[FWP] Citigroup Inc. Free Writing Prospectus
Barclays Bank PLC is offering $1.566 million of unsecured, unsubordinated Barrier Dual Directional Notes due 29-Jun-2028 that are linked to the S&P 500 Index (SPX). The notes pay no coupons and principal repayment is conditional on index performance:
- Upside scenario: If the Final Underlier Value exceeds the Initial Value of 6,141.02, investors receive $1,000 plus the index gain, capped at a 53.40 % Maximum Upside Return ($1,534 per $1,000 note).
- Moderate downside (0% to –20%): If the index ends ≤ Initial but ≥ Barrier (80 % of initial, 4,912.82), investors earn a positive 1 % for every 1 % the index falls, up to 20 %.
- Severe downside (< –20%): If the index closes below the Barrier, repayment equals $1,000 plus the actual index return, exposing investors to unlimited downside to zero.
Key commercial terms include:
- Issue date: 01-Jul-2025 | Maturity: 29-Jun-2028
- Denomination: $1,000 minimum, integral multiples thereafter
- Maximum payment: $1,534 per $1,000 note
- Estimated value: $975.80 (2.4 % below issue price) driven by internal models and funding costs
- Agent commission: 2 % ($20 per $1,000); net proceeds 98 %
- No exchange listing; secondary market making is discretionary
- Credit exposure: direct to Barclays Bank PLC and subject to potential U.K. Bail-in Power
The pricing supplement emphasises numerous risks: capped upside, conditional principal protection limited to a 20 % decline, lack of liquidity, tax uncertainty, and possible loss of some or all principal if Barclays defaults or if bail-in is triggered. The instrument targets investors who can tolerate equity-like downside, are willing to forgo dividends, and plan to hold to maturity.
Barclays Bank PLC offre 1,566 milioni di dollari in Barrier Dual Directional Notes non garantite e non subordinate con scadenza 29 giugno 2028, collegate all'Indice S&P 500 (SPX). Le note non pagano cedole e il rimborso del capitale dipende dalla performance dell'indice:
- Scenario positivo: Se il Valore Finale dell'Indice supera il Valore Iniziale di 6.141,02, gli investitori ricevono 1.000 dollari più il guadagno dell'indice, fino a un rendimento massimo del 53,40% (1.534 dollari per ogni nota da 1.000 dollari).
- Moderata perdita (0% a –20%): Se l'indice chiude ≤ Valore Iniziale ma ≥ Barriera (80% del valore iniziale, 4.912,82), gli investitori guadagnano un 1% positivo per ogni 1% di calo dell'indice, fino al 20%.
- Perdita severa (< –20%): Se l'indice chiude sotto la Barriera, il rimborso è pari a 1.000 dollari più il rendimento effettivo dell'indice, esponendo gli investitori a una perdita illimitata fino a zero.
Termini commerciali chiave includono:
- Data di emissione: 01-lug-2025 | Scadenza: 29-giu-2028
- Taglio minimo: 1.000 dollari, multipli interi successivi
- Pagamento massimo: 1.534 dollari per ogni nota da 1.000 dollari
- Valore stimato: 975,80 dollari (2,4% sotto il prezzo di emissione) basato su modelli interni e costi di finanziamento
- Commissione agente: 2% (20 dollari per ogni 1.000); proventi netti 98%
- Nessuna quotazione in borsa; il market making secondario è discrezionale
- Esposizione creditizia: diretta a Barclays Bank PLC e soggetta al potenziale potere di bail-in nel Regno Unito
Il supplemento di prezzo evidenzia numerosi rischi: rendimento massimo limitato, protezione condizionata del capitale fino a un calo del 20%, scarsa liquidità, incertezza fiscale e possibile perdita totale o parziale del capitale in caso di default di Barclays o attivazione del bail-in. Lo strumento è rivolto a investitori che possono tollerare perdite simili a quelle azionarie, sono disposti a rinunciare ai dividendi e intendono mantenere l'investimento fino alla scadenza.
Barclays Bank PLC ofrece 1.566 millones de dólares en Notas Barrier Dual Directional no garantizadas y no subordinadas con vencimiento el 29 de junio de 2028, vinculadas al Índice S&P 500 (SPX). Las notas no pagan cupones y el reembolso del principal depende del desempeño del índice:
- Escenario alcista: Si el Valor Final del subyacente supera el Valor Inicial de 6,141.02, los inversores reciben 1,000 dólares más la ganancia del índice, con un rendimiento máximo del 53,40% (1,534 dólares por cada nota de 1,000 dólares).
- Caída moderada (0% a –20%): Si el índice termina ≤ Inicial pero ≥ Barrera (80% del inicial, 4,912.82), los inversores ganan un 1% positivo por cada 1% que cae el índice, hasta un 20%.
- Caída severa (< –20%): Si el índice cierra por debajo de la Barrera, el reembolso es igual a 1,000 dólares más el rendimiento real del índice, exponiendo a los inversores a una pérdida ilimitada hasta cero.
Términos comerciales clave incluyen:
- Fecha de emisión: 01-jul-2025 | Vencimiento: 29-jun-2028
- Denominación: mínimo 1,000 dólares, múltiplos enteros después
- Pago máximo: 1,534 dólares por cada nota de 1,000 dólares
- Valor estimado: 975.80 dólares (2.4% por debajo del precio de emisión) basado en modelos internos y costos de financiamiento
- Comisión del agente: 2% (20 dólares por cada 1,000); ingresos netos 98%
- No cotiza en bolsa; la creación de mercado en el mercado secundario es discrecional
- Exposición crediticia: directa a Barclays Bank PLC y sujeta al potencial poder de rescate interno en Reino Unido
El suplemento de precios enfatiza numerosos riesgos: rendimiento máximo limitado, protección condicional del principal limitada a una caída del 20%, falta de liquidez, incertidumbre fiscal y posible pérdida total o parcial del principal si Barclays incumple o se activa el rescate interno. El instrumento está dirigido a inversores que pueden tolerar una caída similar a la de acciones, están dispuestos a renunciar a dividendos y planean mantener hasta el vencimiento.
Barclays Bank PLC는 2028년 6월 29일 만기인 무담보, 비후순위 Barrier Dual Directional Notes를 1,566만 달러 규모로 제공하며, 이는 S&P 500 지수(SPX)에 연동됩니다. 이 노트는 쿠폰이 없으며 원금 상환은 지수 성과에 따라 달라집니다:
- 상승 시나리오: 최종 기초자산 가치가 초기 가치 6,141.02를 초과하면, 투자자는 1,000달러에 지수 상승분을 더한 금액을 받으며, 최대 53.40%의 상한 수익률이 적용됩니다(1,000달러당 1,534달러).
- 중간 하락 (0% ~ –20%): 지수가 초기 가치 이하이면서도 Barrier(초기 가치의 80%, 4,912.82) 이상일 경우, 투자자는 지수가 하락한 만큼 1%당 1%의 양의 수익을 얻습니다(최대 20%).
- 심각한 하락 (< –20%): 지수가 Barrier 이하로 마감하면, 원금 상환은 1,000달러에 지수 실제 수익률을 더한 금액으로, 투자자는 원금 전액 손실 가능성에 노출됩니다.
주요 상업 조건은 다음과 같습니다:
- 발행일: 2025년 7월 1일 | 만기일: 2028년 6월 29일
- 액면가: 최소 1,000달러, 이후 정수 배수
- 최대 지급액: 1,000달러당 1,534달러
- 추정 가치: 내부 모델 및 자금 조달 비용에 의해 산출된 발행가 대비 2.4% 낮은 975.80달러
- 중개 수수료: 2% (1,000달러당 20달러); 순수익 98%
- 거래소 상장 없음; 2차 시장 조성은 임의적
- 신용 노출: Barclays Bank PLC에 직접 노출되며, 영국 구제금융 권한 대상일 수 있음
가격 부록은 여러 위험을 강조합니다: 수익 상한, 20% 하락까지 조건부 원금 보호, 유동성 부족, 세금 불확실성, Barclays가 디폴트하거나 구제금융이 발동될 경우 일부 또는 전액 손실 가능성. 이 상품은 주식과 유사한 하락 위험을 감내할 수 있고, 배당금 포기를 감수하며, 만기까지 보유할 계획인 투자자를 대상으로 합니다.
Barclays Bank PLC propose 1,566 millions de dollars de Barrier Dual Directional Notes non garanties et non subordonnées arrivant à échéance le 29 juin 2028, liées à l'indice S&P 500 (SPX). Ces notes ne versent aucun coupon et le remboursement du principal dépend de la performance de l'indice :
- Scénario haussier : Si la valeur finale de l’actif sous-jacent dépasse la valeur initiale de 6 141,02, les investisseurs reçoivent 1 000 $ plus la hausse de l’indice, plafonnée à un rendement maximal de 53,40 % (1 534 $ par note de 1 000 $).
- Baisse modérée (0 % à –20 %) : Si l’indice termine ≤ à la valeur initiale mais ≥ à la barrière (80 % de la valeur initiale, 4 912,82), les investisseurs gagnent un 1 % positif pour chaque 1 % de baisse de l’indice, jusqu’à 20 %.
- Baisse sévère (< –20 %) : Si l’indice clôture en dessous de la barrière, le remboursement est égal à 1 000 $ plus le rendement réel de l’indice, exposant les investisseurs à une perte illimitée jusqu’à zéro.
Les principales conditions commerciales sont :
- Date d’émission : 01 juil. 2025 | Échéance : 29 juin 2028
- Valeur nominale : minimum 1 000 $, multiples entiers ensuite
- Paiement maximal : 1 534 $ par note de 1 000 $
- Valeur estimée : 975,80 $ (2,4 % en dessous du prix d’émission) basée sur des modèles internes et les coûts de financement
- Commission de l’agent : 2 % (20 $ par 1 000 $) ; produit net 98 %
- Pas de cotation en bourse ; la tenue de marché sur le marché secondaire est discrétionnaire
- Exposition au risque de crédit : directe envers Barclays Bank PLC et soumise au potentiel pouvoir de bail-in au Royaume-Uni
Le supplément de prix souligne de nombreux risques : rendement plafonné, protection conditionnelle du principal limitée à une baisse de 20 %, manque de liquidité, incertitudes fiscales et possible perte partielle ou totale du principal en cas de défaut de Barclays ou d’activation du bail-in. Ce produit s’adresse aux investisseurs capables de tolérer un risque de baisse similaire à celui des actions, prêts à renoncer aux dividendes et prévoyant de conserver jusqu’à l’échéance.
Barclays Bank PLC bietet 1,566 Millionen US-Dollar an unbesicherten, nicht nachrangigen Barrier Dual Directional Notes mit Fälligkeit am 29. Juni 2028 an, die an den S&P 500 Index (SPX) gekoppelt sind. Die Notes zahlen keine Kupons und die Rückzahlung des Kapitals hängt von der Indexentwicklung ab:
- Aufwärtsszenario: Übersteigt der Endwert des Basiswerts den Anfangswert von 6.141,02, erhalten Anleger 1.000 USD plus die Indexsteigerung, begrenzt auf eine maximale Rendite von 53,40 % (1.534 USD pro 1.000 USD Note).
- Moderater Abschwung (0 % bis –20 %): Liegt der Index zum Ende ≤ Anfangswert, aber ≥ Barriere (80 % des Anfangswerts, 4.912,82), erhalten Anleger 1 % positive Rendite für jeden 1 % Indexverlust, bis zu 20 %.
- Starker Abschwung (< –20 %): Schließt der Index unter der Barriere, erfolgt die Rückzahlung in Höhe von 1.000 USD plus der tatsächlichen Indexrendite, wodurch Anleger einem unbegrenzten Verlust bis auf Null ausgesetzt sind.
Wesentliche kommerzielle Bedingungen sind:
- Ausgabedatum: 01. Juli 2025 | Fälligkeit: 29. Juni 2028
- Nennwert: Mindestens 1.000 USD, danach ganzzahlige Vielfache
- Maximale Auszahlung: 1.534 USD pro 1.000 USD Note
- Geschätzter Wert: 975,80 USD (2,4 % unter dem Ausgabepreis), basierend auf internen Modellen und Finanzierungskosten
- Agenturkommission: 2 % (20 USD pro 1.000); Nettoerlös 98 %
- Keine Börsennotierung; Market Making im Sekundärmarkt ist freiwillig
- Kreditrisiko: Direkt gegenüber Barclays Bank PLC und unterliegt potenziellen UK Bail-in Befugnissen
Das Preiszusatzblatt weist auf zahlreiche Risiken hin: begrenzte Aufwärtsrendite, bedingter Kapitalschutz bis zu einem Rückgang von 20 %, mangelnde Liquidität, steuerliche Unsicherheiten und möglichen teilweisen oder vollständigen Kapitalverlust bei Barclays-Ausfall oder Bail-in-Aktivierung. Das Produkt richtet sich an Anleger, die ein aktienähnliches Abwärtsrisiko tolerieren können, auf Dividenden verzichten und planen, bis zur Fälligkeit zu halten.
- None.
- None.
Insights
TL;DR: Attractive 53.4 % cap and 20 % downside buffer, but no coupons, credit risk, and pay-off complexity make overall value neutral.
The note provides dual directional exposure: capped positive participation above initial level and a limited absolute return if SPX ends within 0 %-20 % below start. The 53.4 % maximum over three years (~15.3 % CAGR) is competitive versus traditional callables, yet investors sacrifice dividends (~1.3 %-1.5 % p.a.) and any upside beyond the cap. The 20 % buffer is meaningful but inferior to full principal protection; once breached, losses accelerate one-for-one. An internal estimated value of $975.80 indicates a 24.2-bp annualised cost over intrinsic value plus a 2 % sales charge. Liquidity risk is elevated because the notes are unlisted and the dealer is not obliged to make markets. Overall, the risk-reward profile is balanced; I assign a neutral impact (rating 0).
TL;DR: Investors face bail-in, credit, and market risks that could erase principal; limited upside insufficient to offset tail risk.
The notes are senior unsecured claims on Barclays Bank PLC and explicitly subject to U.K. Bail-in Power; conversion or write-down could occur without notice, independent of market performance. No FDIC or FSCS coverage further elevates credit exposure. With no interim coupons, time value is negative for holders if SPX remains flat. Break-even requires at least a 2.4 % intrinsic value deficit recovery plus lost dividend yield. The barrier mechanism offers only partial mitigation; a 25 % decline would inflict a 25 % capital loss. Given rising macro volatility and regulatory unpredictability, I view the structure as negatively skewed (rating -1).
Barclays Bank PLC offre 1,566 milioni di dollari in Barrier Dual Directional Notes non garantite e non subordinate con scadenza 29 giugno 2028, collegate all'Indice S&P 500 (SPX). Le note non pagano cedole e il rimborso del capitale dipende dalla performance dell'indice:
- Scenario positivo: Se il Valore Finale dell'Indice supera il Valore Iniziale di 6.141,02, gli investitori ricevono 1.000 dollari più il guadagno dell'indice, fino a un rendimento massimo del 53,40% (1.534 dollari per ogni nota da 1.000 dollari).
- Moderata perdita (0% a –20%): Se l'indice chiude ≤ Valore Iniziale ma ≥ Barriera (80% del valore iniziale, 4.912,82), gli investitori guadagnano un 1% positivo per ogni 1% di calo dell'indice, fino al 20%.
- Perdita severa (< –20%): Se l'indice chiude sotto la Barriera, il rimborso è pari a 1.000 dollari più il rendimento effettivo dell'indice, esponendo gli investitori a una perdita illimitata fino a zero.
Termini commerciali chiave includono:
- Data di emissione: 01-lug-2025 | Scadenza: 29-giu-2028
- Taglio minimo: 1.000 dollari, multipli interi successivi
- Pagamento massimo: 1.534 dollari per ogni nota da 1.000 dollari
- Valore stimato: 975,80 dollari (2,4% sotto il prezzo di emissione) basato su modelli interni e costi di finanziamento
- Commissione agente: 2% (20 dollari per ogni 1.000); proventi netti 98%
- Nessuna quotazione in borsa; il market making secondario è discrezionale
- Esposizione creditizia: diretta a Barclays Bank PLC e soggetta al potenziale potere di bail-in nel Regno Unito
Il supplemento di prezzo evidenzia numerosi rischi: rendimento massimo limitato, protezione condizionata del capitale fino a un calo del 20%, scarsa liquidità, incertezza fiscale e possibile perdita totale o parziale del capitale in caso di default di Barclays o attivazione del bail-in. Lo strumento è rivolto a investitori che possono tollerare perdite simili a quelle azionarie, sono disposti a rinunciare ai dividendi e intendono mantenere l'investimento fino alla scadenza.
Barclays Bank PLC ofrece 1.566 millones de dólares en Notas Barrier Dual Directional no garantizadas y no subordinadas con vencimiento el 29 de junio de 2028, vinculadas al Índice S&P 500 (SPX). Las notas no pagan cupones y el reembolso del principal depende del desempeño del índice:
- Escenario alcista: Si el Valor Final del subyacente supera el Valor Inicial de 6,141.02, los inversores reciben 1,000 dólares más la ganancia del índice, con un rendimiento máximo del 53,40% (1,534 dólares por cada nota de 1,000 dólares).
- Caída moderada (0% a –20%): Si el índice termina ≤ Inicial pero ≥ Barrera (80% del inicial, 4,912.82), los inversores ganan un 1% positivo por cada 1% que cae el índice, hasta un 20%.
- Caída severa (< –20%): Si el índice cierra por debajo de la Barrera, el reembolso es igual a 1,000 dólares más el rendimiento real del índice, exponiendo a los inversores a una pérdida ilimitada hasta cero.
Términos comerciales clave incluyen:
- Fecha de emisión: 01-jul-2025 | Vencimiento: 29-jun-2028
- Denominación: mínimo 1,000 dólares, múltiplos enteros después
- Pago máximo: 1,534 dólares por cada nota de 1,000 dólares
- Valor estimado: 975.80 dólares (2.4% por debajo del precio de emisión) basado en modelos internos y costos de financiamiento
- Comisión del agente: 2% (20 dólares por cada 1,000); ingresos netos 98%
- No cotiza en bolsa; la creación de mercado en el mercado secundario es discrecional
- Exposición crediticia: directa a Barclays Bank PLC y sujeta al potencial poder de rescate interno en Reino Unido
El suplemento de precios enfatiza numerosos riesgos: rendimiento máximo limitado, protección condicional del principal limitada a una caída del 20%, falta de liquidez, incertidumbre fiscal y posible pérdida total o parcial del principal si Barclays incumple o se activa el rescate interno. El instrumento está dirigido a inversores que pueden tolerar una caída similar a la de acciones, están dispuestos a renunciar a dividendos y planean mantener hasta el vencimiento.
Barclays Bank PLC는 2028년 6월 29일 만기인 무담보, 비후순위 Barrier Dual Directional Notes를 1,566만 달러 규모로 제공하며, 이는 S&P 500 지수(SPX)에 연동됩니다. 이 노트는 쿠폰이 없으며 원금 상환은 지수 성과에 따라 달라집니다:
- 상승 시나리오: 최종 기초자산 가치가 초기 가치 6,141.02를 초과하면, 투자자는 1,000달러에 지수 상승분을 더한 금액을 받으며, 최대 53.40%의 상한 수익률이 적용됩니다(1,000달러당 1,534달러).
- 중간 하락 (0% ~ –20%): 지수가 초기 가치 이하이면서도 Barrier(초기 가치의 80%, 4,912.82) 이상일 경우, 투자자는 지수가 하락한 만큼 1%당 1%의 양의 수익을 얻습니다(최대 20%).
- 심각한 하락 (< –20%): 지수가 Barrier 이하로 마감하면, 원금 상환은 1,000달러에 지수 실제 수익률을 더한 금액으로, 투자자는 원금 전액 손실 가능성에 노출됩니다.
주요 상업 조건은 다음과 같습니다:
- 발행일: 2025년 7월 1일 | 만기일: 2028년 6월 29일
- 액면가: 최소 1,000달러, 이후 정수 배수
- 최대 지급액: 1,000달러당 1,534달러
- 추정 가치: 내부 모델 및 자금 조달 비용에 의해 산출된 발행가 대비 2.4% 낮은 975.80달러
- 중개 수수료: 2% (1,000달러당 20달러); 순수익 98%
- 거래소 상장 없음; 2차 시장 조성은 임의적
- 신용 노출: Barclays Bank PLC에 직접 노출되며, 영국 구제금융 권한 대상일 수 있음
가격 부록은 여러 위험을 강조합니다: 수익 상한, 20% 하락까지 조건부 원금 보호, 유동성 부족, 세금 불확실성, Barclays가 디폴트하거나 구제금융이 발동될 경우 일부 또는 전액 손실 가능성. 이 상품은 주식과 유사한 하락 위험을 감내할 수 있고, 배당금 포기를 감수하며, 만기까지 보유할 계획인 투자자를 대상으로 합니다.
Barclays Bank PLC propose 1,566 millions de dollars de Barrier Dual Directional Notes non garanties et non subordonnées arrivant à échéance le 29 juin 2028, liées à l'indice S&P 500 (SPX). Ces notes ne versent aucun coupon et le remboursement du principal dépend de la performance de l'indice :
- Scénario haussier : Si la valeur finale de l’actif sous-jacent dépasse la valeur initiale de 6 141,02, les investisseurs reçoivent 1 000 $ plus la hausse de l’indice, plafonnée à un rendement maximal de 53,40 % (1 534 $ par note de 1 000 $).
- Baisse modérée (0 % à –20 %) : Si l’indice termine ≤ à la valeur initiale mais ≥ à la barrière (80 % de la valeur initiale, 4 912,82), les investisseurs gagnent un 1 % positif pour chaque 1 % de baisse de l’indice, jusqu’à 20 %.
- Baisse sévère (< –20 %) : Si l’indice clôture en dessous de la barrière, le remboursement est égal à 1 000 $ plus le rendement réel de l’indice, exposant les investisseurs à une perte illimitée jusqu’à zéro.
Les principales conditions commerciales sont :
- Date d’émission : 01 juil. 2025 | Échéance : 29 juin 2028
- Valeur nominale : minimum 1 000 $, multiples entiers ensuite
- Paiement maximal : 1 534 $ par note de 1 000 $
- Valeur estimée : 975,80 $ (2,4 % en dessous du prix d’émission) basée sur des modèles internes et les coûts de financement
- Commission de l’agent : 2 % (20 $ par 1 000 $) ; produit net 98 %
- Pas de cotation en bourse ; la tenue de marché sur le marché secondaire est discrétionnaire
- Exposition au risque de crédit : directe envers Barclays Bank PLC et soumise au potentiel pouvoir de bail-in au Royaume-Uni
Le supplément de prix souligne de nombreux risques : rendement plafonné, protection conditionnelle du principal limitée à une baisse de 20 %, manque de liquidité, incertitudes fiscales et possible perte partielle ou totale du principal en cas de défaut de Barclays ou d’activation du bail-in. Ce produit s’adresse aux investisseurs capables de tolérer un risque de baisse similaire à celui des actions, prêts à renoncer aux dividendes et prévoyant de conserver jusqu’à l’échéance.
Barclays Bank PLC bietet 1,566 Millionen US-Dollar an unbesicherten, nicht nachrangigen Barrier Dual Directional Notes mit Fälligkeit am 29. Juni 2028 an, die an den S&P 500 Index (SPX) gekoppelt sind. Die Notes zahlen keine Kupons und die Rückzahlung des Kapitals hängt von der Indexentwicklung ab:
- Aufwärtsszenario: Übersteigt der Endwert des Basiswerts den Anfangswert von 6.141,02, erhalten Anleger 1.000 USD plus die Indexsteigerung, begrenzt auf eine maximale Rendite von 53,40 % (1.534 USD pro 1.000 USD Note).
- Moderater Abschwung (0 % bis –20 %): Liegt der Index zum Ende ≤ Anfangswert, aber ≥ Barriere (80 % des Anfangswerts, 4.912,82), erhalten Anleger 1 % positive Rendite für jeden 1 % Indexverlust, bis zu 20 %.
- Starker Abschwung (< –20 %): Schließt der Index unter der Barriere, erfolgt die Rückzahlung in Höhe von 1.000 USD plus der tatsächlichen Indexrendite, wodurch Anleger einem unbegrenzten Verlust bis auf Null ausgesetzt sind.
Wesentliche kommerzielle Bedingungen sind:
- Ausgabedatum: 01. Juli 2025 | Fälligkeit: 29. Juni 2028
- Nennwert: Mindestens 1.000 USD, danach ganzzahlige Vielfache
- Maximale Auszahlung: 1.534 USD pro 1.000 USD Note
- Geschätzter Wert: 975,80 USD (2,4 % unter dem Ausgabepreis), basierend auf internen Modellen und Finanzierungskosten
- Agenturkommission: 2 % (20 USD pro 1.000); Nettoerlös 98 %
- Keine Börsennotierung; Market Making im Sekundärmarkt ist freiwillig
- Kreditrisiko: Direkt gegenüber Barclays Bank PLC und unterliegt potenziellen UK Bail-in Befugnissen
Das Preiszusatzblatt weist auf zahlreiche Risiken hin: begrenzte Aufwärtsrendite, bedingter Kapitalschutz bis zu einem Rückgang von 20 %, mangelnde Liquidität, steuerliche Unsicherheiten und möglichen teilweisen oder vollständigen Kapitalverlust bei Barclays-Ausfall oder Bail-in-Aktivierung. Das Produkt richtet sich an Anleger, die ein aktienähnliches Abwärtsrisiko tolerieren können, auf Dividenden verzichten und planen, bis zur Fälligkeit zu halten.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
3 Year Autocallable Barrier Securities Linked to the Worst of NDX, RTY and SPX
Preliminary Terms
This summary of terms is not complete and should be read with the preliminary pricing supplement below
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Issuer: |
Citigroup Global Markets Holdings Inc. |
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Guarantor: |
Citigroup Inc. |
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Underlyings: |
The Nasdaq-100 Index® (ticker: “NDX”), the Russell 2000® Index (ticker: “RTY”) and the S&P 500® Index (ticker: “SPX”) |
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Pricing date: |
July 28, 2025 |
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Valuation dates: |
July 29, 2026 (the “interim valuation date”) and July 28, 2028 (the “final valuation date”) |
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Maturity date: |
August 2, 2028 |
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Return amount: |
$1,000 × the underlying return of the worst performer × the upside participation rate |
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Upside participation rate: |
200.00% |
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Final barrier value: |
For each underlying, 70.00% of its initial underlying value |
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Automatic early redemption: |
If on the interim valuation date the closing value of the worst performer is greater than or equal to its initial underlying value, the securities will be automatically called for an amount equal to the principal plus the premium |
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Premium: |
At least 12.25% per annum* |
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CUSIP / ISIN: |
17333LDL6 / US17333LDL62 |
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Initial underlying value: |
For each underlying, its closing value on the pricing date |
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Final underlying value: |
For each underlying, its closing value on the final valuation date |
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Underlying return: |
For each underlying on any valuation date, (i) its current closing value minus initial underlying value, divided by (ii) its initial underlying value |
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Worst performer: |
On any valuation date, the underlying with the lowest underlying return |
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Payment at maturity (if not autocalled): |
•If the final underlying value of the worst performer on the final valuation date is greater than its initial underlying value: $1,000 + the return amount •If the final underlying value of the worst performer on the final valuation date is less than or equal to its initial underlying value but greater than or equal to its final barrier value: $1,000 •If the final underlying value of the worst performer is less than its final barrier value: $1,000 + ($1,000 × the underlying return of the worst performer on the final valuation date) If the securities are not automatically redeemed prior to maturity and the final underlying value of the worst performer on the final valuation date is less than its final barrier value, you will receive significantly less than the stated principal amount of your securities, and possibly nothing, at maturity. All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. |
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Stated principal amount: |
$1,000 per security |
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Preliminary pricing supplement: |
Preliminary Pricing Supplement dated June 30, 2025 |
* The actual premium will be determined on the pricing date.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
Hypothetical Interim Payment per Security**
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Valuation Date on which the Closing Value of the Worst Performer Equals or Exceeds Initial Underlying Value |
Premium |
Hypothetical Redemption |
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July 29, 2026 |
12.25% |
$1,122.50 |
If the closing value of the worst performer is not greater than or equal to the initial underlying value on the interim valuation date, then the securities will not be automatically redeemed prior to maturity and you will not receive a premium.
** The hypotheticals assume that the premium will be set at the lowest value indicated in this offering summary.
Hypothetical Payment at Maturity per Security
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n The Worst Performer |
n The Securities |
Assumes the securities have not been automatically redeemed prior to maturity.
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Hypothetical Worst Underlying Return on Final Valuation Date |
Hypothetical Security Return |
Hypothetical Payment at Maturity |
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50.00% |
100.00% |
$2,000.00 |
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C |
25.00% |
50.00% |
$1,500.00 |
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|
5.00% |
10.00% |
$1,100.00 |
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|
0.00% |
0.00% |
$1,000.00 |
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B |
-15.00% |
0.00% |
$1,000.00 |
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-30.00% |
0.00% |
$1,000.00 |
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-30.01% |
-30.01% |
$699.90 |
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A |
-50.00% |
-50.00% |
$500.00 |
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-100.00% |
-100.00% |
$0.00 |
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
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Additional Information |
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Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed registration statements (including the accompanying preliminary pricing supplement, product supplement, 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 |
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This offering summary does not contain all of the material information an investor should consider before investing in the securities. This offering summary is not for distribution in isolation and must be read together with the accompanying preliminary pricing supplement and the other documents referred to therein, which can be accessed via the link on the first page. |
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Selected Risk Considerations |
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•You may lose a significant portion or all of your investment. Unlike conventional debt securities, the securities do not provide for the repayment of the stated principal amount at maturity in all circumstances. If the securities are not automatically redeemed prior to maturity, your payment at maturity will depend on the final underlying value of the worst performer on the final valuation date. If the final underlying value of the worst performer on the final valuation date is less than its final barrier value, you will lose 1% of the stated principal amount of your securities for every 1% by which the worst performer on the final valuation date has declined from its initial underlying value. There is no minimum payment at maturity on the securities, and you may lose up to all of your investment. •The securities do not pay interest. •The securities are subject to heightened risk because they have multiple underlyings. •The return on the securities depends solely on the performance of the worst performer. As a result, the securities are subject to the risks of each of the underlyings and will be negatively affected if any one underlying performs poorly. •You will be subject to risks relating to the relationship between the underlyings. The less correlated the underlyings, the more likely it is that any one of the underlyings will perform poorly over the term of the securities. All that is necessary for the securities to perform poorly is for one of the underlyings to perform poorly. •You will not receive dividends or have any other rights with respect to the underlyings. •The securities may be automatically redeemed prior to maturity. •The securities are particularly sensitive to the volatility of the closing values of the underlyings 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 Russell 2000® Index is subject to risks associated with small capitalization stocks. •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. |
