July 2025 | PS-10 |
| Citigroup Global Markets Holdings Inc. |
| Dual Directional Barrier Securities Based on the Performance of the S&P 500® Index Due July , 2026 |
| |
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 $10.00 for each security sold in this offering. J.P. Morgan Securities LLC and JPMorgan Chase Bank, N.A. will act as placement agents for the securities and, from the underwriting fee to CGMI, will receive a placement fee of $10.00 for each security they sell in this offering to accounts other than fiduciary accounts. The amount of the underwriting fee to CGMI will be equal to the placement fee paid to the placement agents. CGMI and the placement agents will forgo an underwriting fee and placement fee for sales to fiduciary accounts. 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.
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.
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 six 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 six-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.”
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| July 2025 | PS-11 |
