[FWP] Citigroup Inc. Free Writing Prospectus
Citigroup Global Markets Holdings announces 3-Year Autocallable Contingent Coupon Securities linked to Target Corporation (TGT), scheduled for pricing on July 16, 2025, with maturity on July 19, 2028. The securities offer:
- Quarterly contingent coupon of at least 11.00% per annum, payable if TGT closes at or above 60% of initial value
- Automatic early redemption feature triggered if TGT closes at or above initial value on quarterly valuation dates after 6 months
- Principal protection at maturity if TGT remains above 60% of initial value; otherwise, 1:1 downside exposure
Key risks include potential loss of principal, limited upside potential, early redemption risk, and credit risk of Citigroup. The securities (CUSIP: 17333LBF1) will not be exchange-listed. The estimated value at pricing will be less than the issue price of $1,000 per security. Payment structure includes full principal loss if TGT falls below 60% barrier at maturity.
Citigroup Global Markets Holdings annuncia titoli autocallable a cedola condizionata della durata di 3 anni collegati a Target Corporation (TGT), con data di pricing prevista per il 16 luglio 2025 e scadenza il 19 luglio 2028. I titoli offrono:
- Cedola condizionata trimestrale di almeno l'11,00% annuo, pagabile se TGT chiude a o sopra il 60% del valore iniziale
- Funzione di rimborso anticipato automatico attivata se TGT chiude a o sopra il valore iniziale nelle date di valutazione trimestrali dopo 6 mesi
- Protezione del capitale a scadenza se TGT rimane sopra il 60% del valore iniziale; in caso contrario, esposizione al ribasso 1:1
I rischi principali includono la possibile perdita del capitale, potenziale limitato di guadagno, rischio di rimborso anticipato e rischio di credito di Citigroup. I titoli (CUSIP: 17333LBF1) non saranno quotati in borsa. Il valore stimato al pricing sarà inferiore al prezzo di emissione di 1.000$ per titolo. La struttura di pagamento prevede la perdita totale del capitale se TGT scende sotto la barriera del 60% alla scadenza.
Citigroup Global Markets Holdings anuncia valores autocancelables a cupón contingente a 3 años vinculados a Target Corporation (TGT), con fecha de fijación de precio programada para el 16 de julio de 2025 y vencimiento el 19 de julio de 2028. Los valores ofrecen:
- Cupón contingente trimestral de al menos 11.00% anual, pagadero si TGT cierra en o por encima del 60% del valor inicial
- Función de redención anticipada automática activada si TGT cierra en o por encima del valor inicial en las fechas de valoración trimestrales después de 6 meses
- Protección del principal al vencimiento si TGT se mantiene por encima del 60% del valor inicial; de lo contrario, exposición a la baja 1:1
Los riesgos clave incluyen posible pérdida del principal, potencial limitado de ganancia, riesgo de redención anticipada y riesgo crediticio de Citigroup. Los valores (CUSIP: 17333LBF1) no estarán listados en bolsa. El valor estimado en la fijación de precio será menor que el precio de emisión de $1,000 por valor. La estructura de pago incluye pérdida total del principal si TGT cae por debajo de la barrera del 60% al vencimiento.
Citigroup Global Markets Holdings는 Target Corporation (TGT)과 연계된 3년 만기 자동 조기상환 조건부 쿠폰 증권을 2025년 7월 16일 가격 책정을 목표로 발표했으며, 만기는 2028년 7월 19일입니다. 해당 증권은 다음과 같은 혜택을 제공합니다:
- 연 최소 11.00%의 분기별 조건부 쿠폰, TGT가 초기 가치의 60% 이상으로 마감할 경우 지급
- 6개월 이후 분기 평가일에 TGT가 초기 가치 이상으로 마감하면 자동 조기상환 기능
- 만기 시 원금 보호, TGT가 초기 가치의 60% 이상을 유지할 경우; 그렇지 않으면 1:1 하락 노출
주요 위험요소로는 원금 손실 가능성, 제한된 상승 잠재력, 조기상환 위험, Citigroup의 신용 위험이 포함됩니다. 해당 증권(CUSIP: 17333LBF1)은 거래소 상장이 되지 않습니다. 가격 책정 시 추정 가치는 발행가 $1,000보다 낮을 것입니다. 지급 구조에는 만기 시 TGT가 60% 장벽 아래로 떨어질 경우 원금 전액 손실이 포함됩니다.
Citigroup Global Markets Holdings annonce des titres autocallables à coupon conditionnel sur 3 ans liés à Target Corporation (TGT), avec une date de tarification prévue le 16 juillet 2025 et une échéance le 19 juillet 2028. Ces titres offrent :
- Un coupon conditionnel trimestriel d'au moins 11,00% par an, payable si TGT clôture à ou au-dessus de 60% de sa valeur initiale
- Une fonction de remboursement anticipé automatique déclenchée si TGT clôture à ou au-dessus de la valeur initiale lors des dates d’évaluation trimestrielles après 6 mois
- Une protection du capital à l’échéance si TGT reste au-dessus de 60% de la valeur initiale ; sinon, une exposition à la baisse 1:1
Les principaux risques incluent une perte potentielle du capital, un potentiel de gain limité, un risque de remboursement anticipé et un risque de crédit lié à Citigroup. Les titres (CUSIP : 17333LBF1) ne seront pas cotés en bourse. La valeur estimée à la tarification sera inférieure au prix d’émission de 1 000 $ par titre. La structure de paiement prévoit une perte totale du capital si TGT tombe en dessous de la barrière des 60% à l’échéance.
Citigroup Global Markets Holdings kündigt 3-jährige autocallable bedingte Kuponanleihen an, die an die Target Corporation (TGT) gekoppelt sind, mit geplanter Preisfestsetzung am 16. Juli 2025 und Fälligkeit am 19. Juli 2028. Die Wertpapiere bieten:
- Vierteljährliche bedingte Kuponzahlung von mindestens 11,00% pro Jahr, zahlbar, wenn TGT an oder über 60% des Anfangswerts schließt
- Automatische vorzeitige Rückzahlung, ausgelöst, wenn TGT an den vierteljährlichen Bewertungsterminen nach 6 Monaten auf oder über dem Anfangswert schließt
- Kapitalschutz bei Fälligkeit, wenn TGT über 60% des Anfangswerts bleibt; andernfalls 1:1 Abwärtsrisiko
Wesentliche Risiken umfassen potenziellen Kapitalverlust, begrenztes Aufwärtspotenzial, Risiko einer vorzeitigen Rückzahlung und das Kreditrisiko von Citigroup. Die Wertpapiere (CUSIP: 17333LBF1) werden nicht an einer Börse gelistet sein. Der geschätzte Wert bei der Preisfestsetzung wird unter dem Ausgabepreis von 1.000 USD pro Wertpapier liegen. Die Zahlungsstruktur beinhaltet einen vollständigen Kapitalverlust, falls TGT bei Fälligkeit unter die 60%-Schwelle fällt.
- Attractive potential yield with contingent coupon of at least 11% per annum paid quarterly, significantly above current market rates
- Built-in downside protection with 40% buffer (final barrier value at 60% of initial value) before principal loss occurs
- Early redemption feature provides potential for full principal return plus coupon if Target stock trades at or above initial value on any quarterly autocall date
- Complete loss of principal possible if Target stock declines more than 60% from initial value
- No coupon payments if Target stock closes below 60% of initial value on valuation dates
- Capped upside potential with no participation in Target stock appreciation beyond coupon payments
- Credit risk exposure to Citigroup could result in total loss if issuer defaults
- Limited liquidity due to no exchange listing, making early sales difficult
Citigroup Global Markets Holdings annuncia titoli autocallable a cedola condizionata della durata di 3 anni collegati a Target Corporation (TGT), con data di pricing prevista per il 16 luglio 2025 e scadenza il 19 luglio 2028. I titoli offrono:
- Cedola condizionata trimestrale di almeno l'11,00% annuo, pagabile se TGT chiude a o sopra il 60% del valore iniziale
- Funzione di rimborso anticipato automatico attivata se TGT chiude a o sopra il valore iniziale nelle date di valutazione trimestrali dopo 6 mesi
- Protezione del capitale a scadenza se TGT rimane sopra il 60% del valore iniziale; in caso contrario, esposizione al ribasso 1:1
I rischi principali includono la possibile perdita del capitale, potenziale limitato di guadagno, rischio di rimborso anticipato e rischio di credito di Citigroup. I titoli (CUSIP: 17333LBF1) non saranno quotati in borsa. Il valore stimato al pricing sarà inferiore al prezzo di emissione di 1.000$ per titolo. La struttura di pagamento prevede la perdita totale del capitale se TGT scende sotto la barriera del 60% alla scadenza.
Citigroup Global Markets Holdings anuncia valores autocancelables a cupón contingente a 3 años vinculados a Target Corporation (TGT), con fecha de fijación de precio programada para el 16 de julio de 2025 y vencimiento el 19 de julio de 2028. Los valores ofrecen:
- Cupón contingente trimestral de al menos 11.00% anual, pagadero si TGT cierra en o por encima del 60% del valor inicial
- Función de redención anticipada automática activada si TGT cierra en o por encima del valor inicial en las fechas de valoración trimestrales después de 6 meses
- Protección del principal al vencimiento si TGT se mantiene por encima del 60% del valor inicial; de lo contrario, exposición a la baja 1:1
Los riesgos clave incluyen posible pérdida del principal, potencial limitado de ganancia, riesgo de redención anticipada y riesgo crediticio de Citigroup. Los valores (CUSIP: 17333LBF1) no estarán listados en bolsa. El valor estimado en la fijación de precio será menor que el precio de emisión de $1,000 por valor. La estructura de pago incluye pérdida total del principal si TGT cae por debajo de la barrera del 60% al vencimiento.
Citigroup Global Markets Holdings는 Target Corporation (TGT)과 연계된 3년 만기 자동 조기상환 조건부 쿠폰 증권을 2025년 7월 16일 가격 책정을 목표로 발표했으며, 만기는 2028년 7월 19일입니다. 해당 증권은 다음과 같은 혜택을 제공합니다:
- 연 최소 11.00%의 분기별 조건부 쿠폰, TGT가 초기 가치의 60% 이상으로 마감할 경우 지급
- 6개월 이후 분기 평가일에 TGT가 초기 가치 이상으로 마감하면 자동 조기상환 기능
- 만기 시 원금 보호, TGT가 초기 가치의 60% 이상을 유지할 경우; 그렇지 않으면 1:1 하락 노출
주요 위험요소로는 원금 손실 가능성, 제한된 상승 잠재력, 조기상환 위험, Citigroup의 신용 위험이 포함됩니다. 해당 증권(CUSIP: 17333LBF1)은 거래소 상장이 되지 않습니다. 가격 책정 시 추정 가치는 발행가 $1,000보다 낮을 것입니다. 지급 구조에는 만기 시 TGT가 60% 장벽 아래로 떨어질 경우 원금 전액 손실이 포함됩니다.
Citigroup Global Markets Holdings annonce des titres autocallables à coupon conditionnel sur 3 ans liés à Target Corporation (TGT), avec une date de tarification prévue le 16 juillet 2025 et une échéance le 19 juillet 2028. Ces titres offrent :
- Un coupon conditionnel trimestriel d'au moins 11,00% par an, payable si TGT clôture à ou au-dessus de 60% de sa valeur initiale
- Une fonction de remboursement anticipé automatique déclenchée si TGT clôture à ou au-dessus de la valeur initiale lors des dates d’évaluation trimestrielles après 6 mois
- Une protection du capital à l’échéance si TGT reste au-dessus de 60% de la valeur initiale ; sinon, une exposition à la baisse 1:1
Les principaux risques incluent une perte potentielle du capital, un potentiel de gain limité, un risque de remboursement anticipé et un risque de crédit lié à Citigroup. Les titres (CUSIP : 17333LBF1) ne seront pas cotés en bourse. La valeur estimée à la tarification sera inférieure au prix d’émission de 1 000 $ par titre. La structure de paiement prévoit une perte totale du capital si TGT tombe en dessous de la barrière des 60% à l’échéance.
Citigroup Global Markets Holdings kündigt 3-jährige autocallable bedingte Kuponanleihen an, die an die Target Corporation (TGT) gekoppelt sind, mit geplanter Preisfestsetzung am 16. Juli 2025 und Fälligkeit am 19. Juli 2028. Die Wertpapiere bieten:
- Vierteljährliche bedingte Kuponzahlung von mindestens 11,00% pro Jahr, zahlbar, wenn TGT an oder über 60% des Anfangswerts schließt
- Automatische vorzeitige Rückzahlung, ausgelöst, wenn TGT an den vierteljährlichen Bewertungsterminen nach 6 Monaten auf oder über dem Anfangswert schließt
- Kapitalschutz bei Fälligkeit, wenn TGT über 60% des Anfangswerts bleibt; andernfalls 1:1 Abwärtsrisiko
Wesentliche Risiken umfassen potenziellen Kapitalverlust, begrenztes Aufwärtspotenzial, Risiko einer vorzeitigen Rückzahlung und das Kreditrisiko von Citigroup. Die Wertpapiere (CUSIP: 17333LBF1) werden nicht an einer Börse gelistet sein. Der geschätzte Wert bei der Preisfestsetzung wird unter dem Ausgabepreis von 1.000 USD pro Wertpapier liegen. Die Zahlungsstruktur beinhaltet einen vollständigen Kapitalverlust, falls TGT bei Fälligkeit unter die 60%-Schwelle fällt.
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% |
$1,027.50 |
Redeemed |
|
50.00% |
$1,027.50 |
Redeemed |
|
25.00% |
$1,027.50 |
Redeemed |
|
0.00% |
$1,027.50 |
Redeemed |
|
-0.01% |
$27.50 |
Securities not redeemed |
|
-25.00% |
$27.50 |
Securities not redeemed |
|
-40.00% |
$27.50 |
Securities not redeemed |
|
-40.01% |
$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 |
|
-25.00% |
$1,000.00 |
|
-40.00% |
$1,000.00 |
|
-40.01% |
$599.90 |
|
-50.00% |
$500.00 |
|
-75.00% |
$250.00 |
|
-100.00% |
$0.00 |
3 Year Autocallable Contingent Coupon Securities Linked to TGT
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: |
Target Corporation (ticker: “TGT”) |
|
Pricing date: |
July 16, 2025 |
|
Valuation dates: |
Quarterly |
|
Maturity date: |
July 19, 2028 |
|
Contingent coupon: |
At least 11.00% per annum*, paid quarterly 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: |
60.00% of the initial underlying value |
|
Final barrier value: |
60.00% 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: |
Quarterly on valuation dates beginning after six months |
|
CUSIP / ISIN: |
17333LBF1 / US17333LBF13 |
|
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: $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. |
|
Stated principal amount: |
$1,000 per security |
|
Preliminary pricing supplement: |
Preliminary Pricing Supplement dated June 25, 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.
|
Additional Information |
|
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 |
|
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. |
|
Selected Risk Considerations |
|
•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 are the key terms of Citigroup's (C) 3-Year Autocallable Contingent Coupon Securities linked to TGT?
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