[FWP] Citigroup Inc. Free Writing Prospectus
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering 5-Year Autocallable Contingent Coupon Securities linked to the worst of the S&P 500 Dynamic Participation Index (SPXDPU1) and the SPDR Gold Trust (GLD). The $1,000-denominated notes pay a contingent monthly coupon of at least 7.75% p.a. when the worst-performing underlying closes at or above 80% of its initial level (coupon barrier). Beginning one year after issuance, the notes are subject to monthly autocall; if the worst performer is at or above its initial level on any valuation date, investors receive par plus the coupon and the notes terminate early.
At maturity, if the notes have not been autocalled, payoff depends solely on the worst performer:
- ≥ 85% of initial level (buffer): return of principal.
- < 85%: investors lose 1% of principal for every 1% decline beyond the 15% buffer, exposing them to up to 85% loss.
Hypothetical tables illustrate that even a -0.01% interim decline voids autocall, reducing the interim payment to $6.458, and a final decline of -25% would cut maturity proceeds to $900. Key risks highlighted include potential significant principal loss, contingent coupon uncertainty, dual-underlying correlation risk, credit risk of Citigroup, lack of listing, and an estimated value below issue price. The securities are offered via a Free Writing Prospectus filed under Rule 433; full terms appear in the preliminary pricing supplement dated 8 July 2025.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., offre titoli autocallable a cedola condizionata con scadenza a 5 anni, collegati al peggior rendimento tra l'indice S&P 500 Dynamic Participation (SPXDPU1) e lo SPDR Gold Trust (GLD). I titoli, denominati in taglio da 1.000 dollari, pagano una cedola condizionata mensile di almeno il 7,75% annuo se l'asset sottostante peggiore chiude a o sopra l'80% del valore iniziale (barriera cedola). A partire da un anno dall'emissione, i titoli sono soggetti a autocall mensile: se il peggior sottostante è pari o superiore al valore iniziale in una data di valutazione, gli investitori ricevono il valore nominale più la cedola e i titoli si estinguono anticipatamente.
Alla scadenza, se i titoli non sono stati richiamati, il rimborso dipende esclusivamente dal peggior sottostante:
- ≥ 85% del valore iniziale (buffer): restituzione del capitale.
- < 85%: gli investitori perdono l’1% del capitale per ogni punto percentuale di calo oltre il buffer del 15%, con una perdita massima fino all’85% del capitale.
Tabelle ipotetiche mostrano che anche un calo temporaneo dello 0,01% annulla l’autocall, riducendo il pagamento intermedio a 6,458 dollari, mentre un calo finale del 25% ridurrebbe il rimborso a 900 dollari. I rischi principali includono la possibile perdita significativa del capitale, l’incertezza sulla cedola condizionata, il rischio di correlazione tra i due sottostanti, il rischio di credito di Citigroup, la mancanza di quotazione e un valore stimato inferiore al prezzo di emissione. I titoli sono offerti tramite un Free Writing Prospectus depositato secondo la Regola 433; i termini completi sono disponibili nel supplemento preliminare dei prezzi datato 8 luglio 2025.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., ofrece valores autocancelables a 5 años con cupón contingente vinculados al peor desempeño entre el índice S&P 500 Dynamic Participation (SPXDPU1) y el SPDR Gold Trust (GLD). Los bonos, denominados en $1,000, pagan un cupón mensual contingente de al menos 7.75% anual cuando el peor activo subyacente cierra en o por encima del 80% de su nivel inicial (barrera del cupón). A partir de un año desde la emisión, los bonos están sujetos a autollamada mensual; si el peor desempeño está en o por encima de su nivel inicial en cualquier fecha de valoración, los inversionistas reciben el valor nominal más el cupón y los bonos se rescatan anticipadamente.
Al vencimiento, si los bonos no han sido autollamados, el pago depende únicamente del peor desempeño:
- ≥ 85% del nivel inicial (amortiguador): devolución del principal.
- < 85%: los inversionistas pierden el 1% del principal por cada 1% de caída más allá del amortiguador del 15%, exponiéndose a una pérdida máxima del 85%.
Tablas hipotéticas ilustran que incluso una caída interina del -0.01% anula la autollamada, reduciendo el pago interino a $6.458, y una caída final del -25% reduciría los pagos al vencimiento a $900. Los riesgos clave incluyen la posible pérdida significativa del principal, incertidumbre en el cupón contingente, riesgo de correlación entre los dos subyacentes, riesgo crediticio de Citigroup, falta de cotización y un valor estimado por debajo del precio de emisión. Los valores se ofrecen mediante un Free Writing Prospectus presentado bajo la Regla 433; los términos completos están en el suplemento preliminar de precios fechado el 8 de julio de 2025.
Citigroup Global Markets Holdings Inc.(시티그룹 Inc. 보증)는 S&P 500 Dynamic Participation Index (SPXDPU1)와 SPDR Gold Trust (GLD) 중 최저 성과에 연동된 5년 만기 자동상환 조건부 쿠폰 증권을 제공합니다. 1,000달러 단위로 발행되는 이 노트는 최저 성과 자산이 최초 수준의 80% 이상으로 마감할 경우 최소 연 7.75%의 조건부 월별 쿠폰을 지급합니다(쿠폰 장벽). 발행 1년 후부터는 월별 자동상환이 적용되며, 평가일에 최저 성과 자산이 최초 수준 이상일 경우 투자자는 원금과 쿠폰을 받고 노트가 조기 만기됩니다.
만기 시 자동상환이 이루어지지 않은 경우 지급액은 최저 성과 자산에 따라 결정됩니다:
- 최초 수준의 85% 이상(버퍼): 원금 전액 상환.
- 85% 미만: 15% 버퍼를 초과하는 하락분 1%마다 원금 1% 손실, 최대 85% 손실 가능.
가상 표에 따르면 중간에 -0.01% 하락만으로도 자동상환이 무효화되어 중간 지급액이 6.458달러로 줄어들고, 최종 -25% 하락 시 만기 지급액은 900달러로 감소합니다. 주요 위험 요인으로는 원금 손실 가능성, 조건부 쿠폰 불확실성, 두 기초자산 간 상관관계 위험, 시티그룹 신용 위험, 상장 부재 및 발행 가격 대비 낮은 추정 가치가 포함됩니다. 이 증권은 Rule 433에 따라 제출된 Free Writing Prospectus를 통해 제공되며, 전체 조건은 2025년 7월 8일자 예비 가격 보충서에 명시되어 있습니다.
Citigroup Global Markets Holdings Inc., garantie par Citigroup Inc., propose des titres autocallables à coupon conditionnel sur 5 ans, liés au pire des indices S&P 500 Dynamic Participation (SPXDPU1) et SPDR Gold Trust (GLD). Les billets, d’une valeur nominale de 1 000 $, versent un coupon mensuel conditionnel d’au moins 7,75 % par an lorsque le sous-jacent le moins performant clôture à ou au-dessus de 80 % de son niveau initial (barrière du coupon). À partir d’un an après l’émission, les titres sont soumis à un autocall mensuel ; si le pire sous-jacent est à son niveau initial ou plus lors d’une date d’évaluation, les investisseurs reçoivent le pair plus le coupon et les titres sont remboursés par anticipation.
À l’échéance, si les titres n’ont pas été rappelés, le remboursement dépend uniquement du pire sous-jacent :
- ≥ 85 % du niveau initial (buffer) : remboursement du capital.
- < 85 % : les investisseurs perdent 1 % du capital pour chaque point de pourcentage de baisse au-delà du buffer de 15 %, avec une perte maximale pouvant atteindre 85 %.
Des tableaux hypothétiques illustrent qu’une baisse intermédiaire de -0,01 % annule l’autocall, réduisant le paiement intermédiaire à 6,458 $, et qu’une baisse finale de -25 % réduirait le montant à l’échéance à 900 $. Les principaux risques incluent une perte significative du capital, une incertitude sur le coupon conditionnel, le risque de corrélation entre les deux sous-jacents, le risque de crédit de Citigroup, l’absence de cotation et une valeur estimée inférieure au prix d’émission. Les titres sont offerts via un Free Writing Prospectus déposé selon la règle 433 ; les conditions complètes figurent dans le supplément de prix préliminaire daté du 8 juillet 2025.
Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet 5-jährige autocallable bedingte Kuponanleihen an, die an die schlechteste Entwicklung des S&P 500 Dynamic Participation Index (SPXDPU1) und des SPDR Gold Trust (GLD) gekoppelt sind. Die auf 1.000 USD lautenden Notes zahlen einen bedingten monatlichen Kupon von mindestens 7,75 % p.a., wenn der schlechteste Basiswert an einem Bewertungstag auf oder über 80 % seines Anfangswerts schließt (Kuponbarriere). Ab einem Jahr nach Ausgabe unterliegen die Notes einem monatlichen Autocall; befindet sich der schlechteste Performer an einem Bewertungstag auf oder über seinem Anfangsniveau, erhalten Anleger den Nennwert plus Kupon und die Notes enden vorzeitig.
Bei Fälligkeit, sofern kein Autocall erfolgt ist, hängt die Rückzahlung allein vom schlechtesten Basiswert ab:
- ≥ 85 % des Anfangsniveaus (Puffer): Rückzahlung des Kapitals.
- < 85 %: Anleger verlieren 1 % des Kapitals für jeden Prozentpunkt Rückgang über den 15 % Puffer hinaus, mit einem maximalen Verlust von bis zu 85 %.
Hypothetische Tabellen zeigen, dass schon ein zwischenzeitlicher Rückgang von -0,01 % den Autocall verhindert und die Zwischenzahlung auf 6,458 USD reduziert, während ein endgültiger Rückgang von -25 % die Rückzahlung auf 900 USD senkt. Wichtige Risiken umfassen erhebliche Kapitalverluste, Unsicherheit bezüglich des bedingten Kupons, Korrelationsrisiken zwischen den beiden Basiswerten, Kreditrisiko von Citigroup, fehlende Börsennotierung und einen geschätzten Wert unter dem Ausgabepreis. Die Wertpapiere werden über einen Free Writing Prospectus gemäß Regel 433 angeboten; vollständige Bedingungen finden sich im vorläufigen Preiszusatz vom 8. Juli 2025.
- None.
- None.
Insights
TL;DR – Attractive coupon but high contingent downside and autocall risk make this a neutral risk-reward trade.
The instrument offers a headline yield of ≥7.75% p.a. and monthly autocall, appealing in a low-yield environment. However, coupons are conditional on both underlyings staying ≥80% of initial, and payoff is determined by the worst performer, concentrating downside. The 15% buffer is modest over five years; stress scenarios show principal losses begin once the worst performer falls >15%, reaching 85% loss at a full drawdown. No upside above par limits total return versus direct equity or gold exposure. Liquidity is constrained by the lack of exchange listing, and the note embeds issuer credit risk. Overall, the structure suits yield-seeking investors with strong convictions that neither underlying will suffer a sustained >15% drop, but risk-adjusted attractiveness is balanced by significant tail risk.
TL;DR – Downside asymmetry and dual-asset correlation risk warrant a cautious stance.
The combination of an equity participation index and a gold ETF introduces correlation uncertainty; historically low correlation raises the probability that at least one asset underperforms. Because payoff depends on the worst performer, diversification benefits are nullified. The autocall feature caps potential coupon stream if markets rally, while leaving investors exposed if markets weaken after year one. With the estimated value below issue price and no secondary market depth, exit may be costly. Given these characteristics, the note skews negatively for conservative portfolios.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., offre titoli autocallable a cedola condizionata con scadenza a 5 anni, collegati al peggior rendimento tra l'indice S&P 500 Dynamic Participation (SPXDPU1) e lo SPDR Gold Trust (GLD). I titoli, denominati in taglio da 1.000 dollari, pagano una cedola condizionata mensile di almeno il 7,75% annuo se l'asset sottostante peggiore chiude a o sopra l'80% del valore iniziale (barriera cedola). A partire da un anno dall'emissione, i titoli sono soggetti a autocall mensile: se il peggior sottostante è pari o superiore al valore iniziale in una data di valutazione, gli investitori ricevono il valore nominale più la cedola e i titoli si estinguono anticipatamente.
Alla scadenza, se i titoli non sono stati richiamati, il rimborso dipende esclusivamente dal peggior sottostante:
- ≥ 85% del valore iniziale (buffer): restituzione del capitale.
- < 85%: gli investitori perdono l’1% del capitale per ogni punto percentuale di calo oltre il buffer del 15%, con una perdita massima fino all’85% del capitale.
Tabelle ipotetiche mostrano che anche un calo temporaneo dello 0,01% annulla l’autocall, riducendo il pagamento intermedio a 6,458 dollari, mentre un calo finale del 25% ridurrebbe il rimborso a 900 dollari. I rischi principali includono la possibile perdita significativa del capitale, l’incertezza sulla cedola condizionata, il rischio di correlazione tra i due sottostanti, il rischio di credito di Citigroup, la mancanza di quotazione e un valore stimato inferiore al prezzo di emissione. I titoli sono offerti tramite un Free Writing Prospectus depositato secondo la Regola 433; i termini completi sono disponibili nel supplemento preliminare dei prezzi datato 8 luglio 2025.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., ofrece valores autocancelables a 5 años con cupón contingente vinculados al peor desempeño entre el índice S&P 500 Dynamic Participation (SPXDPU1) y el SPDR Gold Trust (GLD). Los bonos, denominados en $1,000, pagan un cupón mensual contingente de al menos 7.75% anual cuando el peor activo subyacente cierra en o por encima del 80% de su nivel inicial (barrera del cupón). A partir de un año desde la emisión, los bonos están sujetos a autollamada mensual; si el peor desempeño está en o por encima de su nivel inicial en cualquier fecha de valoración, los inversionistas reciben el valor nominal más el cupón y los bonos se rescatan anticipadamente.
Al vencimiento, si los bonos no han sido autollamados, el pago depende únicamente del peor desempeño:
- ≥ 85% del nivel inicial (amortiguador): devolución del principal.
- < 85%: los inversionistas pierden el 1% del principal por cada 1% de caída más allá del amortiguador del 15%, exponiéndose a una pérdida máxima del 85%.
Tablas hipotéticas ilustran que incluso una caída interina del -0.01% anula la autollamada, reduciendo el pago interino a $6.458, y una caída final del -25% reduciría los pagos al vencimiento a $900. Los riesgos clave incluyen la posible pérdida significativa del principal, incertidumbre en el cupón contingente, riesgo de correlación entre los dos subyacentes, riesgo crediticio de Citigroup, falta de cotización y un valor estimado por debajo del precio de emisión. Los valores se ofrecen mediante un Free Writing Prospectus presentado bajo la Regla 433; los términos completos están en el suplemento preliminar de precios fechado el 8 de julio de 2025.
Citigroup Global Markets Holdings Inc.(시티그룹 Inc. 보증)는 S&P 500 Dynamic Participation Index (SPXDPU1)와 SPDR Gold Trust (GLD) 중 최저 성과에 연동된 5년 만기 자동상환 조건부 쿠폰 증권을 제공합니다. 1,000달러 단위로 발행되는 이 노트는 최저 성과 자산이 최초 수준의 80% 이상으로 마감할 경우 최소 연 7.75%의 조건부 월별 쿠폰을 지급합니다(쿠폰 장벽). 발행 1년 후부터는 월별 자동상환이 적용되며, 평가일에 최저 성과 자산이 최초 수준 이상일 경우 투자자는 원금과 쿠폰을 받고 노트가 조기 만기됩니다.
만기 시 자동상환이 이루어지지 않은 경우 지급액은 최저 성과 자산에 따라 결정됩니다:
- 최초 수준의 85% 이상(버퍼): 원금 전액 상환.
- 85% 미만: 15% 버퍼를 초과하는 하락분 1%마다 원금 1% 손실, 최대 85% 손실 가능.
가상 표에 따르면 중간에 -0.01% 하락만으로도 자동상환이 무효화되어 중간 지급액이 6.458달러로 줄어들고, 최종 -25% 하락 시 만기 지급액은 900달러로 감소합니다. 주요 위험 요인으로는 원금 손실 가능성, 조건부 쿠폰 불확실성, 두 기초자산 간 상관관계 위험, 시티그룹 신용 위험, 상장 부재 및 발행 가격 대비 낮은 추정 가치가 포함됩니다. 이 증권은 Rule 433에 따라 제출된 Free Writing Prospectus를 통해 제공되며, 전체 조건은 2025년 7월 8일자 예비 가격 보충서에 명시되어 있습니다.
Citigroup Global Markets Holdings Inc., garantie par Citigroup Inc., propose des titres autocallables à coupon conditionnel sur 5 ans, liés au pire des indices S&P 500 Dynamic Participation (SPXDPU1) et SPDR Gold Trust (GLD). Les billets, d’une valeur nominale de 1 000 $, versent un coupon mensuel conditionnel d’au moins 7,75 % par an lorsque le sous-jacent le moins performant clôture à ou au-dessus de 80 % de son niveau initial (barrière du coupon). À partir d’un an après l’émission, les titres sont soumis à un autocall mensuel ; si le pire sous-jacent est à son niveau initial ou plus lors d’une date d’évaluation, les investisseurs reçoivent le pair plus le coupon et les titres sont remboursés par anticipation.
À l’échéance, si les titres n’ont pas été rappelés, le remboursement dépend uniquement du pire sous-jacent :
- ≥ 85 % du niveau initial (buffer) : remboursement du capital.
- < 85 % : les investisseurs perdent 1 % du capital pour chaque point de pourcentage de baisse au-delà du buffer de 15 %, avec une perte maximale pouvant atteindre 85 %.
Des tableaux hypothétiques illustrent qu’une baisse intermédiaire de -0,01 % annule l’autocall, réduisant le paiement intermédiaire à 6,458 $, et qu’une baisse finale de -25 % réduirait le montant à l’échéance à 900 $. Les principaux risques incluent une perte significative du capital, une incertitude sur le coupon conditionnel, le risque de corrélation entre les deux sous-jacents, le risque de crédit de Citigroup, l’absence de cotation et une valeur estimée inférieure au prix d’émission. Les titres sont offerts via un Free Writing Prospectus déposé selon la règle 433 ; les conditions complètes figurent dans le supplément de prix préliminaire daté du 8 juillet 2025.
Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet 5-jährige autocallable bedingte Kuponanleihen an, die an die schlechteste Entwicklung des S&P 500 Dynamic Participation Index (SPXDPU1) und des SPDR Gold Trust (GLD) gekoppelt sind. Die auf 1.000 USD lautenden Notes zahlen einen bedingten monatlichen Kupon von mindestens 7,75 % p.a., wenn der schlechteste Basiswert an einem Bewertungstag auf oder über 80 % seines Anfangswerts schließt (Kuponbarriere). Ab einem Jahr nach Ausgabe unterliegen die Notes einem monatlichen Autocall; befindet sich der schlechteste Performer an einem Bewertungstag auf oder über seinem Anfangsniveau, erhalten Anleger den Nennwert plus Kupon und die Notes enden vorzeitig.
Bei Fälligkeit, sofern kein Autocall erfolgt ist, hängt die Rückzahlung allein vom schlechtesten Basiswert ab:
- ≥ 85 % des Anfangsniveaus (Puffer): Rückzahlung des Kapitals.
- < 85 %: Anleger verlieren 1 % des Kapitals für jeden Prozentpunkt Rückgang über den 15 % Puffer hinaus, mit einem maximalen Verlust von bis zu 85 %.
Hypothetische Tabellen zeigen, dass schon ein zwischenzeitlicher Rückgang von -0,01 % den Autocall verhindert und die Zwischenzahlung auf 6,458 USD reduziert, während ein endgültiger Rückgang von -25 % die Rückzahlung auf 900 USD senkt. Wichtige Risiken umfassen erhebliche Kapitalverluste, Unsicherheit bezüglich des bedingten Kupons, Korrelationsrisiken zwischen den beiden Basiswerten, Kreditrisiko von Citigroup, fehlende Börsennotierung und einen geschätzten Wert unter dem Ausgabepreis. Die Wertpapiere werden über einen Free Writing Prospectus gemäß Regel 433 angeboten; vollständige Bedingungen finden sich im vorläufigen Preiszusatz vom 8. Juli 2025.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
Hypothetical Interim Payment per Security**
|
Hypothetical Worst Underlying Return on Interim Valuation Date |
Hypothetical Payment for Interim Valuation Date |
Hypothetical Redemption*** |
|
100.00% |
$1,006.458 |
Redeemed |
|
50.00% |
$1,006.458 |
Redeemed |
|
25.00% |
$1,006.458 |
Redeemed |
|
0.00% |
$1,006.458 |
Redeemed |
|
-0.01% |
$6.458 |
Securities not redeemed |
|
-20.00% |
$6.458 |
Securities not redeemed |
|
-20.01% |
$0.00 |
Securities not redeemed |
|
-25.00% |
$0.00 |
Securities not redeemed |
|
-50.00% |
$0.00 |
Securities not redeemed |
|
-75.00% |
$0.00 |
Securities not redeemed |
|
-100.00% |
$0.00 |
Securities not redeemed |
Hypothetical Payment at Maturity per Security
Assumes the securities have not been automatically redeemed prior to maturity and does not include the final contingent coupon payment, if any.
|
Hypothetical Worst Underlying Return on Final Valuation Date |
Hypothetical Payment at Maturity |
|
100.00% |
$1,000.00 |
|
50.00% |
$1,000.00 |
|
25.00% |
$1,000.00 |
|
0.00% |
$1,000.00 |
|
-15.00% |
$1,000.00 |
|
-15.01% |
$999.90 |
|
-25.00% |
$900.00 |
|
-50.00% |
$650.00 |
|
-75.00% |
$400.00 |
|
-100.00% |
$150.00 |
5 Year Autocallable Contingent Coupon Securities Linked to the Worst of SPXDPU1 and GLD
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. |
|
Underlyings: |
The S&P 500 Dynamic Participation Index (ticker: “SPXDPU1”) and the SPDR® Gold Trust (ticker: “GLD”) |
|
Pricing date: |
July 29, 2025 |
|
Valuation dates: |
Monthly |
|
Maturity date: |
July 31, 2030 |
|
Contingent coupon: |
At least 7.75% per annum*, paid monthly only if the closing value of the worst performer is greater than or equal to its coupon barrier value on the related valuation date. You are not assured of receiving any contingent coupon. |
|
Coupon barrier value: |
For each underlying, 80.00% of its initial underlying value |
|
Final buffer value: |
For each underlying, 85.00% of its initial underlying value |
|
Buffer percentage: |
15.00% |
|
Automatic early redemption: |
If on any autocall date the closing value of the worst performer is greater than or equal to its initial underlying value, the securities will be automatically called for an amount equal to the principal plus the related contingent coupon |
|
Autocall dates: |
Monthly on valuation dates beginning after one year |
|
CUSIP / ISIN: |
17333LGP4 / US17333LGP40 |
|
Initial underlying value: |
For each underlying, its closing value on the pricing date |
|
Final underlying value: |
For each underlying, its closing value on the final valuation date |
|
Underlying return: |
For each underlying on any valuation date, (i) its current closing value minus initial underlying value, divided by (ii) its initial underlying value |
|
Worst performer: |
On any valuation date, the underlying with the lowest underlying return |
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Payment at maturity (if not autocalled): |
•If the final underlying value of the worst performer is greater than or equal to its final buffer value: $1,000 •If the final underlying value of the worst performer is less than its final buffer value: $1,000 + [$1,000 × (the underlying return of the worst performer on the final valuation date + the buffer percentage)] If the securities are not automatically redeemed prior to maturity and the final underlying value of the worst performer on the final valuation date is less than its final buffer value, which means that the worst performer on the final valuation date has depreciated from its initial underlying value by more than the buffer percentage, you will lose 1% of the stated principal amount of your securities at maturity for every 1% by which that depreciation exceeds the buffer percentage. All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. |
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Stated principal amount: |
$1,000 per security |
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Preliminary pricing supplement: |
Preliminary Pricing Supplement dated July 8, 2025 |
* The actual contingent coupon rate will be determined on the pricing date.
** The hypotheticals assume that the contingent coupon will be set at the lowest value indicated in this offering summary.
*** Assumes the interim valuation date is also an autocall date.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
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Additional Information |
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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 |
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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. |
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Selected Risk Considerations |
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•You may lose a significant portion of your investment. Unlike conventional debt securities, the securities do not provide for the repayment of the stated principal amount at maturity in all circumstances. If the securities are not automatically redeemed prior to maturity, your payment at maturity will depend on the final underlying value of the worst performer on the final valuation date. If the final underlying value of the worst performer on the final valuation date is less than its final buffer value, which means that the worst performer on the final valuation date has depreciated from its initial underlying value by more than the buffer percentage, you will lose 1% of the stated principal amount of your securities for every 1% by which that depreciation exceeds the buffer percentage. •You will not receive any contingent coupon following any valuation date on which the closing value of the worst performer on that valuation date is less than its coupon barrier value. •The securities are subject to heightened risk because they have multiple underlyings. •The return on the securities depends solely on the performance of the worst performer. As a result, the securities are subject to the risks of each of the underlyings and will be negatively affected if any one underlying performs poorly. •You will be subject to risks relating to the relationship between the underlyings. The less correlated the underlyings, the more likely it is that any one of the underlyings will perform poorly over the term of the securities. All that is necessary for the securities to perform poorly is for one of the underlyings to perform poorly. •The securities may be automatically redeemed prior to maturity, limiting your opportunity to receive contingent coupons if the worst performer performs in a way that would otherwise be favorable. •The securities offer downside exposure, but no upside exposure, to the underlyings. •The securities are particularly sensitive to the volatility of the closing values of the underlyings on or near the valuation dates. •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. |
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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. |
