[FWP] Citigroup Inc. Free Writing Prospectus
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is marketing 13-month Autocallable Contingent Coupon Securities linked to the share performance of Apple Inc. (AAPL). The notes are senior unsecured obligations that combine monthly contingent coupons with conditional principal protection.
- Coupon mechanics: Investors may receive a monthly coupon of at least 10.00% per annum (≈0.833% per month) only if AAPL’s closing price on the relevant valuation date is ≥ 77% of the initial price (the “coupon barrier”). Coupons are not accrued if the barrier is breached.
- Autocall feature: Beginning six months after issuance, the notes are automatically redeemed on any monthly valuation date if AAPL closes at or above its initial price. Early redemption pays par plus the coupon for that month.
- Maturity payment (if not called): • If AAPL ≥ 77% of initial on the final valuation date, investors receive par. • If AAPL < 77%, repayment equals $1,000 × (1 + underlying return), exposing investors to one-for-one downside and potential 100% loss of principal.
- Key dates: Pricing 10 Jul 2025; monthly observations; maturity 13 Aug 2026.
- Credit & liquidity: All payments depend on the credit of Citigroup Global Markets Holdings Inc. and its guarantor, Citigroup Inc.; the securities will not be listed, and secondary liquidity may be limited.
- Illustrative payouts: Hypothetical tables show that a −23% move in AAPL still returns par due to the 77% barrier, whereas a −25% move cuts principal to $750 and a full −100% move results in zero repayment.
- Risks highlighted: possibility of full principal loss, missed coupons, issuer credit risk, valuation below issue price at launch, tax uncertainty and potential conflicts of interest.
The offering is documented in a Free Writing Prospectus filed under SEC Rule 433 and must be read together with the preliminary pricing supplement dated 1 Jul 2025 and accompanying prospectus documents (File Nos. 333-270327 & 333-270327-01).
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., sta offrendo titoli Autocallable Contingent Coupon della durata di 13 mesi, collegati alla performance azionaria di Apple Inc. (AAPL). Questi strumenti sono obbligazioni senior non garantite che combinano cedole mensili condizionate con una protezione condizionale del capitale.
- Meccanismo delle cedole: Gli investitori possono ricevere una cedola mensile di almeno il 10,00% annuo (≈0,833% mensile) solo se il prezzo di chiusura di AAPL nella data di valutazione rilevante è ≥ 77% del prezzo iniziale (la “barriera cedolare”). Le cedole non sono accumulate se la barriera viene violata.
- Funzionalità Autocall: A partire da sei mesi dopo l’emissione, i titoli vengono rimborsati automaticamente in qualsiasi data di valutazione mensile se AAPL chiude al prezzo iniziale o superiore. Il rimborso anticipato prevede il valore nominale più la cedola di quel mese.
- Pagamento a scadenza (se non richiamati): • Se AAPL è ≥ 77% del prezzo iniziale alla data finale di valutazione, gli investitori ricevono il valore nominale. • Se AAPL è < 77%, il rimborso è pari a $1.000 × (1 + rendimento sottostante), esponendo l’investitore a una perdita diretta e potenziale perdita totale del capitale.
- Date chiave: Prezzo 10 lug 2025; osservazioni mensili; scadenza 13 ago 2026.
- Credito e liquidità: Tutti i pagamenti dipendono dalla solvibilità di Citigroup Global Markets Holdings Inc. e del garante Citigroup Inc.; i titoli non saranno quotati e la liquidità secondaria potrebbe essere limitata.
- Esempi di rendimento: Tabelle ipotetiche mostrano che una variazione di −23% in AAPL restituisce comunque il valore nominale grazie alla barriera del 77%, mentre una variazione di −25% riduce il capitale a $750 e una perdita totale del 100% comporta un rimborso nullo.
- Rischi evidenziati: possibilità di perdita totale del capitale, mancato pagamento delle cedole, rischio di credito dell’emittente, valutazione inferiore al prezzo di emissione al lancio, incertezza fiscale e potenziali conflitti di interesse.
L’offerta è documentata in un Free Writing Prospectus depositato secondo la Regola SEC 433 e deve essere letto insieme al supplemento preliminare di prezzo datato 1 lug 2025 e ai documenti di prospetto associati (File Nos. 333-270327 & 333-270327-01).
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., está comercializando valores Autocallable Contingent Coupon a 13 meses vinculados al desempeño de las acciones de Apple Inc. (AAPL). Los bonos son obligaciones senior no garantizadas que combinan cupones contingentes mensuales con protección condicional del principal.
- Mecánica del cupón: Los inversionistas pueden recibir un cupón mensual de al menos 10.00% anual (≈0.833% mensual) solo si el precio de cierre de AAPL en la fecha de valoración correspondiente es ≥ 77% del precio inicial (la “barrera del cupón”). No se acumulan cupones si se rompe la barrera.
- Función Autocall: A partir de seis meses después de la emisión, los bonos se redimen automáticamente en cualquier fecha de valoración mensual si AAPL cierra en o por encima de su precio inicial. La redención anticipada paga el valor nominal más el cupón de ese mes.
- Pago al vencimiento (si no es llamado): • Si AAPL ≥ 77% del inicial en la fecha final de valoración, los inversionistas reciben el valor nominal. • Si AAPL < 77%, el reembolso es $1,000 × (1 + rendimiento subyacente), exponiendo a los inversionistas a una pérdida directa y potencial pérdida total del principal.
- Fechas clave: Precio 10 jul 2025; observaciones mensuales; vencimiento 13 ago 2026.
- Crédito y liquidez: Todos los pagos dependen del crédito de Citigroup Global Markets Holdings Inc. y su garante, Citigroup Inc.; los valores no estarán listados y la liquidez secundaria puede ser limitada.
- Pagos ilustrativos: Tablas hipotéticas muestran que un movimiento de −23% en AAPL aún devuelve el valor nominal debido a la barrera del 77%, mientras que un movimiento de −25% reduce el principal a $750 y un movimiento de −100% resulta en reembolso cero.
- Riesgos destacados: posibilidad de pérdida total del principal, cupones no pagados, riesgo crediticio del emisor, valoración por debajo del precio de emisión al inicio, incertidumbre fiscal y posibles conflictos de interés.
La oferta está documentada en un Free Writing Prospectus presentado bajo la Regla SEC 433 y debe leerse junto con el suplemento preliminar de precios fechado el 1 de jul de 2025 y los documentos de prospecto adjuntos (File Nos. 333-270327 & 333-270327-01).
Citigroup Global Markets Holdings Inc.는 Citigroup Inc.의 보증을 받아 Apple Inc. (AAPL) 주가 성과에 연동된 13개월 만기 자동상환 조건부 쿠폰 증권을 판매하고 있습니다. 이 증권은 월별 조건부 쿠폰과 조건부 원금 보호가 결합된 선순위 무담보 채무입니다.
- 쿠폰 구조: 투자자는 AAPL의 해당 평가일 종가가 최초 가격의 77% 이상일 경우에만 연 10.00% 이상(월 약 0.833%)의 월별 쿠폰을 받을 수 있습니다(“쿠폰 장벽”). 장벽이 깨지면 쿠폰은 누적되지 않습니다.
- 자동상환 기능: 발행 6개월 후부터 매월 평가일에 AAPL이 최초 가격 이상으로 마감하면 증권은 자동으로 상환됩니다. 조기 상환 시 원금과 해당 월 쿠폰이 지급됩니다.
- 만기 지급(자동상환되지 않은 경우): • 최종 평가일에 AAPL이 최초 가격의 77% 이상이면 투자자는 원금을 받습니다. • 77% 미만이면 상환금은 $1,000 × (1 + 기초자산 수익률)로, 투자자는 1대1 손실 위험과 원금 전액 손실 가능성에 노출됩니다.
- 주요 일정: 가격 책정 2025년 7월 10일; 매월 관찰; 만기 2026년 8월 13일.
- 신용 및 유동성: 모든 지급은 Citigroup Global Markets Holdings Inc. 및 보증인 Citigroup Inc.의 신용에 의존하며, 증권은 상장되지 않고 2차 유동성은 제한될 수 있습니다.
- 예시 지급: 가상 표에 따르면 AAPL이 −23% 하락해도 77% 장벽 덕분에 원금이 지급되지만, −25% 하락 시 원금이 $750로 감소하고 −100% 하락 시 전액 상환이 불가능합니다.
- 강조된 위험: 원금 전액 손실 가능성, 쿠폰 미지급, 발행자 신용 위험, 발행가 이하 평가, 세금 불확실성 및 잠재적 이해 상충.
본 제안은 SEC 규칙 433에 따라 제출된 Free Writing Prospectus에 문서화되어 있으며, 2025년 7월 1일자 예비 가격 보충서 및 관련 설명서 문서(File Nos. 333-270327 & 333-270327-01)와 함께 읽어야 합니다.
Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., commercialise des titres Autocallable Contingent Coupon d’une durée de 13 mois liés à la performance des actions de Apple Inc. (AAPL). Ces notes sont des obligations senior non sécurisées combinant des coupons conditionnels mensuels avec une protection conditionnelle du capital.
- Mécanisme du coupon : Les investisseurs peuvent recevoir un coupon mensuel d’au moins 10,00 % par an (≈0,833 % par mois) uniquement si le cours de clôture d’AAPL à la date d’évaluation concernée est ≥ 77 % du prix initial (la « barrière du coupon »). Les coupons ne sont pas accumulés si la barrière est franchie à la baisse.
- Fonctionnalité Autocall : À partir de six mois après l’émission, les notes sont automatiquement remboursées à toute date d’évaluation mensuelle si AAPL clôture au prix initial ou au-dessus. Le remboursement anticipé inclut le pair plus le coupon du mois.
- Versement à l’échéance (si non rappelé) : • Si AAPL est ≥ 77 % du prix initial à la date d’évaluation finale, les investisseurs reçoivent le pair. • Si AAPL est < 77 %, le remboursement est égal à 1 000 $ × (1 + rendement sous-jacent), exposant les investisseurs à une perte directe et potentielle de 100 % du capital.
- Dates clés : Prix fixé le 10 juillet 2025 ; observations mensuelles ; échéance le 13 août 2026.
- Crédit et liquidité : Tous les paiements dépendent de la solvabilité de Citigroup Global Markets Holdings Inc. et de son garant, Citigroup Inc. ; les titres ne seront pas cotés et la liquidité secondaire peut être limitée.
- Exemples de paiements : Des tableaux hypothétiques montrent qu’une baisse de −23 % d’AAPL permet toujours de récupérer le pair grâce à la barrière à 77 %, alors qu’une baisse de −25 % réduit le capital à 750 $ et une baisse de 100 % entraîne un remboursement nul.
- Risques soulignés : risque de perte totale du capital, coupons manqués, risque de crédit de l’émetteur, valorisation inférieure au prix d’émission au lancement, incertitudes fiscales et conflits d’intérêts potentiels.
L’offre est documentée dans un Free Writing Prospectus déposé conformément à la règle SEC 433 et doit être lu conjointement avec le supplément de prix préliminaire daté du 1er juillet 2025 et les documents de prospectus associés (numéros de dossier 333-270327 & 333-270327-01).
Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet 13-monatige Autocallable Contingent Coupon Securities an, die an die Aktienentwicklung von Apple Inc. (AAPL) gekoppelt sind. Die Notes sind unbesicherte vorrangige Verbindlichkeiten, die monatliche bedingte Coupons mit einer bedingten Kapitalschutzfunktion kombinieren.
- Coupon-Mechanismus: Anleger erhalten nur dann einen monatlichen Coupon von mindestens 10,00 % p.a. (≈0,833 % pro Monat), wenn der Schlusskurs von AAPL am jeweiligen Bewertungstag ≥ 77 % des Anfangspreises (die „Coupon-Barriere“) beträgt. Werden die Barrieren unterschritten, werden keine Coupons angesammelt.
- Autocall-Funktion: Ab sechs Monaten nach Ausgabe werden die Notes an jedem monatlichen Bewertungstag automatisch zurückgezahlt, wenn AAPL auf oder über dem Anfangspreis schließt. Die vorzeitige Rückzahlung erfolgt zum Nennwert plus dem Coupon des jeweiligen Monats.
- Endfälligkeit (wenn nicht vorzeitig zurückgerufen): • Wenn AAPL am letzten Bewertungstag ≥ 77 % des Anfangspreises ist, erhalten Anleger den Nennwert. • Liegt AAPL unter 77 %, erfolgt die Rückzahlung in Höhe von $1.000 × (1 + Basisrendite), wodurch Anleger einem direkten Risiko eines Totalverlusts des Kapitals ausgesetzt sind.
- Wichtige Termine: Preisfeststellung 10. Juli 2025; monatliche Beobachtungen; Fälligkeit 13. August 2026.
- Kredit- und Liquiditätsrisiko: Alle Zahlungen hängen von der Bonität von Citigroup Global Markets Holdings Inc. und deren Bürgen Citigroup Inc. ab; die Wertpapiere werden nicht börslich gehandelt, und die Zweitmarktlquidität kann begrenzt sein.
- Illustrative Auszahlungen: Hypothetische Tabellen zeigen, dass eine Kursbewegung von −23 % bei AAPL aufgrund der 77%-Barriere noch zum Nennwert zurückführt, während eine Bewegung von −25 % das Kapital auf $750 reduziert und ein Totalverlust von 100 % zu keiner Rückzahlung führt.
- Hervorgehobene Risiken: Möglichkeit eines vollständigen Kapitalverlusts, ausgefallene Coupons, Emittenten-Kreditrisiko, Bewertung unter Ausgabepreis bei Emission, steuerliche Unsicherheiten und potenzielle Interessenkonflikte.
Das Angebot ist in einem Free Writing Prospectus dokumentiert, der gemäß SEC-Regel 433 eingereicht wurde, und muss zusammen mit dem vorläufigen Preiszusatz vom 1. Juli 2025 sowie den zugehörigen Prospektunterlagen (Datei-Nr. 333-270327 & 333-270327-01) gelesen werden.
- Monthly coupon of at least 10% per annum payable when AAPL stays above the 77% barrier provides attractive carry in low-volatility scenarios.
- 77% coupon and principal barrier affords a 23% buffer against moderate equity declines before principal is impaired.
- Full downside exposure below the 77% barrier can erode up to 100% of principal at maturity if AAPL sells off sharply.
- Coupons are not guaranteed; any breach of the coupon barrier eliminates that month’s payment.
- Credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. applies; note holders rank as unsecured creditors.
- No secondary market listing may lead to significant liquidity discounts before maturity.
Insights
TL;DR: Routine structured note offering with 10% p.a. coupon, 77% barrier; upside capped, full downside risk, modest funding benefit to Citi.
This FWP details a plain-vanilla autocallable note that Citi frequently issues to raise medium-term funding. The structure is investor-friendly only if AAPL remains above the 77% barrier; otherwise holders face linear equity downside. Coupon level (≥10% p.a.) compensates for credit and market risk but is not exceptional given current volatility and rates. For Citigroup shareholders the impact is negligible—issue size is typically small relative to the group’s ~$1 trn balance sheet and simply diversifies wholesale funding sources. From a structured-note investor lens, the automatic call feature truncates positive carry, while the low 77% barriers provide decent cushion. Overall, a neutral event for C stock, but prospective note buyers must weigh coupon versus principal risk.
TL;DR: Investors face senior unsecured exposure to Citi; no change to issuer credit profile, note embeds full principal risk to holder.
The securities carry Citi senior unsecured credit risk; the guarantee by Citigroup Inc. aligns them with the parent’s existing senior curve. The FWP discloses that initial estimated value is below issue price, implying an embedded distribution margin and hedging cost. No new information alters Citi’s credit outlook, and issuance size will not materially shift leverage or liquidity metrics. For investors, the main hazards are (1) tail equity risk from AAPL and (2) idiosyncratic issuer default risk, though Citi currently holds high-grade ratings (A/A3). Because the transaction structure offers no upside beyond coupons, it mainly appeals to yield-seeking investors comfortable with single-name equity risk and potential illiquidity.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., sta offrendo titoli Autocallable Contingent Coupon della durata di 13 mesi, collegati alla performance azionaria di Apple Inc. (AAPL). Questi strumenti sono obbligazioni senior non garantite che combinano cedole mensili condizionate con una protezione condizionale del capitale.
- Meccanismo delle cedole: Gli investitori possono ricevere una cedola mensile di almeno il 10,00% annuo (≈0,833% mensile) solo se il prezzo di chiusura di AAPL nella data di valutazione rilevante è ≥ 77% del prezzo iniziale (la “barriera cedolare”). Le cedole non sono accumulate se la barriera viene violata.
- Funzionalità Autocall: A partire da sei mesi dopo l’emissione, i titoli vengono rimborsati automaticamente in qualsiasi data di valutazione mensile se AAPL chiude al prezzo iniziale o superiore. Il rimborso anticipato prevede il valore nominale più la cedola di quel mese.
- Pagamento a scadenza (se non richiamati): • Se AAPL è ≥ 77% del prezzo iniziale alla data finale di valutazione, gli investitori ricevono il valore nominale. • Se AAPL è < 77%, il rimborso è pari a $1.000 × (1 + rendimento sottostante), esponendo l’investitore a una perdita diretta e potenziale perdita totale del capitale.
- Date chiave: Prezzo 10 lug 2025; osservazioni mensili; scadenza 13 ago 2026.
- Credito e liquidità: Tutti i pagamenti dipendono dalla solvibilità di Citigroup Global Markets Holdings Inc. e del garante Citigroup Inc.; i titoli non saranno quotati e la liquidità secondaria potrebbe essere limitata.
- Esempi di rendimento: Tabelle ipotetiche mostrano che una variazione di −23% in AAPL restituisce comunque il valore nominale grazie alla barriera del 77%, mentre una variazione di −25% riduce il capitale a $750 e una perdita totale del 100% comporta un rimborso nullo.
- Rischi evidenziati: possibilità di perdita totale del capitale, mancato pagamento delle cedole, rischio di credito dell’emittente, valutazione inferiore al prezzo di emissione al lancio, incertezza fiscale e potenziali conflitti di interesse.
L’offerta è documentata in un Free Writing Prospectus depositato secondo la Regola SEC 433 e deve essere letto insieme al supplemento preliminare di prezzo datato 1 lug 2025 e ai documenti di prospetto associati (File Nos. 333-270327 & 333-270327-01).
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., está comercializando valores Autocallable Contingent Coupon a 13 meses vinculados al desempeño de las acciones de Apple Inc. (AAPL). Los bonos son obligaciones senior no garantizadas que combinan cupones contingentes mensuales con protección condicional del principal.
- Mecánica del cupón: Los inversionistas pueden recibir un cupón mensual de al menos 10.00% anual (≈0.833% mensual) solo si el precio de cierre de AAPL en la fecha de valoración correspondiente es ≥ 77% del precio inicial (la “barrera del cupón”). No se acumulan cupones si se rompe la barrera.
- Función Autocall: A partir de seis meses después de la emisión, los bonos se redimen automáticamente en cualquier fecha de valoración mensual si AAPL cierra en o por encima de su precio inicial. La redención anticipada paga el valor nominal más el cupón de ese mes.
- Pago al vencimiento (si no es llamado): • Si AAPL ≥ 77% del inicial en la fecha final de valoración, los inversionistas reciben el valor nominal. • Si AAPL < 77%, el reembolso es $1,000 × (1 + rendimiento subyacente), exponiendo a los inversionistas a una pérdida directa y potencial pérdida total del principal.
- Fechas clave: Precio 10 jul 2025; observaciones mensuales; vencimiento 13 ago 2026.
- Crédito y liquidez: Todos los pagos dependen del crédito de Citigroup Global Markets Holdings Inc. y su garante, Citigroup Inc.; los valores no estarán listados y la liquidez secundaria puede ser limitada.
- Pagos ilustrativos: Tablas hipotéticas muestran que un movimiento de −23% en AAPL aún devuelve el valor nominal debido a la barrera del 77%, mientras que un movimiento de −25% reduce el principal a $750 y un movimiento de −100% resulta en reembolso cero.
- Riesgos destacados: posibilidad de pérdida total del principal, cupones no pagados, riesgo crediticio del emisor, valoración por debajo del precio de emisión al inicio, incertidumbre fiscal y posibles conflictos de interés.
La oferta está documentada en un Free Writing Prospectus presentado bajo la Regla SEC 433 y debe leerse junto con el suplemento preliminar de precios fechado el 1 de jul de 2025 y los documentos de prospecto adjuntos (File Nos. 333-270327 & 333-270327-01).
Citigroup Global Markets Holdings Inc.는 Citigroup Inc.의 보증을 받아 Apple Inc. (AAPL) 주가 성과에 연동된 13개월 만기 자동상환 조건부 쿠폰 증권을 판매하고 있습니다. 이 증권은 월별 조건부 쿠폰과 조건부 원금 보호가 결합된 선순위 무담보 채무입니다.
- 쿠폰 구조: 투자자는 AAPL의 해당 평가일 종가가 최초 가격의 77% 이상일 경우에만 연 10.00% 이상(월 약 0.833%)의 월별 쿠폰을 받을 수 있습니다(“쿠폰 장벽”). 장벽이 깨지면 쿠폰은 누적되지 않습니다.
- 자동상환 기능: 발행 6개월 후부터 매월 평가일에 AAPL이 최초 가격 이상으로 마감하면 증권은 자동으로 상환됩니다. 조기 상환 시 원금과 해당 월 쿠폰이 지급됩니다.
- 만기 지급(자동상환되지 않은 경우): • 최종 평가일에 AAPL이 최초 가격의 77% 이상이면 투자자는 원금을 받습니다. • 77% 미만이면 상환금은 $1,000 × (1 + 기초자산 수익률)로, 투자자는 1대1 손실 위험과 원금 전액 손실 가능성에 노출됩니다.
- 주요 일정: 가격 책정 2025년 7월 10일; 매월 관찰; 만기 2026년 8월 13일.
- 신용 및 유동성: 모든 지급은 Citigroup Global Markets Holdings Inc. 및 보증인 Citigroup Inc.의 신용에 의존하며, 증권은 상장되지 않고 2차 유동성은 제한될 수 있습니다.
- 예시 지급: 가상 표에 따르면 AAPL이 −23% 하락해도 77% 장벽 덕분에 원금이 지급되지만, −25% 하락 시 원금이 $750로 감소하고 −100% 하락 시 전액 상환이 불가능합니다.
- 강조된 위험: 원금 전액 손실 가능성, 쿠폰 미지급, 발행자 신용 위험, 발행가 이하 평가, 세금 불확실성 및 잠재적 이해 상충.
본 제안은 SEC 규칙 433에 따라 제출된 Free Writing Prospectus에 문서화되어 있으며, 2025년 7월 1일자 예비 가격 보충서 및 관련 설명서 문서(File Nos. 333-270327 & 333-270327-01)와 함께 읽어야 합니다.
Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., commercialise des titres Autocallable Contingent Coupon d’une durée de 13 mois liés à la performance des actions de Apple Inc. (AAPL). Ces notes sont des obligations senior non sécurisées combinant des coupons conditionnels mensuels avec une protection conditionnelle du capital.
- Mécanisme du coupon : Les investisseurs peuvent recevoir un coupon mensuel d’au moins 10,00 % par an (≈0,833 % par mois) uniquement si le cours de clôture d’AAPL à la date d’évaluation concernée est ≥ 77 % du prix initial (la « barrière du coupon »). Les coupons ne sont pas accumulés si la barrière est franchie à la baisse.
- Fonctionnalité Autocall : À partir de six mois après l’émission, les notes sont automatiquement remboursées à toute date d’évaluation mensuelle si AAPL clôture au prix initial ou au-dessus. Le remboursement anticipé inclut le pair plus le coupon du mois.
- Versement à l’échéance (si non rappelé) : • Si AAPL est ≥ 77 % du prix initial à la date d’évaluation finale, les investisseurs reçoivent le pair. • Si AAPL est < 77 %, le remboursement est égal à 1 000 $ × (1 + rendement sous-jacent), exposant les investisseurs à une perte directe et potentielle de 100 % du capital.
- Dates clés : Prix fixé le 10 juillet 2025 ; observations mensuelles ; échéance le 13 août 2026.
- Crédit et liquidité : Tous les paiements dépendent de la solvabilité de Citigroup Global Markets Holdings Inc. et de son garant, Citigroup Inc. ; les titres ne seront pas cotés et la liquidité secondaire peut être limitée.
- Exemples de paiements : Des tableaux hypothétiques montrent qu’une baisse de −23 % d’AAPL permet toujours de récupérer le pair grâce à la barrière à 77 %, alors qu’une baisse de −25 % réduit le capital à 750 $ et une baisse de 100 % entraîne un remboursement nul.
- Risques soulignés : risque de perte totale du capital, coupons manqués, risque de crédit de l’émetteur, valorisation inférieure au prix d’émission au lancement, incertitudes fiscales et conflits d’intérêts potentiels.
L’offre est documentée dans un Free Writing Prospectus déposé conformément à la règle SEC 433 et doit être lu conjointement avec le supplément de prix préliminaire daté du 1er juillet 2025 et les documents de prospectus associés (numéros de dossier 333-270327 & 333-270327-01).
Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet 13-monatige Autocallable Contingent Coupon Securities an, die an die Aktienentwicklung von Apple Inc. (AAPL) gekoppelt sind. Die Notes sind unbesicherte vorrangige Verbindlichkeiten, die monatliche bedingte Coupons mit einer bedingten Kapitalschutzfunktion kombinieren.
- Coupon-Mechanismus: Anleger erhalten nur dann einen monatlichen Coupon von mindestens 10,00 % p.a. (≈0,833 % pro Monat), wenn der Schlusskurs von AAPL am jeweiligen Bewertungstag ≥ 77 % des Anfangspreises (die „Coupon-Barriere“) beträgt. Werden die Barrieren unterschritten, werden keine Coupons angesammelt.
- Autocall-Funktion: Ab sechs Monaten nach Ausgabe werden die Notes an jedem monatlichen Bewertungstag automatisch zurückgezahlt, wenn AAPL auf oder über dem Anfangspreis schließt. Die vorzeitige Rückzahlung erfolgt zum Nennwert plus dem Coupon des jeweiligen Monats.
- Endfälligkeit (wenn nicht vorzeitig zurückgerufen): • Wenn AAPL am letzten Bewertungstag ≥ 77 % des Anfangspreises ist, erhalten Anleger den Nennwert. • Liegt AAPL unter 77 %, erfolgt die Rückzahlung in Höhe von $1.000 × (1 + Basisrendite), wodurch Anleger einem direkten Risiko eines Totalverlusts des Kapitals ausgesetzt sind.
- Wichtige Termine: Preisfeststellung 10. Juli 2025; monatliche Beobachtungen; Fälligkeit 13. August 2026.
- Kredit- und Liquiditätsrisiko: Alle Zahlungen hängen von der Bonität von Citigroup Global Markets Holdings Inc. und deren Bürgen Citigroup Inc. ab; die Wertpapiere werden nicht börslich gehandelt, und die Zweitmarktlquidität kann begrenzt sein.
- Illustrative Auszahlungen: Hypothetische Tabellen zeigen, dass eine Kursbewegung von −23 % bei AAPL aufgrund der 77%-Barriere noch zum Nennwert zurückführt, während eine Bewegung von −25 % das Kapital auf $750 reduziert und ein Totalverlust von 100 % zu keiner Rückzahlung führt.
- Hervorgehobene Risiken: Möglichkeit eines vollständigen Kapitalverlusts, ausgefallene Coupons, Emittenten-Kreditrisiko, Bewertung unter Ausgabepreis bei Emission, steuerliche Unsicherheiten und potenzielle Interessenkonflikte.
Das Angebot ist in einem Free Writing Prospectus dokumentiert, der gemäß SEC-Regel 433 eingereicht wurde, und muss zusammen mit dem vorläufigen Preiszusatz vom 1. Juli 2025 sowie den zugehörigen Prospektunterlagen (Datei-Nr. 333-270327 & 333-270327-01) gelesen werden.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
Hypothetical Interim Payment per Security**
|
Hypothetical Underlying Return on Interim Valuation Date |
Hypothetical Payment for Interim Valuation Date |
Hypothetical Redemption*** |
|
100.00% |
$1,008.333 |
Redeemed |
|
50.00% |
$1,008.333 |
Redeemed |
|
25.00% |
$1,008.333 |
Redeemed |
|
0.00% |
$1,008.333 |
Redeemed |
|
-0.01% |
$8.333 |
Securities not redeemed |
|
-23.00% |
$8.333 |
Securities not redeemed |
|
-23.01% |
$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 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 |
|
-23.00% |
$1,000.00 |
|
-23.01% |
$769.90 |
|
-25.00% |
$750.00 |
|
-50.00% |
$500.00 |
|
-75.00% |
$250.00 |
|
-100.00% |
$0.00 |
13 Month Autocallable Contingent Coupon Securities Linked to AAPL
Preliminary Terms
This summary of terms is not complete and should be read with the preliminary pricing supplement below
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Issuer: |
Citigroup Global Markets Holdings Inc. |
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Guarantor: |
Citigroup Inc. |
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Underlying: |
Apple Inc. (ticker: “AAPL”) |
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Pricing date: |
July 10, 2025 |
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Valuation dates: |
Monthly |
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Maturity date: |
August 13, 2026 |
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Contingent coupon: |
At least 10.00% per annum*, paid monthly only if the closing value of the underlying is greater than or equal to the coupon barrier value on the related valuation date. You are not assured of receiving any contingent coupon. |
|
Coupon barrier value: |
77.00% of the initial underlying value |
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Final barrier value: |
77.00% of the initial underlying value |
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Automatic early redemption: |
If on any autocall date the closing value of the underlying is greater than or equal to the initial underlying value, the securities will be automatically called for an amount equal to the principal plus the related contingent coupon |
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Autocall dates: |
Monthly on valuation dates beginning after six months |
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CUSIP / ISIN: |
17333LFA8 / US17333LFA89 |
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Initial underlying value: |
The closing value on the pricing date |
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Final underlying value: |
The closing value on the final valuation date |
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Underlying return: |
(Current closing value - initial underlying value) / initial underlying value |
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Payment at maturity (if not autocalled): |
•If the final underlying value is 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 securities are not automatically redeemed prior to maturity and 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, and you will not receive any contingent coupon payment at maturity. 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 1, 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, 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, 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 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, 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. •You will not receive any contingent coupon following any valuation date on which the closing value of the underlying on that valuation date is less than the coupon barrier value. •The securities may be automatically redeemed prior to maturity, limiting your opportunity to receive contingent coupons if the underlying performs in a way that would otherwise be favorable. •The securities offer downside exposure, but no upside exposure, to the underlying. •The securities are particularly sensitive to the volatility of the closing value of the underlying 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. |
FAQ
What is the coupon rate on Citigroup’s 13-month AAPL-linked autocallable notes?
When can the Citigroup (C) securities be automatically redeemed?
What happens at maturity if Apple’s share price drops more than 23%?
Are the coupons cumulative if missed on prior observation dates?
Do investors have protection against Citigroup’s credit risk?
Will the securities trade on an exchange?
