[FWP] Citigroup Inc. Free Writing Prospectus
Citigroup Global Markets Holdings has announced 1.5 Year Buffer Securities linked to the S&P 500 Index (SPX), guaranteed by Citigroup. The securities offer:
- Key Dates: Pricing on July 10, 2025, maturity on January 14, 2027
- Investment Terms: $1,000 principal amount with 100% upside participation rate up to maximum return of 16.70%
- Downside Protection: 15% buffer against losses; investors start losing principal only if SPX declines more than 15%
- Payment Structure: Three scenarios at maturity: - Above initial value: $1,000 + return amount (capped at 16.70%) - Between -15% and 0%: Full principal protection ($1,000) - Below -15%: Loss of 1% for each 1% decline beyond buffer
Notable risks include potential significant loss of investment, capped upside, credit risk of issuers, no interest payments or dividend rights, and limited secondary market liquidity.
Citigroup Global Markets Holdings ha annunciato i Buffer Securities a 1,5 anni collegati all'indice S&P 500 (SPX), garantiti da Citigroup. Questi titoli offrono:
- Date chiave: Prezzo fissato il 10 luglio 2025, scadenza il 14 gennaio 2027
- Termini di investimento: Capitale di 1.000 $ con un tasso di partecipazione al rialzo del 100% fino a un rendimento massimo del 16,70%
- Protezione al ribasso: Buffer del 15% contro le perdite; l'investitore inizia a subire perdite sul capitale solo se l'SPX scende oltre il 15%
- Struttura dei pagamenti: Tre scenari a scadenza: - Sopra il valore iniziale: 1.000 $ + rendimento (fino al 16,70%) - Tra -15% e 0%: protezione completa del capitale (1.000 $) - Sotto -15%: perdita dell'1% per ogni punto percentuale di discesa oltre il buffer
I rischi principali includono la possibilità di perdite significative sull'investimento, rendimento massimo limitato, rischio di credito degli emittenti, assenza di pagamenti di interessi o diritti sui dividendi e liquidità limitata sul mercato secondario.
Citigroup Global Markets Holdings ha anunciado Valores Buffer a 1,5 años vinculados al índice S&P 500 (SPX), garantizados por Citigroup. Estos valores ofrecen:
- Fechas clave: Precio el 10 de julio de 2025, vencimiento el 14 de enero de 2027
- Términos de inversión: Principal de 1,000 $ con una tasa de participación al alza del 100% hasta un rendimiento máximo del 16.70%
- Protección a la baja: Buffer del 15% contra pérdidas; los inversores comienzan a perder principal solo si el SPX cae más del 15%
- Estructura de pago: Tres escenarios al vencimiento: - Por encima del valor inicial: 1,000 $ + monto de retorno (máximo 16.70%) - Entre -15% y 0%: protección total del principal (1,000 $) - Por debajo de -15%: pérdida del 1% por cada 1% de caída más allá del buffer
Los riesgos notables incluyen la posible pérdida significativa del capital invertido, rendimiento máximo limitado, riesgo crediticio de los emisores, ausencia de pagos de intereses o derechos sobre dividendos y liquidez limitada en el mercado secundario.
시티그룹 글로벌 마켓 홀딩스는 시티그룹이 보증하는 S&P 500 지수(SPX) 연동 1.5년 버퍼 증권을 발표했습니다. 해당 증권은 다음과 같은 조건을 제공합니다:
- 주요 일정: 2025년 7월 10일 가격 결정, 2027년 1월 14일 만기
- 투자 조건: 1,000달러 원금, 최대 16.70% 수익률 한도의 100% 상승 참여율
- 하락 보호: 15% 손실 버퍼; SPX가 15% 이상 하락할 경우에만 원금 손실 발생
- 지급 구조: 만기 시 세 가지 시나리오 - 초기 가치 이상: 1,000달러 + 수익금(최대 16.70%) - -15%에서 0% 사이: 원금 전액 보호(1,000달러) - -15% 이하: 버퍼 초과 하락분 1%당 1% 손실
주요 위험요소로는 투자금의 상당한 손실 가능성, 수익 상한, 발행자의 신용 위험, 이자 지급 및 배당 권리 부재, 제한된 이차 시장 유동성이 포함됩니다.
Citigroup Global Markets Holdings a annoncé des titres Buffer d'une durée de 1,5 an liés à l'indice S&P 500 (SPX), garantis par Citigroup. Ces titres offrent :
- Dates clés : Prix fixé au 10 juillet 2025, échéance au 14 janvier 2027
- Conditions d'investissement : Montant principal de 1 000 $ avec un taux de participation à la hausse de 100 % jusqu'à un rendement maximal de 16,70 %
- Protection à la baisse : Tampon de 15 % contre les pertes ; les investisseurs commencent à perdre leur capital seulement si le SPX baisse de plus de 15 %
- Structure de paiement : Trois scénarios à l'échéance : - Au-dessus de la valeur initiale : 1 000 $ + montant du rendement (plafonné à 16,70 %) - Entre -15 % et 0 % : protection totale du capital (1 000 $) - En dessous de -15 % : perte de 1 % pour chaque baisse de 1 % au-delà du tampon
Les risques notables comprennent la possibilité de pertes importantes en capital, un rendement plafonné, le risque de crédit des émetteurs, l'absence de paiements d'intérêts ou de droits aux dividendes, ainsi qu'une liquidité limitée sur le marché secondaire.
Citigroup Global Markets Holdings hat 1,5-jährige Buffer Securities angekündigt, die an den S&P 500 Index (SPX) gekoppelt sind und von Citigroup garantiert werden. Die Wertpapiere bieten:
- Wichtige Daten: Preisfestsetzung am 10. Juli 2025, Fälligkeit am 14. Januar 2027
- Anlagebedingungen: 1.000 $ Nennwert mit 100% Beteiligungsrate am Kursanstieg bis zu einer maximalen Rendite von 16,70%
- Abwärtsschutz: 15% Puffer gegen Verluste; Anleger erleiden erst Verluste am Kapital, wenn der SPX mehr als 15% fällt
- Zahlungsstruktur: Drei Szenarien bei Fälligkeit: - Über dem Anfangswert: 1.000 $ + Rendite (max. 16,70%) - Zwischen -15% und 0%: Volle Kapitalgarantie (1.000 $) - Unter -15%: Verlust von 1% für jeden 1% Rückgang über den Puffer hinaus
Wesentliche Risiken umfassen potenziell erhebliche Kapitalverluste, begrenzte Gewinnchancen, Emittenten-Kreditrisiko, keine Zinszahlungen oder Dividendenrechte sowie eingeschränkte Liquidität am Sekundärmarkt.
- 15% downside buffer protection offers partial principal protection against market declines
- 100% upside participation rate up to the cap allows full capture of index gains
- Attractive maximum return potential of at least 16.70% over 1.5 years (~11.13% annualized)
- Backed by Citigroup Inc.'s guarantee, providing institutional credit support
- Returns are capped at 16.70%, limiting upside potential in strong bull markets
- Significant downside risk with potential loss of up to 85% of principal if index falls more than 15%
- No periodic interest payments or dividend participation during the 1.5-year term
- Limited secondary market liquidity as securities won't be listed on any exchange
Citigroup Global Markets Holdings ha annunciato i Buffer Securities a 1,5 anni collegati all'indice S&P 500 (SPX), garantiti da Citigroup. Questi titoli offrono:
- Date chiave: Prezzo fissato il 10 luglio 2025, scadenza il 14 gennaio 2027
- Termini di investimento: Capitale di 1.000 $ con un tasso di partecipazione al rialzo del 100% fino a un rendimento massimo del 16,70%
- Protezione al ribasso: Buffer del 15% contro le perdite; l'investitore inizia a subire perdite sul capitale solo se l'SPX scende oltre il 15%
- Struttura dei pagamenti: Tre scenari a scadenza: - Sopra il valore iniziale: 1.000 $ + rendimento (fino al 16,70%) - Tra -15% e 0%: protezione completa del capitale (1.000 $) - Sotto -15%: perdita dell'1% per ogni punto percentuale di discesa oltre il buffer
I rischi principali includono la possibilità di perdite significative sull'investimento, rendimento massimo limitato, rischio di credito degli emittenti, assenza di pagamenti di interessi o diritti sui dividendi e liquidità limitata sul mercato secondario.
Citigroup Global Markets Holdings ha anunciado Valores Buffer a 1,5 años vinculados al índice S&P 500 (SPX), garantizados por Citigroup. Estos valores ofrecen:
- Fechas clave: Precio el 10 de julio de 2025, vencimiento el 14 de enero de 2027
- Términos de inversión: Principal de 1,000 $ con una tasa de participación al alza del 100% hasta un rendimiento máximo del 16.70%
- Protección a la baja: Buffer del 15% contra pérdidas; los inversores comienzan a perder principal solo si el SPX cae más del 15%
- Estructura de pago: Tres escenarios al vencimiento: - Por encima del valor inicial: 1,000 $ + monto de retorno (máximo 16.70%) - Entre -15% y 0%: protección total del principal (1,000 $) - Por debajo de -15%: pérdida del 1% por cada 1% de caída más allá del buffer
Los riesgos notables incluyen la posible pérdida significativa del capital invertido, rendimiento máximo limitado, riesgo crediticio de los emisores, ausencia de pagos de intereses o derechos sobre dividendos y liquidez limitada en el mercado secundario.
시티그룹 글로벌 마켓 홀딩스는 시티그룹이 보증하는 S&P 500 지수(SPX) 연동 1.5년 버퍼 증권을 발표했습니다. 해당 증권은 다음과 같은 조건을 제공합니다:
- 주요 일정: 2025년 7월 10일 가격 결정, 2027년 1월 14일 만기
- 투자 조건: 1,000달러 원금, 최대 16.70% 수익률 한도의 100% 상승 참여율
- 하락 보호: 15% 손실 버퍼; SPX가 15% 이상 하락할 경우에만 원금 손실 발생
- 지급 구조: 만기 시 세 가지 시나리오 - 초기 가치 이상: 1,000달러 + 수익금(최대 16.70%) - -15%에서 0% 사이: 원금 전액 보호(1,000달러) - -15% 이하: 버퍼 초과 하락분 1%당 1% 손실
주요 위험요소로는 투자금의 상당한 손실 가능성, 수익 상한, 발행자의 신용 위험, 이자 지급 및 배당 권리 부재, 제한된 이차 시장 유동성이 포함됩니다.
Citigroup Global Markets Holdings a annoncé des titres Buffer d'une durée de 1,5 an liés à l'indice S&P 500 (SPX), garantis par Citigroup. Ces titres offrent :
- Dates clés : Prix fixé au 10 juillet 2025, échéance au 14 janvier 2027
- Conditions d'investissement : Montant principal de 1 000 $ avec un taux de participation à la hausse de 100 % jusqu'à un rendement maximal de 16,70 %
- Protection à la baisse : Tampon de 15 % contre les pertes ; les investisseurs commencent à perdre leur capital seulement si le SPX baisse de plus de 15 %
- Structure de paiement : Trois scénarios à l'échéance : - Au-dessus de la valeur initiale : 1 000 $ + montant du rendement (plafonné à 16,70 %) - Entre -15 % et 0 % : protection totale du capital (1 000 $) - En dessous de -15 % : perte de 1 % pour chaque baisse de 1 % au-delà du tampon
Les risques notables comprennent la possibilité de pertes importantes en capital, un rendement plafonné, le risque de crédit des émetteurs, l'absence de paiements d'intérêts ou de droits aux dividendes, ainsi qu'une liquidité limitée sur le marché secondaire.
Citigroup Global Markets Holdings hat 1,5-jährige Buffer Securities angekündigt, die an den S&P 500 Index (SPX) gekoppelt sind und von Citigroup garantiert werden. Die Wertpapiere bieten:
- Wichtige Daten: Preisfestsetzung am 10. Juli 2025, Fälligkeit am 14. Januar 2027
- Anlagebedingungen: 1.000 $ Nennwert mit 100% Beteiligungsrate am Kursanstieg bis zu einer maximalen Rendite von 16,70%
- Abwärtsschutz: 15% Puffer gegen Verluste; Anleger erleiden erst Verluste am Kapital, wenn der SPX mehr als 15% fällt
- Zahlungsstruktur: Drei Szenarien bei Fälligkeit: - Über dem Anfangswert: 1.000 $ + Rendite (max. 16,70%) - Zwischen -15% und 0%: Volle Kapitalgarantie (1.000 $) - Unter -15%: Verlust von 1% für jeden 1% Rückgang über den Puffer hinaus
Wesentliche Risiken umfassen potenziell erhebliche Kapitalverluste, begrenzte Gewinnchancen, Emittenten-Kreditrisiko, keine Zinszahlungen oder Dividendenrechte sowie eingeschränkte Liquidität am Sekundärmarkt.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
Hypothetical Payment at Maturity per Security**
|
n The Underlying |
n The Securities |
|
|
Hypothetical Underlying Return on Valuation Date |
Hypothetical Security Return |
Hypothetical Payment at Maturity |
|
|
100.00% |
16.70% |
$1,167.00 |
|
D |
50.00% |
16.70% |
$1,167.00 |
|
|
16.70% |
16.70% |
$1,167.00 |
|
|
16.69% |
16.69% |
$1,166.90 |
|
C |
5.00% |
5.00% |
$1,050.00 |
|
|
0.00% |
0.00% |
$1,000.00 |
|
B |
-7.50% |
0.00% |
$1,000.00 |
|
|
-15.00% |
0.00% |
$1,000.00 |
|
|
-15.01% |
-0.01% |
$999.90 |
|
A |
-25.00% |
-10.00% |
$900.00 |
|
|
-50.00% |
-35.00% |
$650.00 |
1.5 Year Buffer Securities Linked to SPX
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: |
The S&P 500® Index (ticker: “SPX”) |
|
Pricing date: |
July 10, 2025 |
|
Valuation date: |
January 11, 2027 |
|
Maturity date: |
January 14, 2027 |
|
Return amount: |
$1,000 × the underlying return × the upside participation rate |
|
Upside participation rate: |
100.00% |
|
Maximum return at maturity: |
At least 16.70%* |
|
Final buffer value: |
85.00% of the initial underlying value |
|
Buffer percentage: |
15.00% |
|
CUSIP / ISIN: |
17333LES0 / US17333LES07 |
|
Initial underlying value: |
The closing value on the pricing date |
|
Final underlying value: |
The closing value on the valuation date |
|
Underlying return: |
(Final underlying value - initial underlying value) / initial underlying value |
|
Payment at maturity: |
•If the final underlying value is greater than the initial underlying value: $1,000 + the return amount, subject to the maximum return at maturity •If the final underlying value is less than or equal to the initial underlying value but greater than or equal to the final buffer value: $1,000 •If the final underlying value is less than the final buffer value: $1,000 + [$1,000 × (the underlying return + the buffer percentage)] If the final underlying value is less than the final buffer value, which means that the underlying has depreciated from the initial underlying value by more than the buffer percentage, you will lose 1% of the stated principal amount of your securities at maturity for every 1% by which that depreciation exceeds the buffer percentage. All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. |
|
Stated principal amount: |
$1,000 per security |
|
Preliminary pricing supplement: |
Preliminary Pricing Supplement dated June 26, 2025 |
* The actual maximum return at maturity will be determined on the pricing date.
** The diagram and the hypotheticals assume the lowest return at maturity.
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, underlying supplement, prospectus supplement and prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus in those registration statements (File Nos. 333-270327 and 333-270327-01) and the other documents Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed with the SEC for more complete information about Citigroup Global Markets Holdings Inc., Citigroup Inc. and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request these documents by calling toll-free 1-800-831-9146.
Filed pursuant to Rule 433 |
|
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 of your investment. Your payment at maturity will depend on the final underlying value. If the final underlying value is less than the final buffer value, which means that the underlying has depreciated from the initial underlying value by more than the buffer percentage, you will lose 1% of the stated principal amount of your securities for every 1% by which that depreciation exceeds the buffer percentage. •Your potential return on the securities is limited to the maximum return at maturity. •The securities do not pay interest. •You will not receive dividends or have any other rights with respect to the underlying. •Your payment at maturity depends on the closing value of the underlying on a single day. •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. |
|
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. |
