STOCK TITAN

[424B2] Citigroup Inc. Prospectus Supplement

Filing Impact
(No impact)
Filing Sentiment
(Neutral)
Form Type
424B2
Rhea-AI Filing Summary

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering $9.193 million of Contingent Income Auto-Callable Securities linked to the common stock of Amgen Inc. (AMGN). The notes are senior, unsecured obligations that mature on 29-Dec-2028 unless redeemed earlier. Each $1,000 security pays a quarterly contingent coupon of 2.625% (10.50% p.a.) when the closing price of AMGN on the relevant valuation date is at least 70 % of the initial share price ($279.11). Missed coupons may be fully ‘caught-up’ if the share price subsequently meets the threshold.

The notes may be automatically redeemed on any quarterly valuation date starting 26-Sep-2025 if AMGN closes at or above the initial share price. Holders then receive par plus the due coupon (including any unpaid coupons). If not redeemed, the principal repayment depends on AMGN’s final price:

  • ≥ 70 % of initial: return of principal plus final coupon (and unpaid coupons).
  • < 70 % of initial: principal is reduced 1-for-1 with the share decline, exposing investors to losses of up to 100 %.

Key economic terms include a downside threshold of $195.377, no exchange listing, CUSIP 17333LBW4, and a guaranteed but unsecured payment structure. The issue price is $1,000, while the estimated value is $971.50, reflecting structuring and distribution costs: an underwriting fee of $25, a $20 selling concession, and a $5 structuring fee to Morgan Stanley Wealth Management. Secondary market liquidity is expected to be limited and solely at Citigroup Global Markets Inc.’s discretion.

Risk highlights disclosed span full principal loss below threshold, contingent and non-cumulative coupons, early redemption limiting yield, issuer and guarantor credit risk, model-based valuation, potential conflicts in hedging, and complex U.S. tax treatment. The securities do not offer any participation in AMGN price appreciation or dividends. They are intended for sophisticated investors who can tolerate equity downside, credit exposure to Citigroup, and possible illiquidity.

Citigroup Global Markets Holdings Inc., garantito da Citigroup Inc., offre 9,193 milioni di dollari di Contingent Income Auto-Callable Securities legati alle azioni ordinarie di Amgen Inc. (AMGN). Le obbligazioni sono senior, non garantite, e scadono il 29-dic-2028 salvo rimborso anticipato. Ogni titolo da $1.000 paga un cedola trimestrale condizionata del 2,625% (10,50% annuo) se il prezzo di chiusura di AMGN alla data di valutazione è almeno il 70% del prezzo iniziale ($279,11). Le cedole non pagate possono essere recuperate integralmente se il prezzo azionario supera successivamente la soglia.

I titoli possono essere rimborsati automaticamente in qualsiasi data di valutazione trimestrale a partire dal 26-set-2025 se AMGN chiude al prezzo iniziale o superiore. In tal caso, i detentori ricevono il valore nominale più la cedola dovuta (incluse eventuali cedole non pagate). Se non rimborsati, il rimborso del capitale dipende dal prezzo finale di AMGN:

  • ≥ 70% del prezzo iniziale: rimborso del capitale più cedola finale (e cedole non pagate).
  • < 70% del prezzo iniziale: il capitale viene ridotto proporzionalmente alla perdita del titolo, esponendo gli investitori a perdite fino al 100%.

I termini economici chiave includono una soglia di rischio al ribasso di $195,377, assenza di quotazione in borsa, CUSIP 17333LBW4, e una struttura di pagamento garantita ma non garantita da pegno. Il prezzo di emissione è $1.000, mentre il valore stimato è $971,50, che riflette costi di strutturazione e distribuzione: una commissione di sottoscrizione di $25, una concessione di vendita di $20 e una commissione di strutturazione di $5 a Morgan Stanley Wealth Management. La liquidità sul mercato secondario sarà limitata e a discrezione esclusiva di Citigroup Global Markets Inc.

Rischi principali evidenziati comprendono la perdita totale del capitale sotto la soglia, cedole condizionate e non cumulative, rimborso anticipato che limita il rendimento, rischio di credito dell'emittente e del garante, valutazione basata su modelli, potenziali conflitti nella copertura e trattamento fiscale statunitense complesso. I titoli non offrono partecipazione all'apprezzamento del prezzo di AMGN né ai dividendi. Sono destinati a investitori sofisticati in grado di tollerare il rischio azionario, l'esposizione creditizia a Citigroup e la possibile illiquidità.

Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., ofrece 9.193 millones de dólares en Valores Autollamables de Ingresos Contingentes vinculados a las acciones ordinarias de Amgen Inc. (AMGN). Los bonos son obligaciones senior, no garantizadas, que vencen el 29-dic-2028 salvo redención anticipada. Cada título de $1,000 paga un cupón trimestral contingente del 2.625% (10.50% anual) cuando el precio de cierre de AMGN en la fecha de valoración relevante sea al menos el 70% del precio inicial ($279.11). Los cupones omitidos pueden recuperarse completamente si el precio de la acción vuelve a superar el umbral.

Los bonos pueden ser redimidos automáticamente en cualquier fecha de valoración trimestral a partir del 26-sep-2025 si AMGN cierra al precio inicial o superior. En ese caso, los tenedores reciben el valor nominal más el cupón adeudado (incluyendo cupones no pagados). Si no se redimen, el reembolso del principal depende del precio final de AMGN:

  • ≥ 70% del inicial: devolución del principal más cupón final (y cupones no pagados).
  • < 70% del inicial: el principal se reduce de forma proporcional a la caída de la acción, exponiendo a los inversores a pérdidas de hasta el 100%.

Los términos económicos clave incluyen un umbral a la baja de $195.377, sin cotización en bolsa, CUSIP 17333LBW4, y una estructura de pago garantizada pero no asegurada. El precio de emisión es $1,000, mientras que el valor estimado es $971.50, reflejando costos de estructuración y distribución: una comisión de suscripción de $25, una concesión de venta de $20 y una tarifa de estructuración de $5 a Morgan Stanley Wealth Management. Se espera que la liquidez en el mercado secundario sea limitada y exclusivamente a discreción de Citigroup Global Markets Inc.

Aspectos destacados del riesgo incluyen la pérdida total del principal bajo el umbral, cupones contingentes y no acumulativos, redención anticipada que limita el rendimiento, riesgo crediticio del emisor y garante, valoración basada en modelos, posibles conflictos en la cobertura y tratamiento fiscal estadounidense complejo. Los valores no ofrecen participación en la apreciación del precio de AMGN ni en dividendos. Están dirigidos a inversores sofisticados que puedan tolerar la caída del equity, la exposición crediticia a Citigroup y la posible iliquidez.

Citigroup Global Markets Holdings Inc.는 Citigroup Inc.가 보증하며, Amgen Inc. (AMGN) 보통주에 연계된 9,193만 달러 규모의 조건부 수익 자동 상환 증권을 제공합니다. 이 노트는 선순위 무담보 채무로, 2028년 12월 29일에 만기되며 조기 상환되지 않는 한 만기까지 유지됩니다. 각 $1,000 증권은 해당 평가일에 AMGN 종가가 초기 주가의 70% 이상 ($279.11)일 경우 분기별 조건부 쿠폰 2.625% (연 10.50%)를 지급합니다. 미지급 쿠폰은 이후 주가가 기준을 충족하면 전액 지급될 수 있습니다.

노트는 2025년 9월 26일부터 시작하는 모든 분기 평가일에 AMGN이 초기 주가 이상으로 마감하면 자동 상환될 수 있습니다. 상환 시 투자자는 원금과 미지급 쿠폰을 포함한 쿠폰을 받습니다. 상환되지 않으면 원금 상환은 AMGN 최종 가격에 따라 달라집니다:

  • 초기 주가의 70% 이상: 원금과 최종 쿠폰(및 미지급 쿠폰) 지급.
  • 초기 주가의 70% 미만: 주가 하락에 따라 원금이 1대1로 감소하여 투자자는 최대 100% 손실에 노출됩니다.

주요 경제 조건으로는 하락 한계 가격 $195.377, 거래소 미상장, CUSIP 17333LBW4, 보증은 있으나 담보는 없는 지급 구조가 포함됩니다. 발행가는 $1,000이며, 추정 가치는 $971.50로, 구조화 및 배포 비용(인수 수수료 $25, 판매 수수료 $20, Morgan Stanley Wealth Management에 구조화 수수료 $5)이 반영되어 있습니다. 2차 시장 유동성은 제한적이며 Citigroup Global Markets Inc.의 재량에 따릅니다.

위험 요약에는 기준 미달 시 원금 전액 손실, 조건부 및 비누적 쿠폰, 조기 상환으로 인한 수익 제한, 발행자 및 보증인 신용 위험, 모델 기반 평가, 헤징 시 잠재적 이해 상충, 복잡한 미국 세무 처리가 포함됩니다. 이 증권은 AMGN 주가 상승이나 배당 참여를 제공하지 않으며, 주식 하락 위험, Citigroup 신용 노출 및 유동성 부족을 감수할 수 있는 고급 투자자를 대상으로 합니다.

Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., propose 9,193 millions de dollars de titres à revenu conditionnel auto-remboursables liés aux actions ordinaires de Amgen Inc. (AMGN). Les billets sont des obligations senior non garanties arrivant à échéance le 29 décembre 2028, sauf remboursement anticipé. Chaque titre de 1 000 $ verse un coupon trimestriel conditionnel de 2,625 % (10,50 % par an) lorsque le cours de clôture d'AMGN à la date d'évaluation pertinente est au moins égal à 70 % du prix initial de l'action (279,11 $). Les coupons manqués peuvent être entièrement récupérés si le cours de l'action atteint ensuite le seuil.

Les billets peuvent être remboursés automatiquement à toute date d'évaluation trimestrielle à partir du 26 septembre 2025 si AMGN clôture au prix initial ou au-dessus. Les détenteurs reçoivent alors la valeur nominale plus le coupon dû (y compris les coupons impayés). En cas de non-remboursement, le remboursement du principal dépend du prix final d'AMGN :

  • ≥ 70 % du prix initial : remboursement du principal plus coupon final (et coupons impayés).
  • < 70 % du prix initial : le principal est réduit au prorata de la baisse de l'action, exposant les investisseurs à des pertes pouvant atteindre 100 %.

Les principaux termes économiques incluent un seuil de baisse à 195,377 $, une absence de cotation en bourse, le CUSIP 17333LBW4, et une structure de paiement garantie mais non sécurisée. Le prix d'émission est de 1 000 $, tandis que la valeur estimée est de 971,50 $, reflétant les coûts de structuration et de distribution : une commission de souscription de 25 $, une concession de vente de 20 $ et des frais de structuration de 5 $ versés à Morgan Stanley Wealth Management. La liquidité sur le marché secondaire devrait être limitée et soumise à la seule discrétion de Citigroup Global Markets Inc.

Points clés des risques divulgués comprennent la perte totale du principal en dessous du seuil, des coupons conditionnels et non cumulables, un remboursement anticipé limitant le rendement, le risque de crédit de l'émetteur et du garant, une valorisation basée sur des modèles, des conflits potentiels dans la couverture, et un traitement fiscal américain complexe. Ces titres n'offrent aucune participation à l'appréciation du cours d'AMGN ni aux dividendes. Ils s'adressent à des investisseurs avertis capables de tolérer le risque baissier des actions, l'exposition au crédit de Citigroup, et une possible illiquidité.

Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet 9,193 Millionen US-Dollar an Contingent Income Auto-Callable Securities an, die an die Stammaktien von Amgen Inc. (AMGN) gekoppelt sind. Die Schuldverschreibungen sind vorrangige, unbesicherte Verbindlichkeiten mit Fälligkeit am 29. Dezember 2028, sofern sie nicht früher zurückgezahlt werden. Jede $1.000-Anleihe zahlt eine vierteljährliche bedingte Kuponrate von 2,625 % (10,50 % p.a.), wenn der Schlusskurs von AMGN am jeweiligen Bewertungstag mindestens 70 % des Anfangskurses ($279,11) beträgt. Verpasste Kupons können vollständig nachgeholt werden, wenn der Aktienkurs später die Schwelle erreicht.

Die Anleihen können ab dem 26. September 2025 an jedem vierteljährlichen Bewertungstag automatisch zurückgezahlt werden, wenn AMGN zum oder über dem Anfangskurs schließt. Die Inhaber erhalten dann den Nennwert zuzüglich des fälligen Kupons (einschließlich etwaiger nicht gezahlter Kupons). Wenn keine Rückzahlung erfolgt, hängt die Rückzahlung des Kapitals vom Endpreis von AMGN ab:

  • ≥ 70 % des Anfangskurses: Rückzahlung des Kapitals plus Endkupon (und nicht gezahlte Kupons).
  • < 70 % des Anfangskurses: Das Kapital wird 1:1 mit dem Kursrückgang reduziert, was Anleger einem Verlust von bis zu 100 % aussetzt.

Wichtige wirtschaftliche Bedingungen umfassen eine Abwärtsgrenze von $195,377, keine Börsennotierung, CUSIP 17333LBW4 und eine garantierte, aber ungesicherte Zahlungsstruktur. Der Ausgabepreis beträgt $1.000, während der geschätzte Wert $971,50 beträgt und Strukturierungs- sowie Vertriebskosten widerspiegelt: eine Underwriting-Gebühr von $25, eine Verkaufskonzession von $20 und eine Strukturierungsgebühr von $5 an Morgan Stanley Wealth Management. Die Liquidität am Sekundärmarkt wird voraussichtlich begrenzt sein und ausschließlich im Ermessen von Citigroup Global Markets Inc. liegen.

Risiko-Highlights umfassen vollständigen Kapitalverlust unterhalb der Schwelle, bedingte und nicht kumulative Kupons, vorzeitige Rückzahlung, die die Rendite begrenzt, Emittenten- und Garantiegeber-Kreditrisiken, modellbasierte Bewertung, potenzielle Interessenkonflikte bei der Absicherung und komplexe US-Steuerbehandlung. Die Wertpapiere bieten keine Teilnahme an Kurssteigerungen oder Dividenden von AMGN. Sie richten sich an erfahrene Anleger, die das Aktienabwärtsrisiko, die Kreditexposition gegenüber Citigroup und mögliche Illiquidität tolerieren können.

Positive
  • High contingent coupon: 10.50% annual rate, with missed coupons recoverable if AMGN subsequently meets the threshold.
  • 30% downside buffer: Principal is protected unless AMGN falls more than 30% from the initial price.
  • Early autocall feature: Potential for rapid return of capital plus coupon if AMGN stays flat or appreciates.
  • Citigroup guarantee: Payments are fully and unconditionally guaranteed by Citigroup Inc.
Negative
  • Principal at risk: Investors may lose up to 100% of principal if AMGN closes below the 70% threshold at maturity.
  • No upside participation: Returns capped at coupon income; stock appreciation beyond 0% triggers early call.
  • Limited liquidity: Unlisted security; secondary market making is discretionary and may cease.
  • Credit exposure: Depends on the unsecured credit of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
  • Issue price premium: Estimated value of $971.50 is 2.85% below the $1,000 offer, reflecting fees and structuring costs.
  • Complex, uncertain tax treatment: Prepaid-forward classification and possible 30% withholding for non-U.S. holders.

Insights

TL;DR: High 10.5% coupon and 30% buffer attractive, but value erosion, early call and full downside make the note suitable only for yield-seeking risk-takers.

The note packages a rich headline yield with a standard 70% barrier and quarterly autocall. Investors gain a catch-up feature that restores skipped coupons, enhancing effective yield if AMGN oscillates around the barrier. However, the $971.50 estimated value versus the $1,000 offer price signals an immediate 2.85% mark-to-market drag, and secondary liquidity rests solely with the underwriter. Economic upside caps at coupon receipts; any AMGN rally beyond 0% triggers an early call, truncating income potential. On the downside, exposure is linear once the 30% buffer is breached, identical to holding the stock below that level yet without dividend rights. Position sizing should reflect the double-layer credit risk (CGMHI & Citigroup Inc.) and the possibility of zero recovery in a severe AMGN drawdown.

TL;DR: Principal-at-risk note adds Citigroup credit exposure and model risk; limited liquidity and sub-par fair value skew risk-reward negatively.

From a risk perspective, buyers exchange unsecured credit exposure for above-market coupons. The documentation underscores that payments depend on Citigroup’s solvency; a downgrade or spread widening could impair secondary prices even with AMGN stable. The lack of exchange listing, discretionary market-making and a three-month temporary price premium imply potential exit discounts well below intrinsic value. Furthermore, valuation relies on proprietary models calibrated with an internal funding rate, creating opacity for investors. Tax treatment is uncertain—coupon income is ordinary, and non-U.S. holders face 30% withholding. Combining equity tail risk, credit risk and liquidity risk for a gross yield of 10.5% appears uncompelling for conservative portfolios.

Citigroup Global Markets Holdings Inc., garantito da Citigroup Inc., offre 9,193 milioni di dollari di Contingent Income Auto-Callable Securities legati alle azioni ordinarie di Amgen Inc. (AMGN). Le obbligazioni sono senior, non garantite, e scadono il 29-dic-2028 salvo rimborso anticipato. Ogni titolo da $1.000 paga un cedola trimestrale condizionata del 2,625% (10,50% annuo) se il prezzo di chiusura di AMGN alla data di valutazione è almeno il 70% del prezzo iniziale ($279,11). Le cedole non pagate possono essere recuperate integralmente se il prezzo azionario supera successivamente la soglia.

I titoli possono essere rimborsati automaticamente in qualsiasi data di valutazione trimestrale a partire dal 26-set-2025 se AMGN chiude al prezzo iniziale o superiore. In tal caso, i detentori ricevono il valore nominale più la cedola dovuta (incluse eventuali cedole non pagate). Se non rimborsati, il rimborso del capitale dipende dal prezzo finale di AMGN:

  • ≥ 70% del prezzo iniziale: rimborso del capitale più cedola finale (e cedole non pagate).
  • < 70% del prezzo iniziale: il capitale viene ridotto proporzionalmente alla perdita del titolo, esponendo gli investitori a perdite fino al 100%.

I termini economici chiave includono una soglia di rischio al ribasso di $195,377, assenza di quotazione in borsa, CUSIP 17333LBW4, e una struttura di pagamento garantita ma non garantita da pegno. Il prezzo di emissione è $1.000, mentre il valore stimato è $971,50, che riflette costi di strutturazione e distribuzione: una commissione di sottoscrizione di $25, una concessione di vendita di $20 e una commissione di strutturazione di $5 a Morgan Stanley Wealth Management. La liquidità sul mercato secondario sarà limitata e a discrezione esclusiva di Citigroup Global Markets Inc.

Rischi principali evidenziati comprendono la perdita totale del capitale sotto la soglia, cedole condizionate e non cumulative, rimborso anticipato che limita il rendimento, rischio di credito dell'emittente e del garante, valutazione basata su modelli, potenziali conflitti nella copertura e trattamento fiscale statunitense complesso. I titoli non offrono partecipazione all'apprezzamento del prezzo di AMGN né ai dividendi. Sono destinati a investitori sofisticati in grado di tollerare il rischio azionario, l'esposizione creditizia a Citigroup e la possibile illiquidità.

Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., ofrece 9.193 millones de dólares en Valores Autollamables de Ingresos Contingentes vinculados a las acciones ordinarias de Amgen Inc. (AMGN). Los bonos son obligaciones senior, no garantizadas, que vencen el 29-dic-2028 salvo redención anticipada. Cada título de $1,000 paga un cupón trimestral contingente del 2.625% (10.50% anual) cuando el precio de cierre de AMGN en la fecha de valoración relevante sea al menos el 70% del precio inicial ($279.11). Los cupones omitidos pueden recuperarse completamente si el precio de la acción vuelve a superar el umbral.

Los bonos pueden ser redimidos automáticamente en cualquier fecha de valoración trimestral a partir del 26-sep-2025 si AMGN cierra al precio inicial o superior. En ese caso, los tenedores reciben el valor nominal más el cupón adeudado (incluyendo cupones no pagados). Si no se redimen, el reembolso del principal depende del precio final de AMGN:

  • ≥ 70% del inicial: devolución del principal más cupón final (y cupones no pagados).
  • < 70% del inicial: el principal se reduce de forma proporcional a la caída de la acción, exponiendo a los inversores a pérdidas de hasta el 100%.

Los términos económicos clave incluyen un umbral a la baja de $195.377, sin cotización en bolsa, CUSIP 17333LBW4, y una estructura de pago garantizada pero no asegurada. El precio de emisión es $1,000, mientras que el valor estimado es $971.50, reflejando costos de estructuración y distribución: una comisión de suscripción de $25, una concesión de venta de $20 y una tarifa de estructuración de $5 a Morgan Stanley Wealth Management. Se espera que la liquidez en el mercado secundario sea limitada y exclusivamente a discreción de Citigroup Global Markets Inc.

Aspectos destacados del riesgo incluyen la pérdida total del principal bajo el umbral, cupones contingentes y no acumulativos, redención anticipada que limita el rendimiento, riesgo crediticio del emisor y garante, valoración basada en modelos, posibles conflictos en la cobertura y tratamiento fiscal estadounidense complejo. Los valores no ofrecen participación en la apreciación del precio de AMGN ni en dividendos. Están dirigidos a inversores sofisticados que puedan tolerar la caída del equity, la exposición crediticia a Citigroup y la posible iliquidez.

Citigroup Global Markets Holdings Inc.는 Citigroup Inc.가 보증하며, Amgen Inc. (AMGN) 보통주에 연계된 9,193만 달러 규모의 조건부 수익 자동 상환 증권을 제공합니다. 이 노트는 선순위 무담보 채무로, 2028년 12월 29일에 만기되며 조기 상환되지 않는 한 만기까지 유지됩니다. 각 $1,000 증권은 해당 평가일에 AMGN 종가가 초기 주가의 70% 이상 ($279.11)일 경우 분기별 조건부 쿠폰 2.625% (연 10.50%)를 지급합니다. 미지급 쿠폰은 이후 주가가 기준을 충족하면 전액 지급될 수 있습니다.

노트는 2025년 9월 26일부터 시작하는 모든 분기 평가일에 AMGN이 초기 주가 이상으로 마감하면 자동 상환될 수 있습니다. 상환 시 투자자는 원금과 미지급 쿠폰을 포함한 쿠폰을 받습니다. 상환되지 않으면 원금 상환은 AMGN 최종 가격에 따라 달라집니다:

  • 초기 주가의 70% 이상: 원금과 최종 쿠폰(및 미지급 쿠폰) 지급.
  • 초기 주가의 70% 미만: 주가 하락에 따라 원금이 1대1로 감소하여 투자자는 최대 100% 손실에 노출됩니다.

주요 경제 조건으로는 하락 한계 가격 $195.377, 거래소 미상장, CUSIP 17333LBW4, 보증은 있으나 담보는 없는 지급 구조가 포함됩니다. 발행가는 $1,000이며, 추정 가치는 $971.50로, 구조화 및 배포 비용(인수 수수료 $25, 판매 수수료 $20, Morgan Stanley Wealth Management에 구조화 수수료 $5)이 반영되어 있습니다. 2차 시장 유동성은 제한적이며 Citigroup Global Markets Inc.의 재량에 따릅니다.

위험 요약에는 기준 미달 시 원금 전액 손실, 조건부 및 비누적 쿠폰, 조기 상환으로 인한 수익 제한, 발행자 및 보증인 신용 위험, 모델 기반 평가, 헤징 시 잠재적 이해 상충, 복잡한 미국 세무 처리가 포함됩니다. 이 증권은 AMGN 주가 상승이나 배당 참여를 제공하지 않으며, 주식 하락 위험, Citigroup 신용 노출 및 유동성 부족을 감수할 수 있는 고급 투자자를 대상으로 합니다.

Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., propose 9,193 millions de dollars de titres à revenu conditionnel auto-remboursables liés aux actions ordinaires de Amgen Inc. (AMGN). Les billets sont des obligations senior non garanties arrivant à échéance le 29 décembre 2028, sauf remboursement anticipé. Chaque titre de 1 000 $ verse un coupon trimestriel conditionnel de 2,625 % (10,50 % par an) lorsque le cours de clôture d'AMGN à la date d'évaluation pertinente est au moins égal à 70 % du prix initial de l'action (279,11 $). Les coupons manqués peuvent être entièrement récupérés si le cours de l'action atteint ensuite le seuil.

Les billets peuvent être remboursés automatiquement à toute date d'évaluation trimestrielle à partir du 26 septembre 2025 si AMGN clôture au prix initial ou au-dessus. Les détenteurs reçoivent alors la valeur nominale plus le coupon dû (y compris les coupons impayés). En cas de non-remboursement, le remboursement du principal dépend du prix final d'AMGN :

  • ≥ 70 % du prix initial : remboursement du principal plus coupon final (et coupons impayés).
  • < 70 % du prix initial : le principal est réduit au prorata de la baisse de l'action, exposant les investisseurs à des pertes pouvant atteindre 100 %.

Les principaux termes économiques incluent un seuil de baisse à 195,377 $, une absence de cotation en bourse, le CUSIP 17333LBW4, et une structure de paiement garantie mais non sécurisée. Le prix d'émission est de 1 000 $, tandis que la valeur estimée est de 971,50 $, reflétant les coûts de structuration et de distribution : une commission de souscription de 25 $, une concession de vente de 20 $ et des frais de structuration de 5 $ versés à Morgan Stanley Wealth Management. La liquidité sur le marché secondaire devrait être limitée et soumise à la seule discrétion de Citigroup Global Markets Inc.

Points clés des risques divulgués comprennent la perte totale du principal en dessous du seuil, des coupons conditionnels et non cumulables, un remboursement anticipé limitant le rendement, le risque de crédit de l'émetteur et du garant, une valorisation basée sur des modèles, des conflits potentiels dans la couverture, et un traitement fiscal américain complexe. Ces titres n'offrent aucune participation à l'appréciation du cours d'AMGN ni aux dividendes. Ils s'adressent à des investisseurs avertis capables de tolérer le risque baissier des actions, l'exposition au crédit de Citigroup, et une possible illiquidité.

Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet 9,193 Millionen US-Dollar an Contingent Income Auto-Callable Securities an, die an die Stammaktien von Amgen Inc. (AMGN) gekoppelt sind. Die Schuldverschreibungen sind vorrangige, unbesicherte Verbindlichkeiten mit Fälligkeit am 29. Dezember 2028, sofern sie nicht früher zurückgezahlt werden. Jede $1.000-Anleihe zahlt eine vierteljährliche bedingte Kuponrate von 2,625 % (10,50 % p.a.), wenn der Schlusskurs von AMGN am jeweiligen Bewertungstag mindestens 70 % des Anfangskurses ($279,11) beträgt. Verpasste Kupons können vollständig nachgeholt werden, wenn der Aktienkurs später die Schwelle erreicht.

Die Anleihen können ab dem 26. September 2025 an jedem vierteljährlichen Bewertungstag automatisch zurückgezahlt werden, wenn AMGN zum oder über dem Anfangskurs schließt. Die Inhaber erhalten dann den Nennwert zuzüglich des fälligen Kupons (einschließlich etwaiger nicht gezahlter Kupons). Wenn keine Rückzahlung erfolgt, hängt die Rückzahlung des Kapitals vom Endpreis von AMGN ab:

  • ≥ 70 % des Anfangskurses: Rückzahlung des Kapitals plus Endkupon (und nicht gezahlte Kupons).
  • < 70 % des Anfangskurses: Das Kapital wird 1:1 mit dem Kursrückgang reduziert, was Anleger einem Verlust von bis zu 100 % aussetzt.

Wichtige wirtschaftliche Bedingungen umfassen eine Abwärtsgrenze von $195,377, keine Börsennotierung, CUSIP 17333LBW4 und eine garantierte, aber ungesicherte Zahlungsstruktur. Der Ausgabepreis beträgt $1.000, während der geschätzte Wert $971,50 beträgt und Strukturierungs- sowie Vertriebskosten widerspiegelt: eine Underwriting-Gebühr von $25, eine Verkaufskonzession von $20 und eine Strukturierungsgebühr von $5 an Morgan Stanley Wealth Management. Die Liquidität am Sekundärmarkt wird voraussichtlich begrenzt sein und ausschließlich im Ermessen von Citigroup Global Markets Inc. liegen.

Risiko-Highlights umfassen vollständigen Kapitalverlust unterhalb der Schwelle, bedingte und nicht kumulative Kupons, vorzeitige Rückzahlung, die die Rendite begrenzt, Emittenten- und Garantiegeber-Kreditrisiken, modellbasierte Bewertung, potenzielle Interessenkonflikte bei der Absicherung und komplexe US-Steuerbehandlung. Die Wertpapiere bieten keine Teilnahme an Kurssteigerungen oder Dividenden von AMGN. Sie richten sich an erfahrene Anleger, die das Aktienabwärtsrisiko, die Kreditexposition gegenüber Citigroup und mögliche Illiquidität tolerieren können.

Citigroup Global Markets Holdings Inc.

June 26, 2025

Medium-Term Senior Notes, Series N

Pricing Supplement No. 2025-USNCH27311

Filed Pursuant to Rule 424(b)(2)

Registration Statement Nos. 333-270327 and 333-270327-01

9,193 Contingent Income Auto-Callable Securities Due December 29, 2028

Based on the Performance of the Common Stock of Amgen Inc.

Principal at Risk Securities

Overview

The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup Inc. The securities offer the potential for quarterly contingent coupon payments at an annualized rate that, if all are paid, would produce a yield that is generally higher than the yield on our conventional debt securities of the same maturity. In exchange for this higher potential yield, you must be willing to accept the risks that (i) your actual yield may be lower than the yield on our conventional debt securities of the same maturity because you may not receive one or more, or any, contingent coupon payments; (ii) your actual yield may be negative because your payment at maturity may be significantly less than the stated principal amount of your securities, and possibly zero; and (iii) the securities may be automatically redeemed prior to maturity beginning approximately three months after the issue date. Each of these risks will depend on the performance of the shares of common stock of Amgen Inc. (the “underlying shares”), as described below. Although you will be exposed to downside risk with respect to the underlying shares, you will not participate in any appreciation of the underlying shares or receive any dividends paid on the underlying shares.
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.
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 shares: Shares of common stock of Amgen Inc. (ticker symbol: “AMGN UW”) (the “underlying share issuer”)
Aggregate stated principal amount: $9,193,000
Stated principal amount: $1,000 per security
Pricing date: June 26, 2025
Issue date: July 1, 2025
Maturity date: Unless earlier automatically redeemed, December 29, 2028
Contingent coupon: On each quarterly contingent coupon payment date, unless previously automatically redeemed, the securities will pay a contingent coupon equal to 2.625% of the stated principal amount of the securities (10.50% per annum) if and only if the closing price of the underlying shares on the related valuation date is greater than or equal to the downside threshold price. If the closing price of the underlying shares on any quarterly valuation date is less than the downside threshold price, you will not receive any contingent coupon payment on the related contingent coupon payment date. If the closing price of the underlying shares is less than the downside threshold price on one or more valuation dates and, on a subsequent valuation date, the closing price of the underlying shares is greater than or equal to the downside threshold price, your contingent coupon payment for that subsequent valuation date will include all previously unpaid quarterly contingent coupon payments (without interest on amounts previously unpaid).  However, if the closing price of the underlying shares is less than the downside threshold price on any valuation date and on each subsequent valuation date thereafter, you will not receive the unpaid contingent coupon payments in respect of those valuation dates.
Automatic early redemption: If, on any potential redemption date, the closing price of the underlying shares on that date is greater than or equal to the initial share price, each security you then hold will be automatically redeemed on the related contingent coupon payment date for an amount in cash equal to the early redemption payment. If the securities are redeemed, no further payments will be made.
Early redemption payment: The stated principal amount of $1,000 per security plus the related contingent coupon payment (including any previously unpaid quarterly contingent coupon payments)
Payment at maturity:

If the securities are not automatically redeemed prior to maturity, for each $1,000 stated principal amount security you hold at maturity, you will receive cash in an amount determined as follows:

§  If the final share price is greater than or equal to the downside threshold price: $1,000 + the contingent coupon payment due at maturity (including any previously unpaid quarterly contingent coupon payments)

§  If the final share price is less than the downside threshold price: $1,000 + ($1,000 × the share return)

If the final share price is less than the downside threshold price, you will receive less, and possibly significantly less, than 70.00% of the stated principal amount of your securities at maturity, and you will not receive any contingent coupon payment at maturity.

Initial share price: $279.11, the closing price of the underlying shares on the pricing date
Final share price: The closing price of the underlying shares on the final valuation date
Downside threshold price: $195.377, 70.00% of the initial share price
Listing: The securities will not be listed on any securities exchange
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 Proceeds to issuer
Per security: $1,000.00 $20.00(2) $975.00
    $5.00(3)  
Total: $9,193,000 $229,825.00 $8,963,175.00

(Key Terms continued on next page)

(1) On the date of this pricing supplement, the estimated value of the securities is $971.50 per security, which is 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, 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 $25.00 for each $1,000.00 security sold in this offering. Certain selected dealers, including Morgan Stanley Wealth Management, and their financial advisors will collectively receive from CGMI a fixed selling concession of $20.00 for each $1,000.00 security they sell. Additionally, it is possible that CGMI and its affiliates may profit from 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) Reflects a structuring fee payable to Morgan Stanley Wealth Management by CGMI of $5.00 for each security.

Investing in the securities involves risks not associated with an investment in conventional debt securities. See “Summary Risk Factors” beginning on page PS-9.

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, 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, prospectus supplement and prospectus, each of which can be accessed via the hyperlinks below:

Product Supplement No. EA-04-10 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.

9,193 Contingent Income Auto-Callable Securities Due December 29, 2028

Based on the Performance of the Common Stock of Amgen Inc.

Principal at Risk Securities

KEY TERMS (continued)
Valuation dates, potential

The valuation dates, potential redemption dates and contingent coupon payment dates are set forth below:

redemption dates and contingent coupon payment dates: Valuation dates* Potential redemption dates* Contingent coupon payment dates**
September 26, 2025 September 26, 2025 October 1, 2025
December 26, 2025 December 26, 2025 December 31, 2025
March 26, 2026 March 26, 2026 March 31, 2026
June 26, 2026 June 26, 2026 July 1, 2026
September 28, 2026 September 28, 2026 October 1, 2026
December 28, 2026 December 28, 2026 December 31, 2026
March 29, 2027 March 29, 2027 April 1, 2027
June 28, 2027 June 28, 2027 July 1, 2027
September 27, 2027 September 27, 2027 September 30, 2027
December 27, 2027 December 27, 2027 December 30, 2027
March 27, 2028 March 27, 2028 March 30, 2028
June 26, 2028 June 26, 2028 June 29, 2028
September 26, 2028 September 26, 2028 September 29, 2028
December 26, 2028 (the “final valuation date”) N/A December 29, 2028 (the “maturity date”)

* Each valuation date is subject to postponement if such date is not a scheduled trading day or certain market disruption events occur, as described in the accompanying product supplement. Each potential redemption date is subject to postponement on the same basis as a valuation date.

** If the valuation date immediately preceding any contingent coupon payment date (other than the final valuation date) is postponed, that contingent coupon payment date will also be postponed so that it falls on the third business day after such valuation date, as postponed.

Share return: (i) The final share price minus the initial share price, divided by (ii) the initial share price
CUSIP / ISIN: 17333LBW4 / US17333LBW46

 

June 2025PS-2
Citigroup Global Markets Holdings Inc.

9,193 Contingent Income Auto-Callable Securities Due December 29, 2028

Based on the Performance of the Common Stock of Amgen Inc.

Principal at Risk Securities

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 whether you receive a contingent coupon payment on a contingent coupon payment date as well as your payment at maturity or, in the case of a delisting of the underlying shares, could give us the right to call the securities prior to maturity for an amount that may be less than the stated principal amount. These events, including market disruption events and other events affecting the underlying shares, 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,” “Description of the Securities—Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF—Dilution and Reorganization Adjustments” and “—Delisting of an Underlying Company” and not in this pricing supplement. It is important that you read the accompanying product supplement, prospectus supplement and prospectus together with this pricing supplement in connection with your investment in the securities. Certain terms used but not defined in this pricing supplement are defined in the accompanying product supplement.

 

Dilution and Reorganization Adjustments. The initial share price and the downside threshold price are each a “Relevant Price” for purposes of the section “Description of the Securities— Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF—Dilution and Reorganization Adjustments” in the accompanying product supplement. Accordingly, the initial share price and the downside threshold price are each subject to adjustment upon the occurrence of any of the events described in that section.

 

Investment Summary

 

The securities provide an opportunity for investors to earn a quarterly contingent coupon payment, which is an amount equal to $26.25 (2.625% of the stated principal amount) per security, with respect to each quarterly valuation date on which the closing price of the underlying shares is greater than or equal to 70.00% of the initial share price, which we refer to as the downside threshold price. The quarterly contingent coupon payment, if any, will be payable quarterly on the relevant contingent coupon payment date, which is the third business day after the related valuation date or, in the case of the quarterly contingent coupon payment, if any, with respect to the final valuation date, the maturity date. If the closing price of the underlying shares is less than the downside threshold price on any valuation date, investors will receive no quarterly contingent coupon payment for the related quarterly period. If the closing price of the underlying shares is less than the downside threshold price on one or more valuation dates and, on a subsequent valuation date, the closing price of the underlying shares is greater than or equal to the downside threshold price, your quarterly contingent coupon payment for that subsequent valuation date will include all previously unpaid quarterly contingent coupon payments (without interest on amounts previously unpaid). However, if the closing price of the underlying shares is less than the downside threshold price on any valuation date and on each subsequent valuation date thereafter, you will not receive the unpaid quarterly contingent coupon payments in respect of those valuation dates. It is possible that the closing price of the underlying shares could be below the downside threshold price on all of the valuation dates so that you will receive no quarterly contingent coupon payments. We refer to these payments as contingent because there is no guarantee that you will receive a payment on any contingent coupon payment date.

 

If the closing price of the underlying shares is greater than or equal to the initial share price on any potential redemption date (beginning approximately three months after the issue date), the securities will be automatically redeemed for an early redemption payment equal to the stated principal amount plus the quarterly contingent coupon payment with respect to the related potential redemption date (including any previously unpaid quarterly contingent coupon payments). If the securities have not previously been automatically redeemed and the final share price is greater than or equal to the downside threshold price, the payment at maturity will also be the sum of the stated principal amount and the quarterly contingent coupon payment due at maturity (including any previously unpaid quarterly contingent coupon payments). However, if the securities have not previously been automatically redeemed and the final share price is less than the downside threshold price, investors will be exposed to the decline in the closing price of the underlying shares, as compared to the initial share price, on a 1-to-1 basis (and, in addition, will not receive any quarterly contingent coupon payment at maturity, including any previously unpaid quarterly contingent coupon payments). Under these circumstances, the payment at maturity will be (i) the stated principal amount plus (ii) (a) the stated principal amount times (b) the share return, which means that the payment at maturity will be less than 70.00% of the stated principal amount of the securities and could be zero. Investors in the securities must be willing to accept the risk of losing their entire principal and also the risk of receiving few or no quarterly contingent coupon payments over the term of the securities. In addition, investors will not participate in any appreciation of the underlying shares.

 

June 2025PS-3
Citigroup Global Markets Holdings Inc.

9,193 Contingent Income Auto-Callable Securities Due December 29, 2028

Based on the Performance of the Common Stock of Amgen Inc.

Principal at Risk Securities

Key Investment Rationale

 

The securities offer investors an opportunity to earn a quarterly contingent coupon payment equal to 2.625% of the stated principal amount with respect to each valuation date on which the closing price of the underlying shares is greater than or equal to 70.00% of the initial share price, which we refer to as the downside threshold price. The securities may be automatically redeemed prior to maturity for the stated principal amount per security plus the applicable quarterly contingent coupon payment (including any previously unpaid quarterly contingent coupon payments), and the payment at maturity will vary depending on the final share price, as follows:

 

Scenario 1

On any potential redemption date (beginning approximately three months after the issue date), the closing price of the underlying shares on that potential redemption date is greater than or equal to the initial share price.

 

   The securities will be automatically redeemed for (i) the stated principal amount plus (ii) the quarterly contingent coupon payment with respect to the related potential redemption date (including any previously unpaid quarterly contingent coupon payments).

 

   Investors will not participate in any appreciation of the underlying shares from the initial share price.

 

Scenario 2

The securities are not automatically redeemed prior to maturity, and the final share price is greater than or equal to the downside threshold price.

 

   The payment due at maturity will be (i) the stated principal amount plus (ii) the quarterly contingent coupon payment with respect to the final valuation date (including any previously unpaid quarterly contingent coupon payments).

 

   Investors will not participate in any appreciation of the underlying shares from the initial share price.

 

Scenario 3

The securities are not automatically redeemed prior to maturity, and the final share price is less than the downside threshold price.

 

   The payment due at maturity will be (i) the stated principal amount plus (ii) (a) the stated principal amount times (b) the share return.

 

   Investors will lose a significant portion, and may lose all, of their principal in this scenario.

 

   

 

June 2025PS-4
Citigroup Global Markets Holdings Inc.

9,193 Contingent Income Auto-Callable Securities Due December 29, 2028

Based on the Performance of the Common Stock of Amgen Inc.

Principal at Risk Securities

How the Securities Work

 

The following diagrams illustrate potential payments on the securities. The first diagram illustrates how to determine whether a contingent coupon payment will be paid with respect to a quarterly valuation date. The second diagram illustrates how to determine whether the securities will be automatically redeemed following a potential redemption date. The third diagram illustrates how to determine the payment at maturity if the securities are not automatically redeemed prior to maturity.

 

Diagram #1: Quarterly Contingent Coupon Payments

 

 

Diagram #2: Automatic Early Redemption

 

 

   

 

June 2025PS-5
Citigroup Global Markets Holdings Inc.

9,193 Contingent Income Auto-Callable Securities Due December 29, 2028

Based on the Performance of the Common Stock of Amgen Inc.

Principal at Risk Securities

Diagram #3: Payment at Maturity if No Automatic Early Redemption Occurs

 

 

For more information about contingent coupon payments and the payment upon an early automatic redemption or at maturity in different hypothetical scenarios, see “Hypothetical Examples” starting on page PS-7.

 

June 2025PS-6
Citigroup Global Markets Holdings Inc.

9,193 Contingent Income Auto-Callable Securities Due December 29, 2028

Based on the Performance of the Common Stock of Amgen Inc.

Principal at Risk Securities

Hypothetical Examples

 

The below examples are based on the following terms:

 

Stated principal amount: $1,000 per security
Hypothetical initial share price: $100.00
Hypothetical downside threshold price: $70.00, which is 70.00% of the hypothetical initial share price
Hypothetical quarterly contingent coupon payment: $26.25 (2.625% of the stated principal amount) per security

 

In Examples 1 and 2, the closing price of the underlying shares fluctuates over the term of the securities and the closing price of the underlying shares is greater than or equal to the initial share price on one of the potential redemption dates, which begin approximately three months after the issue date. Because the closing price of the underlying shares is greater than or equal to the initial share price on one of the potential redemption dates, the securities are automatically redeemed following the relevant potential redemption date. In Examples 3 and 4, the closing price of the underlying shares on each potential redemption date is less than the initial share price, and, consequently, the securities are not automatically redeemed prior to, and remain outstanding until, maturity.

 

  Example 1 Example 2
Valuation Dates Hypothetical Closing Price of the Underlying Shares Quarterly Contingent Coupon Payment Early Redemption Payment* Hypothetical Closing Price of the Underlying Shares Quarterly Contingent Coupon Payment Early Redemption Payment*
#1 $115.00 —* $1,026.25 $95.00 $26.25 N/A
#2 N/A N/A N/A $90.00 $26.25 N/A
#3 N/A N/A N/A $90.00 $26.25 N/A
#4 N/A N/A N/A $53.00 $0 N/A
#5 N/A N/A N/A $65.00 $0 N/A
#6 N/A N/A N/A $51.00 $0 N/A
#7 N/A N/A N/A $59.00 $0 N/A
#8 N/A N/A N/A $40.00 $0 N/A
#9 N/A N/A N/A $97.00 $157.50 N/A
#10 N/A N/A N/A $94.00 $26.25 N/A
#11 N/A N/A N/A $73.00 $26.25 N/A
#12 N/A N/A N/A $93.00 $26.25 N/A
#13 N/A N/A N/A $125.00 —* $1,026.25
Final Valuation Date N/A N/A N/A N/A N/A N/A

* The early redemption payment includes the unpaid quarterly contingent coupon payment with respect to the potential redemption date on which the closing price of the underlying shares is greater than or equal to the initial share price (together with any previously unpaid quarterly contingent coupon payments) and the securities are automatically redeemed as a result.

 

In Example 1, the securities are automatically redeemed following the first valuation date (which is the first potential redemption date) as the closing price of the underlying shares on that potential redemption date is greater than the initial share price. You receive the early redemption payment, calculated as follows:

 

stated principal amount + quarterly contingent coupon payment = $1,000 + $26.25 = $1,026.25

 

In this example, the automatic early redemption feature limits the term of your investment to approximately three months and you may not be able to reinvest at comparable terms or returns. If the securities are redeemed early, you will stop receiving quarterly contingent coupons.

 

In Example 2, as the closing price of the underlying shares on the first three valuation dates is greater than the downside threshold price, you receive the quarterly contingent coupon payment of $26.25 with respect to each of the first three valuation dates. As the closing price of the underlying shares on the fourth through eighth valuation dates is less than the downside threshold price, you would not receive a quarterly contingent coupon payment with respect to those valuation dates. However, as the closing price of the underlying shares on the ninth valuation date is greater than the downside threshold price, you would receive the quarterly contingent coupon payment with respect to the ninth valuation date plus the previously unpaid quarterly contingent coupon payment with respect to each of the fourth through eighth valuation dates. The closing price of the underlying shares is greater than the downside threshold price on each of the tenth through twelfth valuation dates, and so you would receive a quarterly contingent coupon payment with respect to each of those valuation dates, and then following the

 

June 2025PS-7
Citigroup Global Markets Holdings Inc.

9,193 Contingent Income Auto-Callable Securities Due December 29, 2028

Based on the Performance of the Common Stock of Amgen Inc.

Principal at Risk Securities

thirteenth valuation date (the last potential redemption date), the closing price of the underlying shares is greater than the initial share price, so that the securities would be automatically redeemed and you would receive an automatic early redemption payment of $1,026.25, which includes the quarterly contingent coupon payment with respect to the thirteenth valuation date.

 

In this example, the automatic early redemption feature limits the term of your investment to approximately three years and three months and you may not be able to reinvest at comparable terms or returns. If the securities are redeemed early, you will stop receiving contingent coupon payments. Further, although the underlying shares have appreciated by 25% from the initial share price on the thirteenth valuation date, you only receive $1,026.25 per security upon redemption and do not benefit from this appreciation.

 

  Example 3 Example 4
Valuation Dates Hypothetical Closing Price of the Underlying Shares Quarterly Contingent Coupon Payment Early Redemption Payment* Hypothetical Closing Price of the Underlying Shares Quarterly Contingent Coupon Payment Early Redemption Payment*
#1 $47.00 $0 N/A $56.00 $0 N/A
#2 $43.00 $0 N/A $65.00 $0 N/A
#3 $56.00 $0 N/A $64.00 $0 N/A
#4 $51.00 $0 N/A $40.00 $0 N/A
#5 $61.00 $0 N/A $52.00 $0 N/A
#6 $37.00 $0 N/A $44.00 $0 N/A
#7 $65.00 $0 N/A $68.00 $0 N/A
#8 $22.00 $0 N/A $67.00 $0 N/A
#9 $28.00 $0 N/A $50.00 $0 N/A
#10 $50.00 $0 N/A $59.00 $0 N/A
#11 $58.00 $0 N/A $48.00 $0 N/A
#12 $59.00 $0 N/A $43.00 $0 N/A
#13 $26.00 $0 N/A $62.00 $0 N/A
Final Valuation Date $0.00 $0 N/A $110.00 —* N/A
Payment at Maturity $0.00 $1,367.50

* The final quarterly contingent coupon payment, if any, will be paid at maturity.

 

Examples 3 and 4 illustrate the payment at maturity per security based on the final share price.

 

In Example 3, the closing price of the underlying shares remains below the downside threshold price on each valuation date throughout the term of the securities. As a result, you do not receive any quarterly contingent coupon payment during the term of the securities and, at maturity, you are fully exposed to the decline in the closing price of the underlying shares. As the final share price is less than the downside threshold price, you would receive a cash payment at maturity calculated as follows:

 

stated principal amount + (stated principal amount × share return) = $1,000 + ($1,000 × -100%) = $0.00

 

In this example, because the underlying shares have lost all of their value by the final valuation date, the payment you receive at maturity would be equal to zero, and you would lose your entire investment. You may lose up to all of your investment in the securities.

 

In Example 4, the closing price of the underlying shares is less than the downside threshold price on each of the first thirteen valuation dates but is greater than the downside threshold price on the final valuation date. As a result, at maturity you would be repaid the stated principal amount of the securities plus the contingent coupon payment due at maturity, which includes all previously unpaid quarterly contingent coupon payments.

 

The hypothetical returns and hypothetical payments on the securities shown above apply only if you hold the securities for their entire term or until automatic early redemption. These hypothetical examples do not reflect fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical returns and hypothetical payments shown above would likely be lower.

 

June 2025PS-8
Citigroup Global Markets Holdings Inc.

9,193 Contingent Income Auto-Callable Securities Due December 29, 2028

Based on the Performance of the Common Stock of Amgen Inc.

Principal at Risk Securities

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 that are 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 shares. 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 advisors 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 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 and the final share price is less than the downside threshold price, you will lose a significant portion or all of your investment, based on a loss of 1% of the stated principal amount of the securities for every 1% by which the final share price is less than the initial share price. There is no minimum payment at maturity on the securities, and you may lose up to all of your investment.

 

§You will not receive any contingent coupon payment for any valuation date on which the closing price of the underlying shares on the related valuation date is less than the downside threshold price. A contingent coupon payment will be made on a contingent coupon payment date if and only if the closing price of the underlying shares on the related valuation date is greater than or equal to the downside threshold price. If the closing price of the underlying shares on any valuation date is less than the downside threshold price, you will not receive any contingent coupon payment on the related contingent coupon payment date, and if the closing price of the underlying shares is below the downside threshold price on each valuation date, you will not receive any contingent coupon payments over the term of the securities.

 

§Higher contingent coupon rates are associated with greater risk. The securities offer contingent coupon payments at an annualized rate that, if all are paid, would produce a yield that is generally higher than the yield on our conventional debt securities of the same maturity. This higher potential yield is associated with greater levels of expected risk as of the pricing date for the securities, including the risk that you may not receive a contingent coupon payment on one or more, or any, contingent coupon payment dates, the securities will not be automatically redeemed and the amount you receive at maturity may be significantly less than the stated principal amount of your securities and may be zero. The volatility of the underlying shares is an important factor affecting these risks. Greater expected volatility of the underlying shares as of the pricing date may result in a higher contingent coupon rate, but it also represents a greater expected likelihood as of the pricing date that the closing price of the underlying shares will be less than the downside threshold price on one or more valuation dates, such that you will not receive one or more, or any, contingent coupon payments during the term of the securities, the closing price of the underlying shares will be less than the initial share price on each potential redemption date, such that the securities will not be automatically redeemed and the final share price will be less than the downside threshold price, such that you will suffer a substantial loss of principal at maturity.

 

§You may not be adequately compensated for assuming the downside risk of the underlying shares. The potential contingent coupon payments on the securities are the compensation you receive for assuming the downside risk of the underlying shares, as well as all the other risks of the securities. That compensation is effectively “at risk” and may, therefore, be less than you currently anticipate. First, the actual yield you realize on the securities could be lower than you anticipate because the coupon is “contingent” and you may not receive a contingent coupon payment on one or more, or any, of the contingent coupon payment dates. Second, the contingent coupon payments are the compensation you receive not only for the downside risk of the underlying shares, but also for all of the other risks of the securities, including the risk that the securities may be automatically redeemed beginning approximately three months after the issue date, interest rate risk and our credit risk. If those other risks increase or are otherwise greater than you currently anticipate, the contingent coupon payments may turn out to be inadequate to compensate you for all the risks of the securities, including the downside risk of the underlying shares.

 

§The securities may be automatically redeemed prior to maturity, limiting your opportunity to receive contingent coupon payments. On any potential redemption date, the securities will be automatically redeemed if the closing price of the underlying shares on that potential redemption date is greater than or equal to the initial share price. Thus, the term of the securities may be limited to as short as approximately three months. If the securities are redeemed prior to maturity, you will not receive any additional contingent coupon payments. 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 underlying shares, but no upside exposure to the underlying shares. You will not participate in any appreciation in the price of the underlying shares over the term of the securities. Consequently, your return on the securities will be limited to the contingent coupon payments you receive, if any, and may be significantly less than the return on the

 

June 2025PS-9
Citigroup Global Markets Holdings Inc.

9,193 Contingent Income Auto-Callable Securities Due December 29, 2028

Based on the Performance of the Common Stock of Amgen Inc.

Principal at Risk Securities

underlying shares over the term of the securities. In addition, you will not receive any dividends or other distributions or any other rights with respect to the underlying shares over the term of the securities.

 

§The performance of the securities will depend on the closing price of the underlying shares solely on the relevant valuation dates, which makes the securities particularly sensitive to the volatility of the underlying shares. Whether the contingent coupon will be paid for any given quarter and whether the securities will be automatically redeemed prior to maturity will depend on the closing price of the underlying shares solely on the quarterly valuation dates and potential redemption dates, respectively, regardless of the closing price of the underlying shares on other days during the term of the securities. If the securities are not automatically redeemed, what you receive at maturity will depend solely on the closing price of the underlying shares 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 price of the underlying shares on a limited number of dates, the securities will be particularly sensitive to volatility in the closing price of the underlying shares. You should understand that the underlying shares have 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, 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 selling concessions and structuring 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 shares, the dividend yield on the underlying shares 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 the same as the coupon 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

 

June 2025PS-10
Citigroup Global Markets Holdings Inc.

9,193 Contingent Income Auto-Callable Securities Due December 29, 2028

Based on the Performance of the Common Stock of Amgen Inc.

Principal at Risk 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 price and volatility of the underlying shares and a number of other factors, including the dividend yields on the underlying shares, interest rates generally, the time remaining to maturity and our and/or Citigroup Inc.’s creditworthiness, as reflected in our secondary market rate. Changes in the price of the underlying shares 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.

 

§Governmental regulatory actions, such as sanctions, could adversely affect your investment in the securities. Governmental regulatory actions, including, without limitation, sanctions-related actions by the U.S. or a foreign government, could prohibit or otherwise restrict persons from holding the securities or underlying shares, or engaging in transactions in them, and any such action could adversely affect the value of underlying shares. These regulatory actions could result in restrictions on the securities and could result in the loss of a significant portion or all of your initial investment in the securities, including if you are forced to divest the securities due to the government mandates, especially if such divestment must be made at a time when the value of the securities has declined.

 

§Our offering of the securities does not constitute a recommendation of the underlying shares. The fact that we are offering the securities does not mean that we believe that investing in an instrument linked to the underlying shares 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 underlying shares or in instruments related to the underlying shares over the term of the securities, and may publish research or express opinions, that in each case are inconsistent with an investment linked to the underlying shares. These and other activities of our affiliates may affect the price of the underlying shares in a way that has a negative impact on your interests as a holder of the securities.

 

§The price of the underlying shares may be adversely affected by our or our affiliates’ hedging and other trading activities. We have hedged our obligations under the securities through CGMI or other of our affiliates, who have taken positions directly in the underlying shares and other financial instruments related to the underlying shares and may adjust such positions during the term of the securities. Our affiliates also trade the underlying shares and other financial instruments related to the underlying shares 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 price of the underlying shares in a way that negatively affects the value of 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 may currently or from time to time engage in business with the underlying share issuer, including extending loans to, making equity investments in or providing advisory services to the underlying share issuer. In the course of this business, we or our affiliates may acquire non-public information about the underlying share issuer, which we will not disclose to you. Moreover, if any of our affiliates is or becomes a creditor of the underlying share issuer, they may exercise any remedies against the underlying share issuer that are available to them without regard to your interests.

 

§You will have no rights and will not receive dividends with respect to the underlying shares. You should understand that you will not receive any dividend payments under the securities. In addition, if any change to the underlying shares is proposed, such as an amendment to the underlying share issuer’s organizational documents, you will not have the right to vote on such change. Any such change may adversely affect the market price of the underlying shares.

 

§Even if the underlying share issuer pays a dividend that it identifies as special or extraordinary, no adjustment will be required under the securities for that dividend unless it meets the criteria specified in the accompanying product supplement. In general, an adjustment will not be made under the terms of the securities for any cash dividend paid on the underlying shares unless the amount of the dividend per underlying share, together with any other dividends paid in the same fiscal quarter, exceeds the dividend paid per underlying share in the most recent fiscal quarter by an amount equal to at least 10% of the closing price of the underlying shares on the date of declaration of the dividend. Any dividend will reduce the closing price of the underlying shares by the amount of the dividend per underlying share. If the underlying share issuer pays any dividend for which an adjustment is not made under the terms of the securities, holders of the securities will be adversely affected. See “Description of the Securities—Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF—Dilution and Reorganization Adjustments—Certain Extraordinary Cash Dividends” in the accompanying product supplement.

 

June 2025PS-11
Citigroup Global Markets Holdings Inc.

9,193 Contingent Income Auto-Callable Securities Due December 29, 2028

Based on the Performance of the Common Stock of Amgen Inc.

Principal at Risk Securities

§The securities will not be adjusted for all events that could affect the price of the underlying shares. For example, we will not make any adjustment for ordinary dividends or extraordinary dividends that do not meet the criteria described above, partial tender offers or additional public offerings of the underlying shares. Moreover, the adjustments we do make may not fully offset the dilutive or adverse effect of the particular event. Investors in the securities may be adversely affected by such an event in a circumstance in which a direct holder of the underlying shares would not.

 

§If the underlying shares are delisted, we may call the securities prior to maturity for an amount that may be less than the stated principal amount. If we exercise this call right, you will receive the amount described under “Description of the Securities—Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF—Delisting of an Underlying Company” in the accompanying product supplement. This amount may be less, and possibly significantly less, than the stated principal amount of the securities.

 

§The securities may become linked to shares of an issuer other than the original underlying share issuer upon the occurrence of a reorganization event or upon the delisting of the underlying shares. For example, if the underlying share issuer enters into a merger agreement that provides for holders of underlying shares to receive stock of another entity, the stock of such other entity will become the underlying shares for all purposes of the securities upon consummation of the merger. Additionally, if the underlying shares are delisted and we do not exercise our call right, the calculation agent may, in its sole discretion, select shares of another issuer to be the underlying shares. See “Description of the Securities—Certain Additional Terms for Securities Linked to an Underlying Company or an Underlying ETF—Dilution and Reorganization Adjustments,” and “—Delisting of an Underlying Company” in the accompanying product supplement.

 

§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, corporate events with respect to the underlying share issuer that may require a dilution adjustment or the delisting of the underlying shares, 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.

 

§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 described in “United States Federal Tax Considerations” below. 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.

 

Non-U.S. investors should note that persons having withholding responsibility in respect of the securities may withhold on any coupon payment paid to a non-U.S. investor, generally at a rate of 30%. To the extent that we have withholding responsibility in respect of the securities, we intend to so withhold.

 

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.

 

June 2025PS-12
Citigroup Global Markets Holdings Inc.

9,193 Contingent Income Auto-Callable Securities Due December 29, 2028

Based on the Performance of the Common Stock of Amgen Inc.

Principal at Risk Securities

Information About Amgen Inc.

 

Amgen Inc. is an independent biotechnology company. The underlying shares of Amgen Inc. are registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by Amgen Inc. pursuant to the Exchange Act can be located by reference to the SEC file number 001-37702 through the SEC’s website at http://www.sec.gov. In addition, information regarding Amgen Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The underlying shares of Amgen Inc. trade on the NASDAQ Global Select Market under the ticker symbol “AMGN.”

 

This pricing supplement relates only to the securities offered hereby and does not relate to the underlying shares or other securities of the underlying share issuer. We have derived all disclosures contained in this pricing supplement regarding the underlying shares and the underlying share issuer from the publicly available documents described above. In connection with the offering of the securities, none of Citigroup Global Markets Holdings Inc., Citigroup Inc. or CGMI has participated in the preparation of such documents or made any due diligence inquiry with respect to the underlying share issuer.

 

The securities represent obligations of Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) only. The underlying share issuer is not involved in any way in this offering and has no obligation relating to the securities or to holders of the securities.

 

Neither we nor any of our affiliates make any representation to you as to the performance of the underlying shares.

 

Historical Information

 

The closing price of Amgen Inc. on June 26, 2025 was $279.11.

 

The graph below shows the closing price of the underlying shares for each day such price was available from January 2, 2015 to June 26, 2025. The table that follows shows the high and low closing prices of, and dividends paid on, the underlying shares for each quarter in that same period. We obtained the closing prices and other information below from Bloomberg L.P., without independent verification. If certain corporate transactions occurred during the historical period shown below, including, but not limited to, spin-offs or mergers, then the closing prices of the underlying shares shown below for the period prior to the occurrence of any such transaction have been adjusted by Bloomberg L.P. as if any such transaction had occurred prior to the first day in the period shown below. You should not take the historical prices of the underlying shares as an indication of future performance.

 

Common Stock of Amgen Inc. – Historical Closing Prices*
January 2, 2015 to June 26, 2025

* The red line indicates the downside threshold price of $195.377, which is equal to 70.00% of the initial share price.

 

June 2025PS-13
Citigroup Global Markets Holdings Inc.

9,193 Contingent Income Auto-Callable Securities Due December 29, 2028

Based on the Performance of the Common Stock of Amgen Inc.

Principal at Risk Securities

Common Stock of Amgen Inc. High Low Dividends
2015      
First Quarter $170.10 $150.01 $0.79000
Second Quarter $169.17 $151.60 $0.79000
Third Quarter $176.59 $132.24 $0.79000
Fourth Quarter $164.58 $140.23 $0.79000
2016      
First Quarter $158.34 $140.90 $1.00000
Second Quarter $164.35 $144.58 $1.00000
Third Quarter $175.62 $154.27 $1.00000
Fourth Quarter $168.31 $135.22 $1.00000
2017      
First Quarter $182.60 $150.73 $1.15000
Second Quarter $174.07 $153.02 $1.15000
Third Quarter $191.00 $167.29 $1.15000
Fourth Quarter $188.59 $168.79 $1.15000
2018      
First Quarter $198.00 $169.43 $1.32000
Second Quarter $186.51 $166.05 $1.32000
Third Quarter $208.89 $185.29 $1.32000
Fourth Quarter $208.25 $178.40 $1.32000
2019      
First Quarter $203.88 $180.87 $1.45000
Second Quarter $195.41 $166.70 $1.45000
Third Quarter $208.62 $174.11 $1.45000
Fourth Quarter $243.20 $189.21 $1.45000
2020      
First Quarter $241.70 $182.24 $1.60000
Second Quarter $242.74 $197.81 $1.60000
Third Quarter $260.95 $234.65 $1.60000
Fourth Quarter $257.67 $216.38 $1.60000
2021      
First Quarter $258.60 $221.91 $1.76000
Second Quarter $259.14 $233.58 $1.76000
Third Quarter $248.70 $212.27 $1.76000
Fourth Quarter $227.60 $198.88 $1.76000
2022      
First Quarter $242.57 $219.27 $1.94000
Second Quarter $256.74 $230.71 $1.94000
Third Quarter $253.15 $224.46 $1.94000
Fourth Quarter $292.39 $229.03 $1.94000
2023      
First Quarter $275.20 $225.79 $2.13000
Second Quarter $253.37 $214.27 $2.13000
Third Quarter $271.46 $218.65 $2.13000
Fourth Quarter $288.46 $255.70 $2.13000
2024      
First Quarter $324.56 $268.87 $2.25000
Second Quarter $319.31 $262.75 $2.25000
Third Quarter $337.38 $309.38 $2.25000
Fourth Quarter $328.35 $258.78 $2.25000
2025      
First Quarter $327.36 $258.59 $2.38000
Second Quarter (through June 26, 2025) $309.85 $262.28 $2.38000

 

We make no representation as to the amount of dividends, if any, that may be paid on the underlying shares in the future. In any event, as an investor in the securities, you will not be entitled to receive dividends, if any, that may be payable on the underlying shares.

 

June 2025PS-14
Citigroup Global Markets Holdings Inc.

9,193 Contingent Income Auto-Callable Securities Due December 29, 2028

Based on the Performance of the Common Stock of Amgen Inc.

Principal at Risk Securities

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.

 

Due to the lack of any controlling legal authority, there is substantial uncertainty regarding the U.S. federal tax consequences of an investment in the securities. In connection with any information reporting requirements we may have in respect of the securities under applicable law, we intend (in the absence of an administrative determination or judicial ruling to the contrary) to treat the securities for U.S. federal income tax purposes as prepaid forward contracts with associated coupon payments that will be treated as gross income to you at the time received or accrued in accordance with your regular method of tax accounting. In the opinion of our counsel, Davis Polk & Wardwell LLP, which is based on current market conditions, this treatment of the securities is reasonable under current law; however, our counsel has advised us that it is unable to conclude affirmatively that this treatment is more likely than not to be upheld, and that alternative treatments are possible.

 

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:

 

·Any coupon payments on the securities should be taxable as ordinary income to you at the time received or accrued in accordance with your regular method of accounting for U.S. federal income tax purposes.

 

·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. For this purpose, the amount realized does not include any coupon paid on retirement and may not include sale proceeds attributable to an accrued coupon, which may be treated as a coupon payment. 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.

 

Withholding Tax on Non-U.S. Holders. Because significant aspects of the tax treatment of the securities are uncertain, persons having withholding responsibility in respect of the securities may withhold on any coupon payment paid to Non-U.S. Holders (as defined in the accompanying product supplement), generally at a rate of 30%. To the extent that we have (or an affiliate of ours has) withholding responsibility in respect of the securities, we intend to so withhold. In order to claim an exemption from, or a reduction in, the 30% withholding, you may need to comply with certification requirements to establish that you are not a U.S. person and are eligible for such an exemption or reduction under an applicable tax treaty. You should consult your tax adviser regarding the tax treatment of the securities, including the possibility of obtaining a refund of any amounts withheld and the certification requirement described above.

 

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, 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).

 

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.

 

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.

 

June 2025PS-15
Citigroup Global Markets Holdings Inc.

9,193 Contingent Income Auto-Callable Securities Due December 29, 2028

Based on the Performance of the Common Stock of Amgen Inc.

Principal at Risk Securities

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 $25.00 for each $1,000.00 security sold in this offering. From this underwriting fee, CGMI will pay selected dealers not affiliated with CGMI, including Morgan Stanley Wealth Management, and their financial advisors collectively a fixed selling concession of $20.00 for each $1,000.00 security they sell. In addition, Morgan Stanley Wealth Management will receive a structuring fee of $5.00 for each security they sell. For the avoidance of doubt, the fees and selling concessions described in this pricing supplement will not be rebated if the securities are automatically redeemed prior to maturity.

 

The costs included in the original issue price of the securities will include a fee paid by CGMI to LFT Securities, LLC, an entity in which an affiliate of Morgan Stanley Wealth Management has an ownership interest, for providing certain electronic platform services with respect to this offering.

 

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.

 

For a period of approximately three 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 three-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.”

 

Validity of the Securities

 

In the opinion of Davis Polk & Wardwell LLP, as special products counsel to Citigroup Global Markets Holdings Inc., when the securities offered by this pricing supplement have been executed and issued by Citigroup Global Markets Holdings Inc. and authenticated by the trustee pursuant to the indenture, and delivered against payment therefor, such securities and the related guarantee of Citigroup Inc. will be valid and binding obligations of Citigroup Global Markets Holdings Inc. and Citigroup Inc., respectively, enforceable in accordance with their respective terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date of this pricing supplement and is limited to the laws of the State of New York, except that such counsel expresses no opinion as to the application of state securities or Blue Sky laws to the securities.

 

In giving this opinion, Davis Polk & Wardwell LLP has assumed the legal conclusions expressed in the opinions set forth below of Alexia Breuvart, Secretary and General Counsel of Citigroup Global Markets Holdings Inc., and Karen Wang, Senior Vice President – Corporate Securities Issuance Legal of Citigroup Inc.  In addition, this opinion is subject to the assumptions set forth in the letter of Davis Polk & Wardwell LLP dated February 14, 2024, which has been filed as an exhibit to a Current Report on Form 8-K filed by Citigroup Inc. on February 14, 2024, that the indenture has been duly authorized, executed and delivered by, and is a valid, binding and enforceable agreement of, the trustee and that none of the terms of the securities nor the issuance and delivery of the securities and the related guarantee, nor the compliance by Citigroup Global Markets Holdings Inc. and Citigroup Inc. with the terms of the securities and the related guarantee respectively, will result in a violation of any provision of any instrument or agreement then binding upon Citigroup Global Markets Holdings Inc. or Citigroup Inc., as applicable, or any restriction imposed by any court or governmental body having jurisdiction over Citigroup Global Markets Holdings Inc. or Citigroup Inc., as applicable.

 

In the opinion of Alexia Breuvart, Secretary and General Counsel of Citigroup Global Markets Holdings Inc., (i) the terms of the securities offered by this pricing supplement have been duly established under the indenture and the Board of Directors (or a duly authorized committee thereof) of Citigroup Global Markets Holdings Inc. has duly authorized the issuance and sale of such securities and such authorization has not

 

June 2025PS-16
Citigroup Global Markets Holdings Inc.

9,193 Contingent Income Auto-Callable Securities Due December 29, 2028

Based on the Performance of the Common Stock of Amgen Inc.

Principal at Risk Securities

been modified or rescinded; (ii) Citigroup Global Markets Holdings Inc. is validly existing and in good standing under the laws of the State of New York; (iii) the indenture has been duly authorized, executed and delivered by Citigroup Global Markets Holdings Inc.; and (iv) the execution and delivery of such indenture and of the securities offered by this pricing supplement by Citigroup Global Markets Holdings Inc., and the performance by Citigroup Global Markets Holdings Inc. of its obligations thereunder, are within its corporate powers and do not contravene its certificate of incorporation or bylaws or other constitutive documents. This opinion is given as of the date of this pricing supplement and is limited to the laws of the State of New York.

 

Alexia Breuvart, or other internal attorneys with whom she has consulted, has examined and is familiar with originals, or copies certified or otherwise identified to her satisfaction, of such corporate records of Citigroup Global Markets Holdings Inc., certificates or documents as she has deemed appropriate as a basis for the opinions expressed above. In such examination, she or such persons has assumed the legal capacity of all natural persons, the genuineness of all signatures (other than those of officers of Citigroup Global Markets Holdings Inc.), the authenticity of all documents submitted to her or such persons as originals, the conformity to original documents of all documents submitted to her or such persons as certified or photostatic copies and the authenticity of the originals of such copies.

 

In the opinion of Karen Wang, Senior Vice President – Corporate Securities Issuance Legal of Citigroup Inc., (i) the Board of Directors (or a duly authorized committee thereof) of Citigroup Inc. has duly authorized the guarantee of such securities by Citigroup Inc. and such authorization has not been modified or rescinded; (ii) Citigroup Inc. is validly existing and in good standing under the laws of the State of Delaware; (iii) the indenture has been duly authorized, executed and delivered by Citigroup Inc.; and (iv) the execution and delivery of such indenture, and the performance by Citigroup Inc. of its obligations thereunder, are within its corporate powers and do not contravene its certificate of incorporation or bylaws or other constitutive documents.  This opinion is given as of the date of this pricing supplement and is limited to the General Corporation Law of the State of Delaware.

 

Karen Wang, or other internal attorneys with whom she has consulted, has examined and is familiar with originals, or copies certified or otherwise identified to her satisfaction, of such corporate records of Citigroup Inc., certificates or documents as she has deemed appropriate as a basis for the opinions expressed above. In such examination, she or such persons has assumed the legal capacity of all natural persons, the genuineness of all signatures (other than those of officers of Citigroup Inc.), the authenticity of all documents submitted to her or such persons as originals, the conformity to original documents of all documents submitted to her or such persons as certified or photostatic copies and the authenticity of the originals of such copies.

 

© 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.

 

June 2025PS-17

 

 

 

 

FAQ

What is the coupon rate on Citigroup’s 2025 AMGN-linked contingent income securities (CUSIP 17333LBW4)?

The notes pay a 2.625% quarterly coupon, equivalent to 10.50% per annum, when AMGN closes at or above 70% of its initial price.

When can the securities be automatically redeemed by Citigroup (symbol C)?

Starting 26-Sep-2025 and on each subsequent valuation date, the notes are redeemed if AMGN’s closing price is at least the $279.11 initial price.

What happens at maturity if Amgen stock falls below 70% of the initial price?

Holders receive $1,000 plus $1,000 × (Final Price − Initial Price) / Initial Price, potentially less than $700 or even zero, and no coupon.

How does the estimated value compare with the $1,000 issue price?

Citigroup’s model-based estimated value is $971.50, reflecting underwriting, hedging and structuring costs embedded in the offer price.

Are the notes listed on an exchange or tradeable in liquid markets?

No. The securities will not be listed; any secondary liquidity is provided solely at Citigroup Global Markets Inc.’s discretion.

Do investors receive Amgen dividends through this product?

No. Holders do not receive dividends or any other shareholder rights associated with Amgen common stock.
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