[FWP] Citigroup Inc. Free Writing Prospectus
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., intends to issue 13-month Autocallable Contingent Coupon Securities linked to Morgan Stanley (MS) stock. Each $1,000 note pays a contingent coupon of ≥10.0% per annum, credited monthly only when MS closes at or above the 78% coupon barrier on the relevant valuation date. Starting six months after issuance, the notes will be automatically called at par plus the coupon on any monthly date when MS closes at or above its initial value.
If the notes remain outstanding to maturity (27 Aug 2026) and MS ends ≥78% of its initial value, investors receive the full $1,000 principal. Should MS finish <78%, holders receive a fixed number of MS shares (or cash equivalent) worth the final share price, exposing them to potentially deep losses, up to their entire investment. Hypothetical tables show par repayment down to a –22.00% decline, but a –22.01% decline would cut repayment to $779.90, with zero value at –100%.
Key risks: possible total loss of principal, no guaranteed coupons, limited upside (no participation beyond coupons), early redemption capping income, sensitivity to MS volatility, issuer and guarantor credit risk, illiquidity (no exchange listing), estimated issue value below par, and uncertain U.S. tax treatment.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., intende emettere titoli Autocallable Contingent Coupon della durata di 13 mesi collegati alle azioni Morgan Stanley (MS). Ogni titolo da $1.000 corrisponde un cedola condizionata di almeno il 10,0% annuo, accreditata mensilmente solo se MS chiude al pari o sopra la barriera cedola del 78% nella data di valutazione rilevante. A partire da sei mesi dall’emissione, i titoli saranno richiamati automaticamente a valore nominale più la cedola in qualsiasi data mensile in cui MS chiuda al pari o sopra il valore iniziale.
Se i titoli restano in circolazione fino alla scadenza (27 agosto 2026) e MS termina almeno al 78% del valore iniziale, gli investitori ricevono il capitale completo di $1.000. Se MS chiude al di sotto del 78%, i detentori ricevono un numero fisso di azioni MS (o equivalente in contanti) pari al prezzo finale, esponendoli a perdite potenzialmente significative, fino all’intero investimento. Tabelle ipotetiche mostrano un rimborso a valore nominale fino a un calo del –22,00%, ma un calo del –22,01% ridurrebbe il rimborso a $779,90, con valore nullo a –100%.
Rischi principali: possibile perdita totale del capitale, nessuna cedola garantita, rendimento limitato (nessuna partecipazione oltre le cedole), richiamo anticipato che limita i guadagni, sensibilità alla volatilità di MS, rischio di credito dell’emittente e del garante, illiquidità (assenza di quotazione), valore stimato sotto la pari e trattamento fiscale USA incerto.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., planea emitir valores Autocallable Contingent Coupon a 13 meses vinculados a las acciones de Morgan Stanley (MS). Cada bono de $1,000 paga un cupón contingente de al menos 10.0% anual, acreditado mensualmente solo cuando MS cierre en o por encima de la barrera del 78% para el cupón en la fecha de valoración correspondiente. A partir de seis meses después de la emisión, los bonos serán llamados automáticamente a su valor nominal más el cupón en cualquier fecha mensual en la que MS cierre en o por encima de su valor inicial.
Si los bonos permanecen vigentes hasta el vencimiento (27 de agosto de 2026) y MS termina en al menos el 78% de su valor inicial, los inversores reciben el principal completo de $1,000. Si MS termina por debajo del 78%, los tenedores reciben un número fijo de acciones MS (o equivalente en efectivo) valoradas al precio final, exponiéndolos a pérdidas potencialmente significativas, hasta la totalidad de su inversión. Tablas hipotéticas muestran el reembolso al valor nominal hasta una caída del –22.00%, pero una caída del –22.01% reduciría el reembolso a $779.90, con valor cero a –100%.
Riesgos clave: posible pérdida total del principal, ningún cupón garantizado, rendimiento limitado (sin participación más allá de los cupones), rescate anticipado que limita ingresos, sensibilidad a la volatilidad de MS, riesgo crediticio del emisor y garante, iliquidez (sin cotización en bolsa), valor estimado por debajo del nominal y tratamiento fiscal estadounidense incierto.
Citigroup Global Markets Holdings Inc.는 Citigroup Inc.가 보증하며, Morgan Stanley(MS) 주식에 연동된 13개월 만기 오토콜러블 컨틴전트 쿠폰 증권을 발행할 예정입니다. 각 $1,000 노트는 MS가 해당 평가일에 쿠폰 장벽 78% 이상에서 마감할 경우에만 매월 지급되는 연 10.0% 이상의 조건부 쿠폰을 제공합니다. 발행 6개월 후부터는 MS가 초기 가치 이상에서 월간 마감할 때마다 원금과 쿠폰을 포함하여 자동 상환됩니다.
만기일(2026년 8월 27일)까지 노트가 유지되고 MS가 초기 가치의 78% 이상로 마감하면 투자자는 전액 $1,000 원금을 받습니다. 만약 MS가 78% 미만으로 마감하면, 투자자는 최종 주가 가치에 해당하는 고정 수량의 MS 주식(또는 현금 등가물)을 받게 되어 전체 투자금 손실까지 심각한 손실 위험에 노출됩니다. 가상 표에서는 –22.00% 하락 시 원금 상환이 가능하지만, –22.01% 하락 시 상환액이 $779.90로 줄며 –100% 하락 시 가치는 0이 됩니다.
주요 위험: 원금 전액 손실 가능성, 쿠폰 보장 없음, 제한된 상승 잠재력(쿠폰 외 참여 없음), 조기 상환으로 수익 제한, MS 변동성 민감성, 발행자 및 보증인 신용 위험, 유동성 부족(거래소 상장 없음), 발행 가치가 액면가 이하, 미국 세금 처리 불확실성.
Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., prévoit d’émettre des titres Autocallable Contingent Coupon à 13 mois liés à l’action Morgan Stanley (MS). Chaque billet de 1 000 $ verse un coupon conditionnel d’au moins 10,0% par an, crédité mensuellement uniquement lorsque MS clôture au-dessus ou à la barrière de coupon de 78% à la date d’évaluation pertinente. À partir de six mois après l’émission, les billets seront appelés automatiquement à la valeur nominale plus coupon à toute date mensuelle où MS clôture au-dessus ou à sa valeur initiale.
Si les billets restent en circulation jusqu’à l’échéance (27 août 2026) et que MS termine à au moins 78% de sa valeur initiale, les investisseurs reçoivent le principal complet de 1 000 $. Si MS termine en dessous de 78%, les détenteurs reçoivent un nombre fixe d’actions MS (ou équivalent en espèces) d’une valeur égale au cours final, les exposant à des pertes potentielles importantes, jusqu’à la totalité de leur investissement. Des tableaux hypothétiques montrent un remboursement au pair jusqu’à une baisse de –22,00%, mais une baisse de –22,01% réduirait le remboursement à 779,90 $, avec une valeur nulle à –100%.
Risques clés : perte totale possible du capital, absence de coupons garantis, potentiel de gain limité (pas de participation au-delà des coupons), remboursement anticipé limitant les revenus, sensibilité à la volatilité de MS, risque de crédit de l’émetteur et du garant, illiquidité (absence de cotation), valeur d’émission estimée inférieure au pair et traitement fiscal américain incertain.
Citigroup Global Markets Holdings Inc., garantiert von Citigroup Inc., beabsichtigt, 13-monatige Autocallable Contingent Coupon Securities auszugeben, die an die Morgan Stanley (MS) Aktie gekoppelt sind. Jede $1.000-Anleihe zahlt einen bedingten Kupon von mindestens 10,0% p.a., der monatlich nur gutgeschrieben wird, wenn MS an dem jeweiligen Bewertungstag bei oder über der 78%-Kupon-Barriere schließt. Ab sechs Monaten nach Ausgabe werden die Anleihen an jedem Monatstag, an dem MS bei oder über dem Anfangswert schließt, automatisch zum Nennwert plus Kupon zurückgezahlt.
Bleiben die Anleihen bis zur Fälligkeit (27. August 2026) bestehen und schließt MS bei mindestens 78% des Anfangswerts, erhalten Anleger den vollen Nennwert von $1.000. Sollte MS unter 78% schließen, erhalten die Inhaber eine feste Anzahl MS-Aktien (oder Baräquivalent) im Wert des Schlusskurses, was sie potenziell hohen Verlusten bis hin zum Totalverlust aussetzt. Hypothetische Tabellen zeigen eine Rückzahlung zum Nennwert bis zu einem Rückgang von –22,00%, während ein Rückgang von –22,01% die Rückzahlung auf $779,90 reduziert, mit einem Wert von null bei –100%.
Wesentliche Risiken: möglicher Totalverlust des Kapitals, keine garantierten Kupons, begrenztes Aufwärtspotenzial (keine Beteiligung über Kupons hinaus), vorzeitige Rückzahlung begrenzt Erträge, Sensitivität gegenüber MS-Volatilität, Emittenten- und Garantiegeber-Kreditrisiko, Illiquidität (keine Börsennotierung), geschätzter Ausgabewert unter Nominalwert und unsichere US-Steuerbehandlung.
- ≥10% per-annum contingent coupon offers attractive income relative to short-term rates.
- 22% downside buffer (coupon and final barriers at 78% of initial level) protects principal against moderate declines.
- Monthly autocall feature can return par plus coupon early if Morgan Stanley trades at or above its initial value.
- Principal at risk below 78% barrier; losses can reach 100% if MS falls to zero.
- No upside participation beyond fixed coupons, capping total return.
- Coupons not guaranteed; paid only when MS is above the coupon barrier on each valuation date.
- Issuer and guarantor credit risk (Citigroup Global Markets Holdings Inc. and Citigroup Inc.).
- No exchange listing, creating potential liquidity constraints and wider bid-ask spreads.
- Estimated initial value is below issue price, implying negative yield to worst if autocalled quickly.
- Complex and uncertain U.S. tax treatment may reduce after-tax returns.
Insights
TL;DR: Note offers ≥10% annual coupons and 22% downside buffer, but principal is at full equity risk below 78% barrier.
The security combines a high contingent income stream with a relatively short 13-month tenor. Automatic calls mean investors will likely exit early if MS trades at or above its initial level, locking in coupons but forfeiting further income. The 78% final barrier provides a modest 22% cushion; however, once breached, redemption occurs via MS shares, making the payoff strictly linear to the downside. There is no upside participation beyond coupons, so risk-adjusted return depends heavily on MS path volatility and barrier touches. Given comparable income products, the ≥10% coupon is competitive, yet the embedded put means risk of substantial capital loss remains material. Credit exposure to Citigroup and the note’s off-exchange status further temper attractiveness.
TL;DR: Significant downside, limited liquidity, and issuer credit risk offset headline 10% coupon; impact to Citi financials negligible.
The structure shifts equity downside to noteholders without offering upside participation. If MS falls merely 22.01%, repayment drops 22%, highlighting a steep risk cliff; a 50% decline halves principal. Investors also face liquidity risk because the notes are unlisted, and indicative pricing before maturity may be heavily discounted, especially given the issuer’s right to redeem early. Citigroup’s credit profile is investment-grade, but any deterioration directly affects recovery values. From a systemic view, issuance size is unspecified, suggesting minimal balance-sheet impact for Citi; therefore, market impact appears limited.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., intende emettere titoli Autocallable Contingent Coupon della durata di 13 mesi collegati alle azioni Morgan Stanley (MS). Ogni titolo da $1.000 corrisponde un cedola condizionata di almeno il 10,0% annuo, accreditata mensilmente solo se MS chiude al pari o sopra la barriera cedola del 78% nella data di valutazione rilevante. A partire da sei mesi dall’emissione, i titoli saranno richiamati automaticamente a valore nominale più la cedola in qualsiasi data mensile in cui MS chiuda al pari o sopra il valore iniziale.
Se i titoli restano in circolazione fino alla scadenza (27 agosto 2026) e MS termina almeno al 78% del valore iniziale, gli investitori ricevono il capitale completo di $1.000. Se MS chiude al di sotto del 78%, i detentori ricevono un numero fisso di azioni MS (o equivalente in contanti) pari al prezzo finale, esponendoli a perdite potenzialmente significative, fino all’intero investimento. Tabelle ipotetiche mostrano un rimborso a valore nominale fino a un calo del –22,00%, ma un calo del –22,01% ridurrebbe il rimborso a $779,90, con valore nullo a –100%.
Rischi principali: possibile perdita totale del capitale, nessuna cedola garantita, rendimento limitato (nessuna partecipazione oltre le cedole), richiamo anticipato che limita i guadagni, sensibilità alla volatilità di MS, rischio di credito dell’emittente e del garante, illiquidità (assenza di quotazione), valore stimato sotto la pari e trattamento fiscale USA incerto.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., planea emitir valores Autocallable Contingent Coupon a 13 meses vinculados a las acciones de Morgan Stanley (MS). Cada bono de $1,000 paga un cupón contingente de al menos 10.0% anual, acreditado mensualmente solo cuando MS cierre en o por encima de la barrera del 78% para el cupón en la fecha de valoración correspondiente. A partir de seis meses después de la emisión, los bonos serán llamados automáticamente a su valor nominal más el cupón en cualquier fecha mensual en la que MS cierre en o por encima de su valor inicial.
Si los bonos permanecen vigentes hasta el vencimiento (27 de agosto de 2026) y MS termina en al menos el 78% de su valor inicial, los inversores reciben el principal completo de $1,000. Si MS termina por debajo del 78%, los tenedores reciben un número fijo de acciones MS (o equivalente en efectivo) valoradas al precio final, exponiéndolos a pérdidas potencialmente significativas, hasta la totalidad de su inversión. Tablas hipotéticas muestran el reembolso al valor nominal hasta una caída del –22.00%, pero una caída del –22.01% reduciría el reembolso a $779.90, con valor cero a –100%.
Riesgos clave: posible pérdida total del principal, ningún cupón garantizado, rendimiento limitado (sin participación más allá de los cupones), rescate anticipado que limita ingresos, sensibilidad a la volatilidad de MS, riesgo crediticio del emisor y garante, iliquidez (sin cotización en bolsa), valor estimado por debajo del nominal y tratamiento fiscal estadounidense incierto.
Citigroup Global Markets Holdings Inc.는 Citigroup Inc.가 보증하며, Morgan Stanley(MS) 주식에 연동된 13개월 만기 오토콜러블 컨틴전트 쿠폰 증권을 발행할 예정입니다. 각 $1,000 노트는 MS가 해당 평가일에 쿠폰 장벽 78% 이상에서 마감할 경우에만 매월 지급되는 연 10.0% 이상의 조건부 쿠폰을 제공합니다. 발행 6개월 후부터는 MS가 초기 가치 이상에서 월간 마감할 때마다 원금과 쿠폰을 포함하여 자동 상환됩니다.
만기일(2026년 8월 27일)까지 노트가 유지되고 MS가 초기 가치의 78% 이상로 마감하면 투자자는 전액 $1,000 원금을 받습니다. 만약 MS가 78% 미만으로 마감하면, 투자자는 최종 주가 가치에 해당하는 고정 수량의 MS 주식(또는 현금 등가물)을 받게 되어 전체 투자금 손실까지 심각한 손실 위험에 노출됩니다. 가상 표에서는 –22.00% 하락 시 원금 상환이 가능하지만, –22.01% 하락 시 상환액이 $779.90로 줄며 –100% 하락 시 가치는 0이 됩니다.
주요 위험: 원금 전액 손실 가능성, 쿠폰 보장 없음, 제한된 상승 잠재력(쿠폰 외 참여 없음), 조기 상환으로 수익 제한, MS 변동성 민감성, 발행자 및 보증인 신용 위험, 유동성 부족(거래소 상장 없음), 발행 가치가 액면가 이하, 미국 세금 처리 불확실성.
Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., prévoit d’émettre des titres Autocallable Contingent Coupon à 13 mois liés à l’action Morgan Stanley (MS). Chaque billet de 1 000 $ verse un coupon conditionnel d’au moins 10,0% par an, crédité mensuellement uniquement lorsque MS clôture au-dessus ou à la barrière de coupon de 78% à la date d’évaluation pertinente. À partir de six mois après l’émission, les billets seront appelés automatiquement à la valeur nominale plus coupon à toute date mensuelle où MS clôture au-dessus ou à sa valeur initiale.
Si les billets restent en circulation jusqu’à l’échéance (27 août 2026) et que MS termine à au moins 78% de sa valeur initiale, les investisseurs reçoivent le principal complet de 1 000 $. Si MS termine en dessous de 78%, les détenteurs reçoivent un nombre fixe d’actions MS (ou équivalent en espèces) d’une valeur égale au cours final, les exposant à des pertes potentielles importantes, jusqu’à la totalité de leur investissement. Des tableaux hypothétiques montrent un remboursement au pair jusqu’à une baisse de –22,00%, mais une baisse de –22,01% réduirait le remboursement à 779,90 $, avec une valeur nulle à –100%.
Risques clés : perte totale possible du capital, absence de coupons garantis, potentiel de gain limité (pas de participation au-delà des coupons), remboursement anticipé limitant les revenus, sensibilité à la volatilité de MS, risque de crédit de l’émetteur et du garant, illiquidité (absence de cotation), valeur d’émission estimée inférieure au pair et traitement fiscal américain incertain.
Citigroup Global Markets Holdings Inc., garantiert von Citigroup Inc., beabsichtigt, 13-monatige Autocallable Contingent Coupon Securities auszugeben, die an die Morgan Stanley (MS) Aktie gekoppelt sind. Jede $1.000-Anleihe zahlt einen bedingten Kupon von mindestens 10,0% p.a., der monatlich nur gutgeschrieben wird, wenn MS an dem jeweiligen Bewertungstag bei oder über der 78%-Kupon-Barriere schließt. Ab sechs Monaten nach Ausgabe werden die Anleihen an jedem Monatstag, an dem MS bei oder über dem Anfangswert schließt, automatisch zum Nennwert plus Kupon zurückgezahlt.
Bleiben die Anleihen bis zur Fälligkeit (27. August 2026) bestehen und schließt MS bei mindestens 78% des Anfangswerts, erhalten Anleger den vollen Nennwert von $1.000. Sollte MS unter 78% schließen, erhalten die Inhaber eine feste Anzahl MS-Aktien (oder Baräquivalent) im Wert des Schlusskurses, was sie potenziell hohen Verlusten bis hin zum Totalverlust aussetzt. Hypothetische Tabellen zeigen eine Rückzahlung zum Nennwert bis zu einem Rückgang von –22,00%, während ein Rückgang von –22,01% die Rückzahlung auf $779,90 reduziert, mit einem Wert von null bei –100%.
Wesentliche Risiken: möglicher Totalverlust des Kapitals, keine garantierten Kupons, begrenztes Aufwärtspotenzial (keine Beteiligung über Kupons hinaus), vorzeitige Rückzahlung begrenzt Erträge, Sensitivität gegenüber MS-Volatilität, Emittenten- und Garantiegeber-Kreditrisiko, Illiquidität (keine Börsennotierung), geschätzter Ausgabewert unter Nominalwert und unsichere US-Steuerbehandlung.
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 |
|
-22.00% |
$8.333 |
Securities not redeemed |
|
-22.01% |
$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 or Cash Value of Underlying Shares Received at Maturity |
|
100.00% |
$1,000.00 |
|
50.00% |
$1,000.00 |
|
25.00% |
$1,000.00 |
|
0.00% |
$1,000.00 |
|
-22.00% |
$1,000.00 |
|
-22.01% |
$779.90 |
|
-25.00% |
$750.00 |
|
-50.00% |
$500.00 |
|
-75.00% |
$250.00 |
|
-100.00% |
$0.00 |
13 Month Autocallable Contingent Coupon Securities Linked to MS
Preliminary Terms
This summary of terms is not complete and should be read with the preliminary pricing supplement below
|
Issuer: |
Citigroup Global Markets Holdings Inc. |
|
Guarantor: |
Citigroup Inc. |
|
Underlying: |
Morgan Stanley (ticker: “MS”) |
|
Pricing date: |
July 22, 2025 |
|
Valuation dates: |
Monthly |
|
Maturity date: |
August 27, 2026 |
|
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: |
78.00% of the initial underlying value |
|
Final barrier value: |
78.00% of the initial underlying value |
|
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 |
|
Autocall dates: |
Monthly on valuation dates beginning after six months |
|
Equity ratio: |
The stated principal amount divided by the initial underlying value |
|
CUSIP / ISIN: |
17333H6U3 / US17333H6U34 |
|
Initial underlying value: |
The closing value on the pricing date |
|
Final underlying value: |
The closing value on the final valuation date |
|
Underlying return: |
(Current closing value - initial underlying value) / initial underlying value |
|
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: a fixed number of underlying shares of the underlying equal to the equity ratio (or, if we elect, the cash value of those shares based on the final underlying value) 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 underlying shares (or, in our sole discretion, cash) that will be worth 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. |
|
Stated principal amount: |
$1,000 per security |
|
Preliminary pricing supplement: |
Preliminary Pricing Supplement dated July 10, 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.
**** Assumes that the closing value of the underlying on the final valuation date is the same as the closing value of the underlying on the maturity date.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
|
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 and the final underlying value is less than the final barrier value, you will not receive the stated principal amount of your securities at maturity and, instead, will receive underlying shares of the underlying (or, in our sole discretion, cash based on the value thereof) that will be worth significantly less than the stated principal amount and possibly nothing. 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 Autocallable Contingent Coupon Securities (symbol C)?
When can the Citigroup notes be automatically called?
How much principal protection do investors have?
What happens if the notes are not called and MS declines 25%?
Are the securities listed on an exchange?
Who bears credit risk for these securities?
