[FWP] Citigroup Inc. Free Writing Prospectus
Citigroup Global Markets Holdings Inc., fully and unconditionally guaranteed by Citigroup Inc., plans to issue $1,000-denominated Market Linked Securities due July 20, 2028. The notes are linked to the lowest performing of Broadcom Inc. (AVGO) and NVIDIA Corporation (NVDA) and combine three key features: (1) a high contingent coupon, (2) a monthly autocall trigger, and (3) a 60% contingent downside buffer.
Income profile. Investors receive a contingent coupon of at least 15.90% per annum, paid monthly, provided the worst-performing stock closes at or above 60% of its starting value on the relevant calculation day. The embedded “memory” provision repays any missed coupons once the trigger is met on a later observation.
Autocall & maturity. Beginning October 2025, the notes will be automatically redeemed at par plus the current and any unpaid coupons if the worst performer is at or above its starting value on a calculation day. If not called, the principal repayment depends on the final observation (17 July 2028). At maturity, holders receive $1,000 only if the worst performer is ≥60% of its starting value; otherwise they are repaid $1,000 multiplied by that stock’s performance factor, exposing investors to losses of up to 100%.
Key risks. Investors forgo any upside participation in either stock, face equity-market volatility, credit risk of Citigroup, and liquidity risk because the securities will not be exchange-listed. Citigroup estimates the initial value at ≈$913.50, materially below the $1,000 issue price, reflecting dealer fees and hedging costs.
Citigroup Global Markets Holdings Inc., garantita in modo completo e incondizionato da Citigroup Inc., prevede di emettere titoli Market Linked denominati $1.000 con scadenza il 20 luglio 2028. Le obbligazioni sono collegate al peggior rendimento tra Broadcom Inc. (AVGO) e NVIDIA Corporation (NVDA) e combinano tre caratteristiche principali: (1) un coupon contingente elevato, (2) un trigger di autocall mensile e (3) un buffer di ribasso contingente del 60%.
Profilo di reddito. Gli investitori ricevono un coupon contingente di almeno il 15,90% annuo, pagato mensilmente, a condizione che il titolo con la performance peggiore chiuda almeno al 60% del valore iniziale nel giorno di calcolo pertinente. La clausola “memory” integrata rimborsa eventuali coupon non pagati una volta che il trigger viene raggiunto in un'osservazione successiva.
Autocall e scadenza. A partire da ottobre 2025, le obbligazioni saranno automaticamente rimborsate a valore nominale più i coupon correnti e non pagati se il titolo peggiore si trova al valore iniziale o superiore nel giorno di calcolo. Se non richiamate, il rimborso del capitale dipende dall’osservazione finale (17 luglio 2028). Alla scadenza, i detentori ricevono $1.000 solo se il titolo peggiore è ≥60% del valore iniziale; altrimenti viene rimborsato un importo pari a $1.000 moltiplicato per il fattore di performance di quel titolo, esponendo gli investitori a perdite fino al 100%.
Rischi principali. Gli investitori rinunciano a qualsiasi partecipazione al rialzo di entrambi i titoli, affrontano la volatilità del mercato azionario, il rischio di credito di Citigroup e il rischio di liquidità poiché i titoli non saranno quotati in borsa. Citigroup stima un valore iniziale di circa $913,50, significativamente inferiore al prezzo di emissione di $1.000, riflettendo commissioni del dealer e costi di copertura.
Citigroup Global Markets Holdings Inc., garantizado total e incondicionalmente por Citigroup Inc., planea emitir Valores Vinculados al Mercado denominados en $1,000 con vencimiento el 20 de julio de 2028. Los bonos están vinculados al rendimiento más bajo entre Broadcom Inc. (AVGO) y NVIDIA Corporation (NVDA) y combinan tres características clave: (1) un cupón contingente alto, (2) un disparador de autocall mensual y (3) un buffer contingente a la baja del 60%.
Perfil de ingresos. Los inversores reciben un cupón contingente de al menos 15.90% anual, pagado mensualmente, siempre que la acción con peor desempeño cierre en o por encima del 60% de su valor inicial en el día de cálculo correspondiente. La cláusula “memoria” incorporada reembolsa cualquier cupón perdido una vez que se cumple el disparador en una observación posterior.
Autocall y vencimiento. A partir de octubre de 2025, los bonos serán redimidos automáticamente al valor nominal más los cupones actuales y no pagados si el peor rendimiento está en o por encima de su valor inicial en un día de cálculo. Si no se llaman, el reembolso del principal depende de la observación final (17 de julio de 2028). Al vencimiento, los tenedores reciben $1,000 solo si el peor rendimiento es ≥60% de su valor inicial; de lo contrario, se les reembolsa $1,000 multiplicado por el factor de rendimiento de esa acción, exponiendo a los inversores a pérdidas de hasta el 100%.
Riesgos clave. Los inversores renuncian a cualquier participación al alza en cualquiera de las acciones, enfrentan volatilidad del mercado de acciones, riesgo crediticio de Citigroup y riesgo de liquidez debido a que los valores no estarán listados en bolsa. Citigroup estima un valor inicial de ≈$913.50, significativamente por debajo del precio de emisión de $1,000, reflejando comisiones del distribuidor y costos de cobertura.
Citigroup Inc.의 전면적이고 무조건적인 보증을 받는 Citigroup Global Markets Holdings Inc.는 2028년 7월 20일 만기인 1,000달러 단위의 시장 연계 증권을 발행할 계획입니다. 이 채권은 Broadcom Inc. (AVGO)와 NVIDIA Corporation (NVDA) 중 성능이 가장 낮은 주식에 연계되며 세 가지 주요 특징을 결합합니다: (1) 높은 조건부 쿠폰, (2) 월별 자동상환 트리거, (3) 60% 조건부 하락 버퍼.
수익 프로필. 투자자는 최악의 주식이 해당 계산일에 시작 가치의 60% 이상으로 마감할 경우 연 15.90% 이상의 조건부 쿠폰을 매월 지급받습니다. 내장된 “메모리” 조항은 트리거가 나중의 관찰일에 충족되면 누락된 쿠폰을 상환합니다.
자동상환 및 만기. 2025년 10월부터 최악의 주식이 계산일에 시작 가치 이상일 경우 현재 및 미지급 쿠폰과 함께 액면가로 자동 상환됩니다. 자동상환되지 않을 경우 원금 상환은 최종 관찰일(2028년 7월 17일)에 따라 결정됩니다. 만기 시 최악의 주식이 시작 가치의 60% 이상이면 보유자는 1,000달러를 받고, 그렇지 않으면 해당 주식의 성과 지수를 곱한 금액을 상환받아 최대 100% 손실 위험에 노출됩니다.
주요 위험. 투자자는 두 주식 중 어느 쪽의 상승 참여도 포기하며, 주식시장 변동성, Citigroup의 신용 위험, 그리고 증권이 거래소에 상장되지 않아 유동성 위험에 직면합니다. Citigroup은 초기 가치를 약 913.50달러로 추정하며, 이는 1,000달러 발행가보다 상당히 낮으며 딜러 수수료 및 헤지 비용을 반영한 수치입니다.
Citigroup Global Markets Holdings Inc., entièrement et inconditionnellement garanti par Citigroup Inc., prévoit d’émettre des titres Market Linked libellés en $1 000, arrivant à échéance le 20 juillet 2028. Les notes sont liées à la performance la plus faible entre Broadcom Inc. (AVGO) et NVIDIA Corporation (NVDA) et combinent trois caractéristiques clés : (1) un coupon conditionnel élevé, (2) un déclencheur d’autocall mensuel, et (3) une protection conditionnelle à la baisse de 60%.
Profil de revenu. Les investisseurs reçoivent un coupon conditionnel d’au moins 15,90% par an, versé mensuellement, à condition que l’action la moins performante clôture à au moins 60% de sa valeur initiale le jour de calcul pertinent. La clause « mémoire » intégrée rembourse les coupons manqués dès que le déclencheur est atteint lors d’une observation ultérieure.
Autocall et échéance. À partir d’octobre 2025, les notes seront automatiquement remboursées à leur valeur nominale plus les coupons courants et impayés si la moins bonne performance est égale ou supérieure à sa valeur initiale lors d’un jour de calcul. En cas de non rappel, le remboursement du capital dépend de l’observation finale (17 juillet 2028). À l’échéance, les détenteurs reçoivent 1 000 $ seulement si la moins bonne performance est ≥60% de sa valeur initiale ; sinon, ils sont remboursés de 1 000 $ multipliés par le facteur de performance de cette action, exposant ainsi les investisseurs à des pertes pouvant aller jusqu’à 100 %.
Risques clés. Les investisseurs renoncent à toute participation à la hausse sur l’une ou l’autre action, sont exposés à la volatilité du marché actions, au risque de crédit de Citigroup et au risque de liquidité car les titres ne seront pas cotés en bourse. Citigroup estime la valeur initiale à environ 913,50 $, nettement inférieure au prix d’émission de 1 000 $, reflétant les frais du dealer et les coûts de couverture.
Citigroup Global Markets Holdings Inc., vollständig und bedingungslos garantiert von Citigroup Inc., plant die Ausgabe von marktgebundenen Wertpapieren mit einem Nennwert von 1.000 USD und Fälligkeit am 20. Juli 2028. Die Notes sind an die schwächste Performance von Broadcom Inc. (AVGO) und NVIDIA Corporation (NVDA) gekoppelt und vereinen drei Hauptmerkmale: (1) einen hohen bedingten Kupon, (2) einen monatlichen Autocall-Trigger und (3) einen bedingten Abwärtspuffer von 60%.
Ertragsprofil. Anleger erhalten einen bedingten Kupon von mindestens 15,90% p.a., der monatlich gezahlt wird, sofern die am schlechtesten performende Aktie am jeweiligen Berechnungstag bei mindestens 60% ihres Anfangswerts schließt. Die integrierte „Memory“-Klausel erstattet verpasste Kupons, sobald der Trigger bei einer späteren Beobachtung erfüllt wird.
Autocall & Fälligkeit. Ab Oktober 2025 werden die Notes automatisch zum Nennwert plus aktuelle und ausstehende Kupons zurückgezahlt, wenn die schwächste Aktie am Berechnungstag mindestens ihren Anfangswert erreicht. Falls kein Autocall erfolgt, hängt die Rückzahlung des Kapitals von der Schlussbeobachtung am 17. Juli 2028 ab. Bei Fälligkeit erhalten Inhaber 1.000 USD nur, wenn die schwächste Aktie ≥60% ihres Anfangswerts ist; andernfalls wird ein Betrag in Höhe von 1.000 USD multipliziert mit dem Performancefaktor dieser Aktie zurückgezahlt, wodurch Anleger einem Verlust von bis zu 100% ausgesetzt sind.
Hauptrisiken. Anleger verzichten auf jegliche Aufwärtsbeteiligung an beiden Aktien, sind der Volatilität des Aktienmarktes, dem Kreditrisiko von Citigroup und dem Liquiditätsrisiko ausgesetzt, da die Wertpapiere nicht börsennotiert sein werden. Citigroup schätzt den Anfangswert auf ca. 913,50 USD, deutlich unter dem Ausgabepreis von 1.000 USD, was Händlergebühren und Absicherungskosten widerspiegelt.
- At least 15.90% annual contingent coupon provides high cash yield versus traditional fixed-income alternatives.
- Coupon memory feature allows recovery of previously missed payments once threshold conditions are met.
- A 60% downside buffer offers conditional protection against moderate declines in the reference stocks.
- Investors can lose up to 100% of principal if the worst performer ends below 60% of its start level at maturity.
- No participation in any upside appreciation of Broadcom or NVIDIA.
- Estimated fair value of ≈$913.50 is materially below the $1,000 offering price, highlighting embedded costs.
- Exposure to the credit risk of Citigroup; payment depends on issuer solvency.
- Unlisted security may be illiquid, with uncertain secondary market pricing.
Insights
TL;DR: High 15.9% coupon and 60% buffer offset by full downside, no upside, and issuer credit risk—overall risk-balanced, income-oriented trade.
The structure targets investors seeking elevated cash flow in a low-rate backdrop. The 60% trigger gives a sizeable, though not absolute, cushion versus historical tech volatility; however, AVGO and NVDA share sector correlation, increasing breach probability in a downturn. Monthly autocall may shorten duration, improving IRR but limiting coupon longevity. Pricing at ~91% of face indicates c.3.5% in embedded fees, typical for retail structured notes. Credit exposure to Citigroup (A/A3) is investment-grade but non-trivial. Given the asymmetric payoff—capped upside versus full downside—the instrument suits tactical, yield-focused allocations rather than core holdings.
TL;DR: Attractive yield but concentrated megacap tech risk and illiquidity make the note less compelling than diversified high-yield or IG credit.
While the headline 15.9% coupon looks generous, the absence of upside participation means investors rely solely on income to offset potential capital loss. Both underlyings are highly valued semiconductor names; a cyclical correction could easily push either below the 60% threshold, eroding principal. Compared with a diversified BBB bond portfolio yielding ~6%, this note offers 10-point excess carry in exchange for equity tail risk and limited secondary liquidity. Unless one has a specific bullish view on the underlyings staying above the threshold, risk-adjusted returns appear unfavorable.
Citigroup Global Markets Holdings Inc., garantita in modo completo e incondizionato da Citigroup Inc., prevede di emettere titoli Market Linked denominati $1.000 con scadenza il 20 luglio 2028. Le obbligazioni sono collegate al peggior rendimento tra Broadcom Inc. (AVGO) e NVIDIA Corporation (NVDA) e combinano tre caratteristiche principali: (1) un coupon contingente elevato, (2) un trigger di autocall mensile e (3) un buffer di ribasso contingente del 60%.
Profilo di reddito. Gli investitori ricevono un coupon contingente di almeno il 15,90% annuo, pagato mensilmente, a condizione che il titolo con la performance peggiore chiuda almeno al 60% del valore iniziale nel giorno di calcolo pertinente. La clausola “memory” integrata rimborsa eventuali coupon non pagati una volta che il trigger viene raggiunto in un'osservazione successiva.
Autocall e scadenza. A partire da ottobre 2025, le obbligazioni saranno automaticamente rimborsate a valore nominale più i coupon correnti e non pagati se il titolo peggiore si trova al valore iniziale o superiore nel giorno di calcolo. Se non richiamate, il rimborso del capitale dipende dall’osservazione finale (17 luglio 2028). Alla scadenza, i detentori ricevono $1.000 solo se il titolo peggiore è ≥60% del valore iniziale; altrimenti viene rimborsato un importo pari a $1.000 moltiplicato per il fattore di performance di quel titolo, esponendo gli investitori a perdite fino al 100%.
Rischi principali. Gli investitori rinunciano a qualsiasi partecipazione al rialzo di entrambi i titoli, affrontano la volatilità del mercato azionario, il rischio di credito di Citigroup e il rischio di liquidità poiché i titoli non saranno quotati in borsa. Citigroup stima un valore iniziale di circa $913,50, significativamente inferiore al prezzo di emissione di $1.000, riflettendo commissioni del dealer e costi di copertura.
Citigroup Global Markets Holdings Inc., garantizado total e incondicionalmente por Citigroup Inc., planea emitir Valores Vinculados al Mercado denominados en $1,000 con vencimiento el 20 de julio de 2028. Los bonos están vinculados al rendimiento más bajo entre Broadcom Inc. (AVGO) y NVIDIA Corporation (NVDA) y combinan tres características clave: (1) un cupón contingente alto, (2) un disparador de autocall mensual y (3) un buffer contingente a la baja del 60%.
Perfil de ingresos. Los inversores reciben un cupón contingente de al menos 15.90% anual, pagado mensualmente, siempre que la acción con peor desempeño cierre en o por encima del 60% de su valor inicial en el día de cálculo correspondiente. La cláusula “memoria” incorporada reembolsa cualquier cupón perdido una vez que se cumple el disparador en una observación posterior.
Autocall y vencimiento. A partir de octubre de 2025, los bonos serán redimidos automáticamente al valor nominal más los cupones actuales y no pagados si el peor rendimiento está en o por encima de su valor inicial en un día de cálculo. Si no se llaman, el reembolso del principal depende de la observación final (17 de julio de 2028). Al vencimiento, los tenedores reciben $1,000 solo si el peor rendimiento es ≥60% de su valor inicial; de lo contrario, se les reembolsa $1,000 multiplicado por el factor de rendimiento de esa acción, exponiendo a los inversores a pérdidas de hasta el 100%.
Riesgos clave. Los inversores renuncian a cualquier participación al alza en cualquiera de las acciones, enfrentan volatilidad del mercado de acciones, riesgo crediticio de Citigroup y riesgo de liquidez debido a que los valores no estarán listados en bolsa. Citigroup estima un valor inicial de ≈$913.50, significativamente por debajo del precio de emisión de $1,000, reflejando comisiones del distribuidor y costos de cobertura.
Citigroup Inc.의 전면적이고 무조건적인 보증을 받는 Citigroup Global Markets Holdings Inc.는 2028년 7월 20일 만기인 1,000달러 단위의 시장 연계 증권을 발행할 계획입니다. 이 채권은 Broadcom Inc. (AVGO)와 NVIDIA Corporation (NVDA) 중 성능이 가장 낮은 주식에 연계되며 세 가지 주요 특징을 결합합니다: (1) 높은 조건부 쿠폰, (2) 월별 자동상환 트리거, (3) 60% 조건부 하락 버퍼.
수익 프로필. 투자자는 최악의 주식이 해당 계산일에 시작 가치의 60% 이상으로 마감할 경우 연 15.90% 이상의 조건부 쿠폰을 매월 지급받습니다. 내장된 “메모리” 조항은 트리거가 나중의 관찰일에 충족되면 누락된 쿠폰을 상환합니다.
자동상환 및 만기. 2025년 10월부터 최악의 주식이 계산일에 시작 가치 이상일 경우 현재 및 미지급 쿠폰과 함께 액면가로 자동 상환됩니다. 자동상환되지 않을 경우 원금 상환은 최종 관찰일(2028년 7월 17일)에 따라 결정됩니다. 만기 시 최악의 주식이 시작 가치의 60% 이상이면 보유자는 1,000달러를 받고, 그렇지 않으면 해당 주식의 성과 지수를 곱한 금액을 상환받아 최대 100% 손실 위험에 노출됩니다.
주요 위험. 투자자는 두 주식 중 어느 쪽의 상승 참여도 포기하며, 주식시장 변동성, Citigroup의 신용 위험, 그리고 증권이 거래소에 상장되지 않아 유동성 위험에 직면합니다. Citigroup은 초기 가치를 약 913.50달러로 추정하며, 이는 1,000달러 발행가보다 상당히 낮으며 딜러 수수료 및 헤지 비용을 반영한 수치입니다.
Citigroup Global Markets Holdings Inc., entièrement et inconditionnellement garanti par Citigroup Inc., prévoit d’émettre des titres Market Linked libellés en $1 000, arrivant à échéance le 20 juillet 2028. Les notes sont liées à la performance la plus faible entre Broadcom Inc. (AVGO) et NVIDIA Corporation (NVDA) et combinent trois caractéristiques clés : (1) un coupon conditionnel élevé, (2) un déclencheur d’autocall mensuel, et (3) une protection conditionnelle à la baisse de 60%.
Profil de revenu. Les investisseurs reçoivent un coupon conditionnel d’au moins 15,90% par an, versé mensuellement, à condition que l’action la moins performante clôture à au moins 60% de sa valeur initiale le jour de calcul pertinent. La clause « mémoire » intégrée rembourse les coupons manqués dès que le déclencheur est atteint lors d’une observation ultérieure.
Autocall et échéance. À partir d’octobre 2025, les notes seront automatiquement remboursées à leur valeur nominale plus les coupons courants et impayés si la moins bonne performance est égale ou supérieure à sa valeur initiale lors d’un jour de calcul. En cas de non rappel, le remboursement du capital dépend de l’observation finale (17 juillet 2028). À l’échéance, les détenteurs reçoivent 1 000 $ seulement si la moins bonne performance est ≥60% de sa valeur initiale ; sinon, ils sont remboursés de 1 000 $ multipliés par le facteur de performance de cette action, exposant ainsi les investisseurs à des pertes pouvant aller jusqu’à 100 %.
Risques clés. Les investisseurs renoncent à toute participation à la hausse sur l’une ou l’autre action, sont exposés à la volatilité du marché actions, au risque de crédit de Citigroup et au risque de liquidité car les titres ne seront pas cotés en bourse. Citigroup estime la valeur initiale à environ 913,50 $, nettement inférieure au prix d’émission de 1 000 $, reflétant les frais du dealer et les coûts de couverture.
Citigroup Global Markets Holdings Inc., vollständig und bedingungslos garantiert von Citigroup Inc., plant die Ausgabe von marktgebundenen Wertpapieren mit einem Nennwert von 1.000 USD und Fälligkeit am 20. Juli 2028. Die Notes sind an die schwächste Performance von Broadcom Inc. (AVGO) und NVIDIA Corporation (NVDA) gekoppelt und vereinen drei Hauptmerkmale: (1) einen hohen bedingten Kupon, (2) einen monatlichen Autocall-Trigger und (3) einen bedingten Abwärtspuffer von 60%.
Ertragsprofil. Anleger erhalten einen bedingten Kupon von mindestens 15,90% p.a., der monatlich gezahlt wird, sofern die am schlechtesten performende Aktie am jeweiligen Berechnungstag bei mindestens 60% ihres Anfangswerts schließt. Die integrierte „Memory“-Klausel erstattet verpasste Kupons, sobald der Trigger bei einer späteren Beobachtung erfüllt wird.
Autocall & Fälligkeit. Ab Oktober 2025 werden die Notes automatisch zum Nennwert plus aktuelle und ausstehende Kupons zurückgezahlt, wenn die schwächste Aktie am Berechnungstag mindestens ihren Anfangswert erreicht. Falls kein Autocall erfolgt, hängt die Rückzahlung des Kapitals von der Schlussbeobachtung am 17. Juli 2028 ab. Bei Fälligkeit erhalten Inhaber 1.000 USD nur, wenn die schwächste Aktie ≥60% ihres Anfangswerts ist; andernfalls wird ein Betrag in Höhe von 1.000 USD multipliziert mit dem Performancefaktor dieser Aktie zurückgezahlt, wodurch Anleger einem Verlust von bis zu 100% ausgesetzt sind.
Hauptrisiken. Anleger verzichten auf jegliche Aufwärtsbeteiligung an beiden Aktien, sind der Volatilität des Aktienmarktes, dem Kreditrisiko von Citigroup und dem Liquiditätsrisiko ausgesetzt, da die Wertpapiere nicht börsennotiert sein werden. Citigroup schätzt den Anfangswert auf ca. 913,50 USD, deutlich unter dem Ausgabepreis von 1.000 USD, was Händlergebühren und Absicherungskosten widerspiegelt.
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Citigroup Global Markets Holdings Inc. Fully and Unconditionally Guaranteed by Citigroup Inc. |
 |
Term Sheet No. 2025-USNCH27571 Dated July
14, 2025 relating to Dated July 14, 2025 Registration Statement Nos. 333-270327 and 333-270327-01 Filed Pursuant to Rule 433 |
Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside Principal at Risk Securities Linked to the Lowest Performing of Broadcom Inc. and NVIDIA Corporation due July 20, 2028 Term Sheet to Preliminary Pricing Supplement No. 2025-USNCH27571 dated July 14, 2025 |
Summary of Terms
| Issuer and Guarantor: | Citigroup Global Markets Holdings Inc. (issuer) and Citigroup Inc. (guarantor) |
| Underlyings: | Broadcom Inc. and NVIDIA Corporation (each referred to as an “underlying,” and collectively as the “underlyings”) |
| Pricing Date*: | July 17, 2025 |
| Issue Date*: | July 22, 2025 |
| Stated Principal Amount: | $1,000 per security |
| Contingent Coupon (with Memory Feature): |
On each contingent coupon payment date, unless previously redeemed, the securities will pay a contingent coupon at a per annum rate equal to the contingent coupon rate if and only if the closing value of the lowest performing underlying on the immediately preceding calculation day is greater than or equal to its coupon threshold value. Each “contingent coupon payment,” if any, will be calculated per security as follows: ($1,000 × contingent coupon rate)/12. Any contingent coupon payment will be rounded to the nearest cent, with one-half cent rounded upward. In addition, if the closing value of the lowest performing underlying on one or more calculation days is less than its coupon threshold value and, on a subsequent calculation day, the closing value of the lowest performing underlying on that subsequent calculation day is greater than or equal to its coupon threshold value, the securities will pay the contingent coupon payment due for that subsequent calculation day plus all previously unpaid contingent coupon payments (without interest on amounts previously unpaid). If the closing value of the lowest performing underlying on any calculation day is less than its coupon threshold value, you will not receive any contingent coupon payment on the immediately following contingent coupon payment date. In addition, if the closing value of the lowest performing underlying on a calculation day is less than its coupon threshold value and the closing value of the lowest performing underlying on each subsequent calculation day up to and including the final calculation day is less than its coupon threshold value, you will not receive the unpaid contingent coupon payments in respect of those calculation days. |
| Contingent Coupon Rate: | At least 15.90% per annum (to be determined on the pricing date). |
| Contingent Coupon Payment Dates: | The third business day after each calculation day, except that the contingent coupon payment date following the final calculation day will be the maturity date. |
| Automatic Early Redemption: | If, on any potential autocall date, the closing value of the lowest performing underlying is greater than or equal to its starting value, each security you then hold will be automatically redeemed on the immediately following contingent coupon payment date for an amount in cash equal to $1,000 plus the related contingent coupon payment and any previously unpaid contingent coupon payments. |
| Calculation Days*: | The 17th day of each month, beginning in August 2025 and ending in July 2028, provided that the July 2028 calculation day will be the final calculation day. |
| Final Calculation Day*: | July 17, 2028 |
| Potential Autocall Dates*: | Each calculation day beginning in October 2025 and ending in June 2028. |
| Maturity Payment Amount (per security): |
· if the closing value of the lowest performing underlying on the final calculation day is greater than or equal to its downside threshold value: $1,000; or · if the closing value of the lowest performing underlying on the final calculation day is less than its downside threshold value: $1,000 × the performance factor of the lowest performing underlying on the final calculation day |
| Maturity Date*: | July 20, 2028 |
| Lowest Performing Underlying: | For any calculation day, the underlying with the lowest performance factor determined as of that calculation day |
| Performance Factor: | For each underlying on any calculation day, its closing value on that calculation day divided by its starting value |
| Starting Value: | For each underlying, its closing value on the pricing date |
| Coupon Threshold Value: | For each underlying, 60% of its starting value |
| Downside Threshold Value: | For each underlying, 60% of its starting value |
| Calculation Agent: | Citigroup Global Markets Inc. (“CGMI”), an affiliate of Citigroup Global Markets Holdings Inc. |
| * subject to change |
Summary of Terms (continued)
| Denominations: | $1,000 and any integral multiple of $1,000 |
| Agent Discount**: | Up to 2.325%; dealers, including those using the trade name Wells Fargo Advisors (“WFA”), may receive a selling concession of 1.75% and WFA may receive a distribution expense fee of 0.075%. |
| CUSIP / ISIN: | 17333LKP9 / US17333LKP93 |
| United States Federal Tax Considerations: | See the preliminary pricing supplement. |
** In addition, CGMI may pay a fee of up to 0.30% to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.
Hypothetical Payout Profile (maturity payment amount)
If the closing value of the lowest performing underlying on the final calculation day is less than its downside threshold 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 (including any previously unpaid contingent coupon payments).
You will not participate in any appreciation in the value of any underlying over the term of the securities. Consequently, your return on the securities will be limited to the contingent coupon payments you receive, if any, and may be significantly less than the return on any underlying over the term of the securities.
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 $913.50 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.
Preliminary Pricing Supplement:
https://www.sec.gov/Archives/edgar/data/200245/000095010325008741/dp231523_424b2-us2585139d.htm
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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, 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 Some Or All Of Your Investment. |
| · | You Will Not Receive Any Contingent Coupon On The Contingent Coupon Payment Date Following Any Calculation Day On Which The Closing Value Of The Lowest Performing Underlying Is Less Than Its Coupon Threshold Value. |
| · | Higher Contingent Coupon Rates Are Associated With Greater Risk. |
| · | The Securities Are Subject To Heightened Risk Because They Have Multiple Underlyings. |
| · | The Securities Are Subject To The Risks Of Each Of The Underlyings And Will Be Negatively Affected If Any One Underlying Performs Poorly, Regardless Of The Performance Of Any Other Underlying. |
| · | You Will Not Benefit In Any Way From The Performance Of Any Better Performing Underlying. |
| · | You Will Be Subject To Risks Relating To The Relationship Between The Underlyings. |
| · | You Will Not Receive Dividends Or Have Any Other Rights With Respect To The Underlyings. |
| · | You May Not Be Adequately Compensated For Assuming The Downside Risk Of The Lowest Performing Underlying. |
| · | The Securities May Be Automatically Redeemed Prior To Maturity, Limiting Your Opportunity To Receive Contingent Coupon Payments. |
| · | The Securities Offer Downside Exposure To The Lowest Performing Underlying, But No Upside Exposure To Any Underlying. |
| · | The Performance Of The Securities Will Depend On The Closing Values Of The Underlyings Solely On The Calculation Days, Which Makes The Securities Particularly Sensitive To Volatility In The Closing Values Of The Underlyings. |
| · | 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 Any Underlying. |
| · | The Closing Value Of An 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. |
| · | The Securities Will Not Be Adjusted For All Events That Could Affect The Value Of The Shares Of Any Underlying Stock. |
| · | If A Reorganization Event Occurs With Respect To An Underlying Stock, The Calculation Agent May Make Adjustments To The Terms Of The Securities That Adversely Affect Your Return On The Securities. |
| · | A Contingent Coupon Payment Date And The Stated Maturity Date May Be Postponed If A Calculation Day is Postponed. |
| · | The U.S. Federal Tax Consequences Of An Investment In The Securities Are Unclear. |
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Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed a registration statement (including a related preliminary pricing supplement, an accompanying product 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, 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, 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 contingent coupon rate do Citigroup's (C) notes offer?
When can the securities be automatically called?
How much principal protection do investors have?
Why does the payoff depend on the lowest performing underlying?
What happens if coupon threshold conditions are never met?
Are the notes listed on an exchange?
