[FWP] Citigroup Inc. Free Writing Prospectus
Citigroup Global Markets Holdings Inc., fully guaranteed by Citigroup Inc., is marketing Market-Linked Securities linked to the S&P 500® Index that combine leveraged upside exposure with principal-at-risk features.
The notes will be issued at $1,000 per security on or about August 4, 2025 and mature on August 4, 2027. Investors will receive:
- Upside: 125% participation in any positive index return, subject to a maximum total return of at least 18.50% ($185), to be fixed on the July 30, 2025 pricing date.
- Principal protection: A 10% downside buffer. If the S&P 500® ends at or above 90% of its starting value, holders receive full principal; below that level, losses match index declines beyond the 10% buffer, up to a possible 90% loss.
- No coupon: The securities do not pay periodic interest or dividends.
Key structural terms include a threshold value equal to 90% of the starting value and redemption based on the closing level on a single calculation day (July 30, 2027). The estimated initial value will be at least $915, lower than the public offering price, reflecting dealer discounts (up to 2.825%) and Citigroup’s internal funding rate.
Material risks highlighted in the term sheet: potential loss of up to 90% of principal, limited upside, lack of liquidity (no exchange listing), credit risk of Citigroup entities, and tax uncertainty. Secondary market prices may initially include a temporary upward adjustment by Wells Fargo Advisors and can be significantly below issue price thereafter.
These instruments are complex, intended for investors comfortable with equity-linked risk and Citigroup credit exposure, and who accept capped returns in exchange for a 10% buffer.
Citigroup Global Markets Holdings Inc., garantita integralmente da Citigroup Inc., sta promuovendo titoli collegati al mercato legati all'indice S&P 500® che offrono un'esposizione rialzista con leva e caratteristiche di rischio sul capitale.
I titoli saranno emessi a 1.000 $ ciascuno intorno al 4 agosto 2025 e scadranno il 4 agosto 2027. Gli investitori riceveranno:
- Rendimento positivo: partecipazione al 125% di qualsiasi rialzo positivo dell'indice, con un rendimento massimo totale di almeno il 18,50% (185 $), che sarà fissato il 30 luglio 2025, data di valutazione del prezzo.
- Protezione del capitale: un buffer di ribasso del 10%. Se l'S&P 500® chiude al 90% o sopra il valore iniziale, i detentori riceveranno il capitale pieno; al di sotto di questo livello, le perdite corrisponderanno ai cali dell'indice oltre il buffer del 10%, fino a una perdita massima del 90%.
- Nessuna cedola: i titoli non pagano interessi o dividendi periodici.
I termini strutturali chiave includono un valore soglia pari al 90% del valore iniziale e il rimborso basato sul valore di chiusura in un unico giorno di calcolo (30 luglio 2027). Il valore iniziale stimato sarà almeno 915 $, inferiore al prezzo di offerta pubblica, riflettendo sconti dei dealer (fino al 2,825%) e il tasso di finanziamento interno di Citigroup.
Rischi rilevanti evidenziati nel prospetto: possibile perdita fino al 90% del capitale, rendimento limitato, mancanza di liquidità (assenza di quotazione in borsa), rischio di credito delle entità Citigroup e incertezza fiscale. I prezzi sul mercato secondario possono inizialmente includere un aggiustamento temporaneo al rialzo da parte di Wells Fargo Advisors e successivamente essere significativamente inferiori al prezzo di emissione.
Questi strumenti sono complessi, destinati a investitori che accettano il rischio legato all'equity e all'esposizione creditizia di Citigroup, e che accettano rendimenti limitati in cambio di un buffer del 10%.
Citigroup Global Markets Holdings Inc., garantizado completamente por Citigroup Inc., está promoviendo valores vinculados al mercado relacionados con el índice S&P 500® que combinan exposición apalancada al alza con características de riesgo sobre el principal.
Los bonos se emitirán a 1.000 $ por valor aproximadamente el 4 de agosto de 2025 y vencerán el 4 de agosto de 2027. Los inversores recibirán:
- Subida: participación del 125% en cualquier retorno positivo del índice, con un retorno total máximo de al menos 18,50% (185 $), que se fijará el 30 de julio de 2025, fecha de valoración del precio.
- Protección del principal: un colchón a la baja del 10%. Si el S&P 500® termina en o por encima del 90% de su valor inicial, los tenedores reciben el principal completo; por debajo de ese nivel, las pérdidas corresponden a las caídas del índice más allá del colchón del 10%, hasta una posible pérdida del 90%.
- Sin cupón: Los valores no pagan intereses ni dividendos periódicos.
Los términos estructurales clave incluyen un valor umbral igual al 90% del valor inicial y el reembolso basado en el nivel de cierre en un único día de cálculo (30 de julio de 2027). El valor inicial estimado será al menos 915 $, inferior al precio de oferta pública, reflejando descuentos de los distribuidores (hasta 2,825%) y la tasa interna de financiación de Citigroup.
Riesgos materiales destacados en la hoja de términos: posible pérdida de hasta el 90% del principal, retorno limitado, falta de liquidez (sin cotización en bolsa), riesgo crediticio de las entidades Citigroup y incertidumbre fiscal. Los precios en el mercado secundario pueden inicialmente incluir un ajuste temporal al alza por parte de Wells Fargo Advisors y pueden estar significativamente por debajo del precio de emisión posteriormente.
Estos instrumentos son complejos, destinados a inversores que estén cómodos con el riesgo vinculado a acciones y la exposición crediticia de Citigroup, y que acepten retornos limitados a cambio de un colchón del 10%.
Citigroup Global Markets Holdings Inc.는 Citigroup Inc.가 전액 보증하며, 레버리지 상승 노출과 원금 위험 기능이 결합된 S&P 500® 지수 연계 시장 연계 증권을 마케팅하고 있습니다.
이 증권은 2025년 8월 4일경에 증권당 1,000달러에 발행되며, 만기는 2027년 8월 4일입니다. 투자자는 다음을 받게 됩니다:
- 상승 수익: 긍정적인 지수 수익에 대해 125% 참여하며, 최대 총수익은 최소 18.50% (185달러)로, 2025년 7월 30일 가격 산정일에 확정됩니다.
- 원금 보호: 10% 하락 완충 장치. S&P 500®가 시작 가치의 90% 이상으로 마감하면 투자자는 원금을 전액 받으며, 그 이하일 경우 10% 완충을 초과하는 지수 하락분에 대해 손실이 발생하며 최대 90% 손실 가능성이 있습니다.
- 쿠폰 없음: 이 증권은 정기 이자나 배당금을 지급하지 않습니다.
주요 구조적 조건은 시작 가치의 90%에 해당하는 임계값과 단일 계산일(2027년 7월 30일) 종가를 기준으로 한 상환입니다. 예상 초기 가치는 최소 915달러로, 공모가보다 낮으며 딜러 할인(최대 2.825%)과 Citigroup 내부 자금 조달 금리가 반영되어 있습니다.
중대한 위험 요소는 조건서에 강조되어 있으며, 원금 최대 90% 손실 가능성, 제한된 상승 잠재력, 유동성 부족(거래소 상장 없음), Citigroup 관련 신용 위험 및 세금 불확실성을 포함합니다. 2차 시장 가격은 초기에는 Wells Fargo Advisors의 일시적 상승 조정을 포함할 수 있으며 이후 발행가보다 크게 낮을 수 있습니다.
이 상품은 복잡하며, 주식 연계 위험과 Citigroup 신용 노출에 익숙하고 10% 완충 장치를 감수하는 투자자를 대상으로 합니다.
Citigroup Global Markets Holdings Inc., entièrement garanti par Citigroup Inc., commercialise des titres liés au marché associés à l'indice S&P 500® qui offrent une exposition haussière à effet de levier avec des caractéristiques de risque en capital.
Les notes seront émises à 1 000 $ par titre aux alentours du 4 août 2025 et arriveront à échéance le 4 août 2027. Les investisseurs recevront :
- Potentiel de hausse : une participation de 125 % à toute performance positive de l'indice, avec un rendement total maximal d'au moins 18,50 % (185 $), qui sera fixé à la date de valorisation du 30 juillet 2025.
- Protection du capital : un coussin de baisse de 10 %. Si le S&P 500® termine à au moins 90 % de sa valeur initiale, les détenteurs reçoivent la totalité du capital ; en dessous de ce seuil, les pertes correspondent aux baisses de l'indice au-delà du coussin de 10 %, jusqu'à une perte possible de 90 %.
- Pas de coupon : Les titres ne versent pas d'intérêts ou de dividendes périodiques.
Les principales caractéristiques structurelles incluent une valeur seuil égale à 90 % de la valeur initiale et un remboursement basé sur le niveau de clôture à une seule date de calcul (30 juillet 2027). La valeur initiale estimée sera d'au moins 915 $, inférieure au prix d'offre publique, reflétant les décotes des teneurs de marché (jusqu'à 2,825 %) et le taux de financement interne de Citigroup.
Risques importants mis en avant dans la fiche technique : perte potentielle allant jusqu'à 90 % du capital, rendement limité, manque de liquidité (pas de cotation en bourse), risque de crédit des entités Citigroup et incertitudes fiscales. Les prix sur le marché secondaire peuvent initialement inclure un ajustement temporaire à la hausse par Wells Fargo Advisors et peuvent ensuite être nettement inférieurs au prix d'émission.
Ces instruments sont complexes, destinés aux investisseurs à l'aise avec le risque lié aux actions et l'exposition au crédit de Citigroup, acceptant des rendements plafonnés en échange d'un coussin de 10 %.
Citigroup Global Markets Holdings Inc., vollständig garantiert von Citigroup Inc., bietet marktgebundene Wertpapiere an, die mit dem S&P 500® Index verknüpft sind und eine gehebelte Aufwärtsbeteiligung mit Kapitalrisikoeigenschaften kombinieren.
Die Schuldverschreibungen werden voraussichtlich am oder um den 4. August 2025 zu je 1.000 $ ausgegeben und laufen bis zum 4. August 2027. Anleger erhalten:
- Aufwärtspotenzial: 125% Beteiligung an positiven Indexrenditen, begrenzt auf eine maximale Gesamtrendite von mindestens 18,50 % (185 $), die am 30. Juli 2025, dem Bewertungstag, festgelegt wird.
- Kapitalschutz: Ein Abschwächungspuffer von 10 %. Liegt der S&P 500® am Ende mindestens bei 90 % des Anfangswerts, erhalten die Inhaber den vollen Nennwert; darunter entsprechen Verluste den Indexrückgängen über den 10%-Puffer hinaus, mit einem maximalen Verlust von 90 %.
- Keine Kupons: Die Wertpapiere zahlen keine regelmäßigen Zinsen oder Dividenden.
Wichtige strukturelle Merkmale umfassen einen Schwellenwert von 90 % des Anfangswerts und die Rückzahlung basierend auf dem Schlusskurs an einem einzelnen Berechnungstag (30. Juli 2027). Der geschätzte Anfangswert beträgt mindestens 915 $, was unter dem öffentlichen Angebotspreis liegt und Händlerabschläge (bis zu 2,825 %) sowie die interne Finanzierungsrate von Citigroup widerspiegelt.
Wesentliche Risiken, die im Term Sheet hervorgehoben werden: potenzieller Verlust von bis zu 90 % des Kapitals, begrenztes Aufwärtspotenzial, mangelnde Liquidität (keine Börsennotierung), Kreditrisiko der Citigroup-Entitäten und steuerliche Unsicherheiten. Sekundärmarktpreise können anfangs eine vorübergehende Aufwärtsanpassung durch Wells Fargo Advisors enthalten und danach deutlich unter dem Ausgabepreis liegen.
Diese Instrumente sind komplex und richten sich an Anleger, die mit aktiengebundenen Risiken und der Kreditexposition von Citigroup vertraut sind und begrenzte Renditen im Austausch für einen 10%-Puffer akzeptieren.
- 125% participation rate offers enhanced upside versus direct index exposure, subject to the cap.
- 10% downside buffer provides limited principal protection compared with outright equity investment.
- Full guarantee by Citigroup Inc. adds an additional layer of credit support relative to standalone issuer notes.
- Principal at risk beyond 10% buffer could lead to losses of up to 90% at maturity.
- Maximum return of only ~18.5% materially caps gains, even if the S&P 500 performs strongly.
- No periodic interest or dividends, causing negative carry versus other fixed-income alternatives.
- Estimated value ($≤915) below issue price indicates an immediate valuation discount to investors.
- Notes will not be exchange-listed; secondary market liquidity and pricing are uncertain.
- Unclear U.S. federal tax treatment may complicate after-tax returns.
Insights
TL;DR: Citigroup offers 2-year S&P 500-linked notes with 125% upside to an ~18.5% cap and 10% buffer; principal at risk below 90%.
The FWP outlines a standard leveraged buffered note. The 125% participation is attractive versus typical 100%–110%, but the minimum 18.5% cap limits annualized upside to roughly 8.8%—below long-run S&P averages. Downside risk beyond the 10% buffer is linear, exposing investors to equity-like losses without dividends. Estimated value (≥$915) implies a 8.5% issuance premium, and secondary liquidity is uncertain because the notes will not list on an exchange. From Citigroup’s perspective, the deal is immaterial to consolidated earnings; for investors, risk-reward hinges on a mildly bullish two-year view with tolerance for credit and liquidity risk.
TL;DR: Product carries significant tail risk, no interest, unlisted market, and relies on Citigroup credit strength.
Principal protection is only partial; a 30% S&P drawdown would cut investor principal by 20%. Credit risk is non-trivial given the 2027 maturity aligns with cyclical uncertainty. The estimated value discount and dealer commissions create negative carry from day one. Tax treatment is unsettled, adding complexity for taxable accounts. Overall, risk factors outweigh benefits for conservative income-oriented investors, though sophisticated traders may use the buffer for tactical exposure.
Citigroup Global Markets Holdings Inc., garantita integralmente da Citigroup Inc., sta promuovendo titoli collegati al mercato legati all'indice S&P 500® che offrono un'esposizione rialzista con leva e caratteristiche di rischio sul capitale.
I titoli saranno emessi a 1.000 $ ciascuno intorno al 4 agosto 2025 e scadranno il 4 agosto 2027. Gli investitori riceveranno:
- Rendimento positivo: partecipazione al 125% di qualsiasi rialzo positivo dell'indice, con un rendimento massimo totale di almeno il 18,50% (185 $), che sarà fissato il 30 luglio 2025, data di valutazione del prezzo.
- Protezione del capitale: un buffer di ribasso del 10%. Se l'S&P 500® chiude al 90% o sopra il valore iniziale, i detentori riceveranno il capitale pieno; al di sotto di questo livello, le perdite corrisponderanno ai cali dell'indice oltre il buffer del 10%, fino a una perdita massima del 90%.
- Nessuna cedola: i titoli non pagano interessi o dividendi periodici.
I termini strutturali chiave includono un valore soglia pari al 90% del valore iniziale e il rimborso basato sul valore di chiusura in un unico giorno di calcolo (30 luglio 2027). Il valore iniziale stimato sarà almeno 915 $, inferiore al prezzo di offerta pubblica, riflettendo sconti dei dealer (fino al 2,825%) e il tasso di finanziamento interno di Citigroup.
Rischi rilevanti evidenziati nel prospetto: possibile perdita fino al 90% del capitale, rendimento limitato, mancanza di liquidità (assenza di quotazione in borsa), rischio di credito delle entità Citigroup e incertezza fiscale. I prezzi sul mercato secondario possono inizialmente includere un aggiustamento temporaneo al rialzo da parte di Wells Fargo Advisors e successivamente essere significativamente inferiori al prezzo di emissione.
Questi strumenti sono complessi, destinati a investitori che accettano il rischio legato all'equity e all'esposizione creditizia di Citigroup, e che accettano rendimenti limitati in cambio di un buffer del 10%.
Citigroup Global Markets Holdings Inc., garantizado completamente por Citigroup Inc., está promoviendo valores vinculados al mercado relacionados con el índice S&P 500® que combinan exposición apalancada al alza con características de riesgo sobre el principal.
Los bonos se emitirán a 1.000 $ por valor aproximadamente el 4 de agosto de 2025 y vencerán el 4 de agosto de 2027. Los inversores recibirán:
- Subida: participación del 125% en cualquier retorno positivo del índice, con un retorno total máximo de al menos 18,50% (185 $), que se fijará el 30 de julio de 2025, fecha de valoración del precio.
- Protección del principal: un colchón a la baja del 10%. Si el S&P 500® termina en o por encima del 90% de su valor inicial, los tenedores reciben el principal completo; por debajo de ese nivel, las pérdidas corresponden a las caídas del índice más allá del colchón del 10%, hasta una posible pérdida del 90%.
- Sin cupón: Los valores no pagan intereses ni dividendos periódicos.
Los términos estructurales clave incluyen un valor umbral igual al 90% del valor inicial y el reembolso basado en el nivel de cierre en un único día de cálculo (30 de julio de 2027). El valor inicial estimado será al menos 915 $, inferior al precio de oferta pública, reflejando descuentos de los distribuidores (hasta 2,825%) y la tasa interna de financiación de Citigroup.
Riesgos materiales destacados en la hoja de términos: posible pérdida de hasta el 90% del principal, retorno limitado, falta de liquidez (sin cotización en bolsa), riesgo crediticio de las entidades Citigroup y incertidumbre fiscal. Los precios en el mercado secundario pueden inicialmente incluir un ajuste temporal al alza por parte de Wells Fargo Advisors y pueden estar significativamente por debajo del precio de emisión posteriormente.
Estos instrumentos son complejos, destinados a inversores que estén cómodos con el riesgo vinculado a acciones y la exposición crediticia de Citigroup, y que acepten retornos limitados a cambio de un colchón del 10%.
Citigroup Global Markets Holdings Inc.는 Citigroup Inc.가 전액 보증하며, 레버리지 상승 노출과 원금 위험 기능이 결합된 S&P 500® 지수 연계 시장 연계 증권을 마케팅하고 있습니다.
이 증권은 2025년 8월 4일경에 증권당 1,000달러에 발행되며, 만기는 2027년 8월 4일입니다. 투자자는 다음을 받게 됩니다:
- 상승 수익: 긍정적인 지수 수익에 대해 125% 참여하며, 최대 총수익은 최소 18.50% (185달러)로, 2025년 7월 30일 가격 산정일에 확정됩니다.
- 원금 보호: 10% 하락 완충 장치. S&P 500®가 시작 가치의 90% 이상으로 마감하면 투자자는 원금을 전액 받으며, 그 이하일 경우 10% 완충을 초과하는 지수 하락분에 대해 손실이 발생하며 최대 90% 손실 가능성이 있습니다.
- 쿠폰 없음: 이 증권은 정기 이자나 배당금을 지급하지 않습니다.
주요 구조적 조건은 시작 가치의 90%에 해당하는 임계값과 단일 계산일(2027년 7월 30일) 종가를 기준으로 한 상환입니다. 예상 초기 가치는 최소 915달러로, 공모가보다 낮으며 딜러 할인(최대 2.825%)과 Citigroup 내부 자금 조달 금리가 반영되어 있습니다.
중대한 위험 요소는 조건서에 강조되어 있으며, 원금 최대 90% 손실 가능성, 제한된 상승 잠재력, 유동성 부족(거래소 상장 없음), Citigroup 관련 신용 위험 및 세금 불확실성을 포함합니다. 2차 시장 가격은 초기에는 Wells Fargo Advisors의 일시적 상승 조정을 포함할 수 있으며 이후 발행가보다 크게 낮을 수 있습니다.
이 상품은 복잡하며, 주식 연계 위험과 Citigroup 신용 노출에 익숙하고 10% 완충 장치를 감수하는 투자자를 대상으로 합니다.
Citigroup Global Markets Holdings Inc., entièrement garanti par Citigroup Inc., commercialise des titres liés au marché associés à l'indice S&P 500® qui offrent une exposition haussière à effet de levier avec des caractéristiques de risque en capital.
Les notes seront émises à 1 000 $ par titre aux alentours du 4 août 2025 et arriveront à échéance le 4 août 2027. Les investisseurs recevront :
- Potentiel de hausse : une participation de 125 % à toute performance positive de l'indice, avec un rendement total maximal d'au moins 18,50 % (185 $), qui sera fixé à la date de valorisation du 30 juillet 2025.
- Protection du capital : un coussin de baisse de 10 %. Si le S&P 500® termine à au moins 90 % de sa valeur initiale, les détenteurs reçoivent la totalité du capital ; en dessous de ce seuil, les pertes correspondent aux baisses de l'indice au-delà du coussin de 10 %, jusqu'à une perte possible de 90 %.
- Pas de coupon : Les titres ne versent pas d'intérêts ou de dividendes périodiques.
Les principales caractéristiques structurelles incluent une valeur seuil égale à 90 % de la valeur initiale et un remboursement basé sur le niveau de clôture à une seule date de calcul (30 juillet 2027). La valeur initiale estimée sera d'au moins 915 $, inférieure au prix d'offre publique, reflétant les décotes des teneurs de marché (jusqu'à 2,825 %) et le taux de financement interne de Citigroup.
Risques importants mis en avant dans la fiche technique : perte potentielle allant jusqu'à 90 % du capital, rendement limité, manque de liquidité (pas de cotation en bourse), risque de crédit des entités Citigroup et incertitudes fiscales. Les prix sur le marché secondaire peuvent initialement inclure un ajustement temporaire à la hausse par Wells Fargo Advisors et peuvent ensuite être nettement inférieurs au prix d'émission.
Ces instruments sont complexes, destinés aux investisseurs à l'aise avec le risque lié aux actions et l'exposition au crédit de Citigroup, acceptant des rendements plafonnés en échange d'un coussin de 10 %.
Citigroup Global Markets Holdings Inc., vollständig garantiert von Citigroup Inc., bietet marktgebundene Wertpapiere an, die mit dem S&P 500® Index verknüpft sind und eine gehebelte Aufwärtsbeteiligung mit Kapitalrisikoeigenschaften kombinieren.
Die Schuldverschreibungen werden voraussichtlich am oder um den 4. August 2025 zu je 1.000 $ ausgegeben und laufen bis zum 4. August 2027. Anleger erhalten:
- Aufwärtspotenzial: 125% Beteiligung an positiven Indexrenditen, begrenzt auf eine maximale Gesamtrendite von mindestens 18,50 % (185 $), die am 30. Juli 2025, dem Bewertungstag, festgelegt wird.
- Kapitalschutz: Ein Abschwächungspuffer von 10 %. Liegt der S&P 500® am Ende mindestens bei 90 % des Anfangswerts, erhalten die Inhaber den vollen Nennwert; darunter entsprechen Verluste den Indexrückgängen über den 10%-Puffer hinaus, mit einem maximalen Verlust von 90 %.
- Keine Kupons: Die Wertpapiere zahlen keine regelmäßigen Zinsen oder Dividenden.
Wichtige strukturelle Merkmale umfassen einen Schwellenwert von 90 % des Anfangswerts und die Rückzahlung basierend auf dem Schlusskurs an einem einzelnen Berechnungstag (30. Juli 2027). Der geschätzte Anfangswert beträgt mindestens 915 $, was unter dem öffentlichen Angebotspreis liegt und Händlerabschläge (bis zu 2,825 %) sowie die interne Finanzierungsrate von Citigroup widerspiegelt.
Wesentliche Risiken, die im Term Sheet hervorgehoben werden: potenzieller Verlust von bis zu 90 % des Kapitals, begrenztes Aufwärtspotenzial, mangelnde Liquidität (keine Börsennotierung), Kreditrisiko der Citigroup-Entitäten und steuerliche Unsicherheiten. Sekundärmarktpreise können anfangs eine vorübergehende Aufwärtsanpassung durch Wells Fargo Advisors enthalten und danach deutlich unter dem Ausgabepreis liegen.
Diese Instrumente sind komplex und richten sich an Anleger, die mit aktiengebundenen Risiken und der Kreditexposition von Citigroup vertraut sind und begrenzte Renditen im Austausch für einen 10%-Puffer akzeptieren.
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Citigroup Global Markets Holdings Inc. Fully and Unconditionally Guaranteed by Citigroup Inc. |
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Term Sheet No. 2025-USNCH27367 dated June
27, 2025 relating to dated June 27, 2025 Registration Statement Nos. 333-270327 and 333-270327-01 Filed Pursuant to Rule 433 |
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Market Linked Securities— Leveraged Upside Participation to a Cap and Fixed Percentage Buffered Downside Principal at Risk Securities Linked to the S&P 500® Index due August 4, 2027 Term Sheet to Preliminary Pricing Supplement No. 2025-USNCH27367 dated June 27, 2025 |
Summary of Terms
| Issuer and Guarantor: | Citigroup Global Markets Holdings Inc. (issuer) and Citigroup Inc. (guarantor) |
| Underlying: | The S&P 500® Index |
| Pricing Date*: | July 30, 2025 |
| Issue Date*: | August 4, 2025 |
| Stated Principal Amount: | $1,000 per security |
| Maturity Payment Amount (per security): |
· if the ending value is greater than the starting value: $1,000 plus the lesser of: (i) $1,000 × underlying return × participation rate; and (ii) the maximum return; · if the ending value is less than or equal to the starting value, but greater than or equal to the threshold value: $1,000; or · if the ending value is less than the threshold value: $1,000 + [$1,000 × (underlying return + buffer amount)] |
| Participation Rate: | 125% |
| Maximum Return: | At least 18.50% of the stated principal amount ($185 per security), to be determined on the pricing date |
| Calculation Day*: | July 30, 2027 |
| Maturity Date*: | August 4, 2027 |
| Underlying Return: | (ending value – starting value) / starting value |
| Starting Value: | The closing value of the underlying on the pricing date |
| Threshold Value: | 90% of the starting value |
| Buffer Amount: | 10% |
| Ending Value: | The closing value of the underlying on the calculation day |
| Calculation Agent: | Citigroup Global Markets Inc. (“CGMI”), an affiliate of Citigroup Global Markets Holdings Inc. |
| Denominations: | $1,000 and any integral multiple of $1,000 |
| Agent Discount**: | Up to 2.825%; dealers, including those using the trade name Wells Fargo Advisors (“WFA”), may receive a selling concession of 2.00% and WFA may receive a distribution expense fee of 0.075%. |
| CUSIP / ISIN: | 17333LCL7 / US17333LCL71 |
| United States Federal Tax Considerations: | See the preliminary pricing supplement. |
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*subject to change **In addition, CGMI may pay a fee of up to 0.10% to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers. | |
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Hypothetical Payout Profile (maturity payment amount)***
***assumes a maximum return equal to the lowest possible maximum return that may be determined on the pricing date If the ending value is less than the threshold value, you will have 1-to-1 downside exposure to the decrease in the value of the underlying in excess of the buffer amount and will lose some, and possibly up to 90%, of the stated principal amount of your securities at maturity. On the date of the related preliminary pricing supplement, Citigroup Global Markets Holdings Inc. expects that the estimated value of the securities on the pricing date will be at least $915.00 per security, which will be less than the public offering price. The estimated value of the securities is based on CGMI’s proprietary pricing models and Citigroup Global Markets Holdings Inc.’s internal funding rate. It is not an indication of actual profit to CGMI or other of Citigroup Global Markets Holdings Inc.’s 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 the accompanying preliminary pricing supplement. |
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Preliminary Pricing Supplement: https://www.sec.gov/Archives/edgar/data/200245/000095010325007965/ |
| The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See “Summary Risk Factors” in this term sheet and the accompanying preliminary pricing supplement and “Risk Factors” in the accompanying product supplement. |
| This introductory term sheet does not provide all of the information that an investor should consider prior to making an investment decision. |
| Investors should carefully review the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus before making a decision to invest in the securities. |
| NOT A BANK DEPOSIT AND NOT INSURED OR GUARANTEED BY THE FDIC OR ANY OTHER GOVERNMENTAL AGENCY |
Summary Risk Factors
The risks set forth below are discussed in detail in the “Summary Risk Factors” section in the accompanying preliminary pricing supplement and the “Risk Factors” section in the accompanying product supplement. Please review those risk disclosures carefully.
| · | You May Lose A Significant Portion Of Your Investment. |
| · | The Securities Do Not Pay Interest. |
| · | Your Potential Return On The Securities Is Limited. |
| · | You Will Not Receive Dividends Or Have Any Other Rights With Respect To The Securities Included In The Underlying. |
| · | Your Maturity Payment Amount Depends On The 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. |
| · | 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, Based On CGMI’s Proprietary Pricing Models And Our Internal Funding Rate, Is Less Than The Public Offering Price. |
| · | The Estimated Value Of The Securities Was Determined For Us By Our Affiliate Using Proprietary Pricing Models. |
| · | The Estimated Value Of The Securities Would Be Lower If It Were Calculated Based On Wells Fargo’s Determination Of The Secondary Market Rate With Respect To Us. |
| · | The Estimated Value Of The Securities Is Not An Indication Of The Price, If Any, At Which Any Person May Be Willing To Buy The Securities From You In The Secondary Market. |
| · | The Value Of The Securities Prior To Maturity Will Fluctuate Based On Many Unpredictable Factors. |
| · | We Have Been Advised That, Immediately Following Issuance, Any Secondary Market Bid Price Provided By Wells Fargo, And The Value That Will Be Indicated On Any Brokerage Account Statements Prepared By Wells Fargo Or Its Affiliates, Will Reflect A Temporary Upward Adjustment. |
| · | Our Offering Of The Securities Is Not A Recommendation Of The Underlying. |
| · | The Closing Value Of The Underlying May Be Adversely Affected By Our Or Our Affiliates’, Or By Wells Fargo And Its Affiliates’, Hedging And Other Trading Activities. |
| · | We And Our Affiliates And Wells Fargo And Its Affiliates May Have Economic Interests That Are Adverse To Yours As A Result Of Our And Their Respective Business Activities. |
| · | The Calculation Agent, Which Is An Affiliate Of Ours, Will Make Important Determinations With Respect To The Securities. |
| · | Changes That Affect The Underlying May Affect The Value Of Your Securities. |
| · | The Stated Maturity Date May Be Postponed If The Calculation Day Is Postponed. |
| · | The U.S. Federal Tax Consequences Of An Investment In The Securities Are Unclear. |
| Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed a registration statement (including a related preliminary pricing supplement, an accompanying product supplement, underlying supplement, prospectus supplement and prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. You should read the related preliminary pricing supplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectus in that registration statement (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 get these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, you can request the related preliminary pricing supplement, accompanying product supplement, underlying supplement, prospectus supplement and prospectus by calling toll-free 1-800-831-9146. |
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo Finance LLC and Wells Fargo & Company.
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FAQ
What is the upside participation rate on Citigroup's (C) Market-Linked Securities?
How much downside protection do the Citigroup (C) buffered notes provide?
What is the maturity and potential maximum return of these Citigroup (C) notes?
Do the Citigroup (C) Market-Linked Securities pay interest or dividends?
Will these Citigroup (C) securities be listed on an exchange?
What is the initial estimated value compared to the public offering price?
