[FWP] Citigroup Inc. Free Writing Prospectus
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering 1-Year Barrier Securities linked to the S&P 500 Index (ticker: SPX). Each $1,000 note provides 100% upside participation, but total gain is capped at a minimum 10.70% maximum return (final rate set on the July 28 2025 pricing date). At maturity on August 3 2026, investors receive:
- $1,000 + return amount if the SPX closes above its initial level, subject to the cap.
- $1,000 principal if the SPX is ≤ initial level but ≥ the 80% barrier.
- $1,000 × underlying return if the SPX falls below the barrier—resulting in losses of 1% per 1% decline with no floor.
The notes pay no coupons or dividends, are not exchange-listed, and are exposed to the credit risk of both the issuer and guarantor. The estimated issue price will be below par and secondary market liquidity may be limited. Key risks include full principal loss below the barrier, limited upside from the cap, lack of interim payments, and unclear U.S. tax treatment.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., offre Titoli Barrier a 1 anno collegati all'indice S&P 500 (ticker: SPX). Ogni titolo da $1.000 offre una partecipazione al rialzo del 100%, con un guadagno massimo minimo fissato al 10,70% (tasso finale stabilito il 28 luglio 2025). Alla scadenza, il 3 agosto 2026, gli investitori riceveranno:
- $1.000 più l'importo del rendimento se l'SPX chiude sopra il livello iniziale, entro il limite massimo.
- $1.000 di capitale se l'SPX è ≤ al livello iniziale ma ≥ all'80% della barriera.
- $1.000 moltiplicato per il rendimento sottostante se l'SPX scende sotto la barriera, con perdite dell'1% per ogni 1% di calo, senza limite minimo.
I titoli non pagano cedole o dividendi, non sono quotati in borsa e sono soggetti al rischio di credito sia dell'emittente che del garante. Il prezzo di emissione stimato sarà inferiore al valore nominale e la liquidità sul mercato secondario potrebbe essere limitata. I rischi principali includono la possibile perdita totale del capitale sotto la barriera, il guadagno limitato dal tetto massimo, l'assenza di pagamenti intermedi e l'incertezza sul trattamento fiscale negli Stati Uniti.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., ofrece Valores Barrera a 1 año vinculados al índice S&P 500 (símbolo: SPX). Cada nota de $1,000 proporciona una participación al alza del 100%, con una ganancia máxima mínima del 10,70% (tasa final establecida el 28 de julio de 2025). Al vencimiento, el 3 de agosto de 2026, los inversionistas recibirán:
- $1,000 más el monto del rendimiento si el SPX cierra por encima del nivel inicial, sujeto al límite máximo.
- $1,000 de principal si el SPX está ≤ al nivel inicial pero ≥ al 80% de la barrera.
- $1,000 multiplicado por el rendimiento subyacente si el SPX cae por debajo de la barrera, con pérdidas del 1% por cada 1% de caída, sin límite mínimo.
Las notas no pagan cupones ni dividendos, no están listadas en bolsa y están expuestas al riesgo crediticio tanto del emisor como del garante. El precio estimado de emisión será inferior al valor nominal y la liquidez en el mercado secundario puede ser limitada. Los riesgos clave incluyen la pérdida total del principal por debajo de la barrera, la ganancia limitada por el tope, la falta de pagos intermedios y el tratamiento fiscal incierto en EE.UU.
Citigroup Global Markets Holdings Inc.는 Citigroup Inc.의 보증을 받아 S&P 500 지수(SPX)를 기초로 하는 1년 만기 배리어 증권을 제공합니다. 각 $1,000 어치 증권은 100% 상승 참여를 제공하며, 총 수익은 최소 10.70%의 최대 수익률(2025년 7월 28일 가격 결정일 기준)로 제한됩니다. 2026년 8월 3일 만기 시 투자자는 다음을 받게 됩니다:
- SPX가 초기 수준을 상회하며 마감할 경우 $1,000 원금과 제한 내 수익금.
- SPX가 초기 수준 이하이지만 80% 배리어 이상일 경우 $1,000 원금.
- SPX가 배리어 아래로 떨어질 경우 $1,000에 기초 수익률을 곱한 금액 - 1% 하락 시 1% 손실, 손실 하한선 없음.
이 증권은 쿠폰이나 배당금을 지급하지 않으며, 거래소에 상장되지 않고, 발행자와 보증인의 신용 위험에 노출되어 있습니다. 예상 발행가는 액면가 이하이며, 2차 시장 유동성은 제한적일 수 있습니다. 주요 위험으로는 배리어 아래에서의 전액 원금 손실, 수익 제한, 중간 지급금 부재, 미국 세금 처리 불확실성이 포함됩니다.
Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., propose des titres à barrière d’une durée d’un an, liés à l’indice S&P 500 (symbole : SPX). Chaque note de 1 000 $ offre une participation à la hausse de 100 %, avec un rendement maximum minimum de 10,70 % (taux final fixé à la date de tarification du 28 juillet 2025). À l’échéance, le 3 août 2026, les investisseurs recevront :
- 1 000 $ plus le montant du rendement si le SPX clôture au-dessus de son niveau initial, sous réserve du plafond.
- 1 000 $ de capital si le SPX est ≤ au niveau initial mais ≥ à la barrière de 80 %.
- 1 000 $ multiplié par le rendement sous-jacent si le SPX tombe en dessous de la barrière – entraînant des pertes de 1 % pour chaque baisse de 1 %, sans plancher.
Les notes ne versent ni coupons ni dividendes, ne sont pas cotées en bourse et sont exposées au risque de crédit de l’émetteur et du garant. Le prix d’émission estimé sera inférieur à la valeur nominale et la liquidité sur le marché secondaire peut être limitée. Les principaux risques incluent la perte totale du capital en dessous de la barrière, le gain limité par le plafond, l’absence de paiements intermédiaires et une incertitude fiscale aux États-Unis.
Citigroup Global Markets Holdings Inc., garantiert von Citigroup Inc., bietet 1-Jahres-Barrierescheine, die an den S&P 500 Index (Ticker: SPX) gekoppelt sind. Jede Note im Wert von 1.000 $ bietet eine 100%ige Partizipation am Aufwärtspotenzial, jedoch ist der Gesamtertrag auf eine minimale Maximalrendite von 10,70 % begrenzt (Endrate festgelegt am 28. Juli 2025). Bei Fälligkeit am 3. August 2026 erhalten Anleger:
- 1.000 $ plus den Ertragsbetrag, wenn der SPX über dem Anfangsniveau schließt, unter Berücksichtigung der Obergrenze.
- 1.000 $ Kapital, wenn der SPX ≤ Anfangsniveau, aber ≥ 80 % der Barriere liegt.
- 1.000 $ multipliziert mit der zugrunde liegenden Rendite, falls der SPX unter die Barriere fällt – mit Verlusten von 1 % pro 1 % Rückgang ohne Untergrenze.
Die Notes zahlen keine Kupons oder Dividenden, sind nicht börsennotiert und unterliegen dem Kreditrisiko des Emittenten und des Garanten. Der geschätzte Ausgabepreis liegt unter dem Nennwert, und die Liquidität am Sekundärmarkt kann eingeschränkt sein. Zu den wesentlichen Risiken zählen der vollständige Kapitalverlust unterhalb der Barriere, die begrenzte Gewinnchance durch die Obergrenze, das Fehlen von Zwischenzahlungen und die unklare US-Steuerbehandlung.
- Principal protected down to a 20% decline in the S&P 500 due to the 80% barrier.
- 100% upside participation on SPX gains until the cap (minimum 10.70%) is reached.
- Obligations are guaranteed by Citigroup Inc., adding an additional credit backstop.
- Unlimited downside below the 80% barrier; investors can lose up to all principal.
- Maximum return is capped at a minimum 10.70%, limiting upside potential.
- Notes pay no interest and do not provide SPX dividends.
- Credit risk of both Citigroup Global Markets Holdings Inc. and Citigroup Inc.
- Securities are not exchange-listed, restricting liquidity before maturity.
- Estimated value on pricing date will be below the $1,000 issue price.
- U.S. tax consequences are uncertain.
Insights
TL;DR — Standard capped-return, 80% barrier note; routine funding trade, limited investor upside.
The security is a typical one-year equity-linked note used by Citi for balance-sheet funding. Investors get par protection down to a 20% SPX decline and 1:1 upside participation, but the payoff is capped at a minimum 10.70%, muting benefits in strong markets. From Citi’s perspective the structure is low-risk: the embedded option premium is attractive, and no periodic coupons are paid. Because the instrument is neither large nor unique, I view the filing as routine with negligible impact on Citi’s earnings or capital ratios.
TL;DR — Note carries high downside for buyers; credit and liquidity risks remain.
Holders face uncapped losses once SPX breaches the 80% barrier, receive no interest, and cannot exit easily because the notes will not be listed. Credit exposure to Citi and the guarantor could amplify losses in a stress scenario. While these features are clearly disclosed, they tilt risk–reward in Citi’s favor and are typical of structured note programs. For Citi, the transaction is de-minimis to overall risk profile and therefore not materially market-moving.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., offre Titoli Barrier a 1 anno collegati all'indice S&P 500 (ticker: SPX). Ogni titolo da $1.000 offre una partecipazione al rialzo del 100%, con un guadagno massimo minimo fissato al 10,70% (tasso finale stabilito il 28 luglio 2025). Alla scadenza, il 3 agosto 2026, gli investitori riceveranno:
- $1.000 più l'importo del rendimento se l'SPX chiude sopra il livello iniziale, entro il limite massimo.
- $1.000 di capitale se l'SPX è ≤ al livello iniziale ma ≥ all'80% della barriera.
- $1.000 moltiplicato per il rendimento sottostante se l'SPX scende sotto la barriera, con perdite dell'1% per ogni 1% di calo, senza limite minimo.
I titoli non pagano cedole o dividendi, non sono quotati in borsa e sono soggetti al rischio di credito sia dell'emittente che del garante. Il prezzo di emissione stimato sarà inferiore al valore nominale e la liquidità sul mercato secondario potrebbe essere limitata. I rischi principali includono la possibile perdita totale del capitale sotto la barriera, il guadagno limitato dal tetto massimo, l'assenza di pagamenti intermedi e l'incertezza sul trattamento fiscale negli Stati Uniti.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., ofrece Valores Barrera a 1 año vinculados al índice S&P 500 (símbolo: SPX). Cada nota de $1,000 proporciona una participación al alza del 100%, con una ganancia máxima mínima del 10,70% (tasa final establecida el 28 de julio de 2025). Al vencimiento, el 3 de agosto de 2026, los inversionistas recibirán:
- $1,000 más el monto del rendimiento si el SPX cierra por encima del nivel inicial, sujeto al límite máximo.
- $1,000 de principal si el SPX está ≤ al nivel inicial pero ≥ al 80% de la barrera.
- $1,000 multiplicado por el rendimiento subyacente si el SPX cae por debajo de la barrera, con pérdidas del 1% por cada 1% de caída, sin límite mínimo.
Las notas no pagan cupones ni dividendos, no están listadas en bolsa y están expuestas al riesgo crediticio tanto del emisor como del garante. El precio estimado de emisión será inferior al valor nominal y la liquidez en el mercado secundario puede ser limitada. Los riesgos clave incluyen la pérdida total del principal por debajo de la barrera, la ganancia limitada por el tope, la falta de pagos intermedios y el tratamiento fiscal incierto en EE.UU.
Citigroup Global Markets Holdings Inc.는 Citigroup Inc.의 보증을 받아 S&P 500 지수(SPX)를 기초로 하는 1년 만기 배리어 증권을 제공합니다. 각 $1,000 어치 증권은 100% 상승 참여를 제공하며, 총 수익은 최소 10.70%의 최대 수익률(2025년 7월 28일 가격 결정일 기준)로 제한됩니다. 2026년 8월 3일 만기 시 투자자는 다음을 받게 됩니다:
- SPX가 초기 수준을 상회하며 마감할 경우 $1,000 원금과 제한 내 수익금.
- SPX가 초기 수준 이하이지만 80% 배리어 이상일 경우 $1,000 원금.
- SPX가 배리어 아래로 떨어질 경우 $1,000에 기초 수익률을 곱한 금액 - 1% 하락 시 1% 손실, 손실 하한선 없음.
이 증권은 쿠폰이나 배당금을 지급하지 않으며, 거래소에 상장되지 않고, 발행자와 보증인의 신용 위험에 노출되어 있습니다. 예상 발행가는 액면가 이하이며, 2차 시장 유동성은 제한적일 수 있습니다. 주요 위험으로는 배리어 아래에서의 전액 원금 손실, 수익 제한, 중간 지급금 부재, 미국 세금 처리 불확실성이 포함됩니다.
Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., propose des titres à barrière d’une durée d’un an, liés à l’indice S&P 500 (symbole : SPX). Chaque note de 1 000 $ offre une participation à la hausse de 100 %, avec un rendement maximum minimum de 10,70 % (taux final fixé à la date de tarification du 28 juillet 2025). À l’échéance, le 3 août 2026, les investisseurs recevront :
- 1 000 $ plus le montant du rendement si le SPX clôture au-dessus de son niveau initial, sous réserve du plafond.
- 1 000 $ de capital si le SPX est ≤ au niveau initial mais ≥ à la barrière de 80 %.
- 1 000 $ multiplié par le rendement sous-jacent si le SPX tombe en dessous de la barrière – entraînant des pertes de 1 % pour chaque baisse de 1 %, sans plancher.
Les notes ne versent ni coupons ni dividendes, ne sont pas cotées en bourse et sont exposées au risque de crédit de l’émetteur et du garant. Le prix d’émission estimé sera inférieur à la valeur nominale et la liquidité sur le marché secondaire peut être limitée. Les principaux risques incluent la perte totale du capital en dessous de la barrière, le gain limité par le plafond, l’absence de paiements intermédiaires et une incertitude fiscale aux États-Unis.
Citigroup Global Markets Holdings Inc., garantiert von Citigroup Inc., bietet 1-Jahres-Barrierescheine, die an den S&P 500 Index (Ticker: SPX) gekoppelt sind. Jede Note im Wert von 1.000 $ bietet eine 100%ige Partizipation am Aufwärtspotenzial, jedoch ist der Gesamtertrag auf eine minimale Maximalrendite von 10,70 % begrenzt (Endrate festgelegt am 28. Juli 2025). Bei Fälligkeit am 3. August 2026 erhalten Anleger:
- 1.000 $ plus den Ertragsbetrag, wenn der SPX über dem Anfangsniveau schließt, unter Berücksichtigung der Obergrenze.
- 1.000 $ Kapital, wenn der SPX ≤ Anfangsniveau, aber ≥ 80 % der Barriere liegt.
- 1.000 $ multipliziert mit der zugrunde liegenden Rendite, falls der SPX unter die Barriere fällt – mit Verlusten von 1 % pro 1 % Rückgang ohne Untergrenze.
Die Notes zahlen keine Kupons oder Dividenden, sind nicht börsennotiert und unterliegen dem Kreditrisiko des Emittenten und des Garanten. Der geschätzte Ausgabepreis liegt unter dem Nennwert, und die Liquidität am Sekundärmarkt kann eingeschränkt sein. Zu den wesentlichen Risiken zählen der vollständige Kapitalverlust unterhalb der Barriere, die begrenzte Gewinnchance durch die Obergrenze, das Fehlen von Zwischenzahlungen und die unklare US-Steuerbehandlung.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
Hypothetical Payment at Maturity per Security**
|
n The Underlying |
n The Securities |
|
|
Hypothetical Underlying Return on Valuation Date |
Hypothetical Security Return |
Hypothetical Payment at Maturity |
|
|
100.00% |
10.70% |
$1,107.00 |
|
|
50.00% |
10.70% |
$1,107.00 |
|
D |
25.00% |
10.70% |
$1,107.00 |
|
|
10.70% |
10.70% |
$1,107.00 |
|
|
10.69% |
10.69% |
$1,106.90 |
|
C |
5.00% |
5.00% |
$1,050.00 |
|
|
0.00% |
0.00% |
$1,000.00 |
|
B |
-10.00% |
0.00% |
$1,000.00 |
|
|
-20.00% |
0.00% |
$1,000.00 |
|
|
-20.01% |
-20.01% |
$799.90 |
|
A |
-25.00% |
-25.00% |
$750.00 |
|
|
-50.00% |
-50.00% |
$500.00 |
1 Year Barrier Securities Linked to SPX
Preliminary Terms
This summary of terms is not complete and should be read with the preliminary pricing supplement below
|
Issuer: |
Citigroup Global Markets Holdings Inc. |
|
Guarantor: |
Citigroup Inc. |
|
Underlying: |
The S&P 500® Index (ticker: “SPX”) |
|
Pricing date: |
July 28, 2025 |
|
Valuation date: |
July 28, 2026 |
|
Maturity date: |
August 3, 2026 |
|
Return amount: |
$1,000 × the underlying return × the upside participation rate |
|
Upside participation rate: |
100.00% |
|
Maximum return at maturity: |
At least 10.70%* |
|
Final barrier value: |
80.00% of the initial underlying value |
|
CUSIP / ISIN: |
17333LFG5 / US17333LFG59 |
|
Initial underlying value: |
The closing value on the pricing date |
|
Final underlying value: |
The closing value on the valuation date |
|
Underlying return: |
(Final underlying value - initial underlying value) / initial underlying value |
|
Payment at maturity: |
•If the final underlying value is greater than the initial underlying value: $1,000 + the return amount, subject to the maximum return at maturity •If the final underlying value is less than or equal to the initial underlying value but greater than or equal to the final barrier value: $1,000 •If the final underlying value is less than the final barrier value: $1,000 + ($1,000 × the underlying return) If the final underlying value is less than the final barrier value, you will receive significantly less than the stated principal amount of your securities, and possibly nothing, at maturity. All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. |
|
Stated principal amount: |
$1,000 per security |
|
Preliminary pricing supplement: |
Preliminary Pricing Supplement dated June 30, 2025 |
* The actual maximum return at maturity will be determined on the pricing date.
** The diagram and the hypotheticals assume the lowest return at maturity.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
|
Additional Information |
|
Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed registration statements (including the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus in those registration statements (File Nos. 333-270327 and 333-270327-01) and the other documents Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed with the SEC for more complete information about Citigroup Global Markets Holdings Inc., Citigroup Inc. and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request these documents by calling toll-free 1-800-831-9146.
Filed pursuant to Rule 433 |
|
This offering summary does not contain all of the material information an investor should consider before investing in the securities. This offering summary is not for distribution in isolation and must be read together with the accompanying preliminary pricing supplement and the other documents referred to therein, which can be accessed via the link on the first page. |
|
Selected Risk Considerations |
|
•You may lose a significant portion or all of your investment. Your payment at maturity will depend on the final underlying value. If the final underlying value is less than the final barrier value, you will lose 1% of the stated principal amount of your securities for every 1% by which the underlying has declined from the initial underlying value. There is no minimum payment at maturity on the securities, and you may lose up to all of your investment. •Your potential return on the securities is limited to the maximum return at maturity. •The securities do not pay interest. •You will not receive dividends or have any other rights with respect to the underlying. •Your payment at maturity depends on the closing value of the underlying on a single day. •The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. If Citigroup Global Markets Holdings Inc. defaults on its 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 estimated value of the securities on the pricing date will be less than the issue price. For more information about the estimated value of the securities, see the accompanying preliminary pricing supplement. •The value of the securities prior to maturity will fluctuate based on many unpredictable factors. •The issuer and its affiliates may have conflicts of interest with you. •The U.S. federal tax consequences of an investment in the securities are unclear. |
|
The above summary of selected risks does not describe all of the risks associated with an investment in the securities. You should read the accompanying preliminary pricing supplement and product supplement for a more complete description of risks relating to the securities. |
FAQ
What is the maximum return for Citigroup (C) 1-Year Barrier Securities?
How much principal protection do the SPX-linked notes offer?
When do the securities mature?
Are the notes affected by Citigroup’s credit risk?
Will the securities pay any coupons or dividends before maturity?
Can investors sell the securities before maturity?
