[FWP] Citigroup Inc. Free Writing Prospectus
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is marketing 3-Year Autocallable Contingent Coupon Securities linked to Tesla, Inc. (TSLA). The notes pay a quarterly contingent coupon of at least 15.00% per annum (rate set on the pricing date) only when TSLA’s closing price on a valuation date is at or above the 60% coupon-barrier. Beginning after six months, the securities are subject to quarterly automatic redemption if TSLA closes at or above its initial value; investors then receive the $1,000 principal plus the coupon.
If not autocalled, the notes mature on 2-Aug-2028. At maturity holders receive $1,000 provided TSLA is at or above 60% of its initial level; otherwise payment is reduced one-for-one with TSLA’s decline, potentially to $0. Investors receive no upside participation beyond coupons. Key risks include full downside to TSLA below the 60% final barrier, loss of coupons when TSLA is below the hurdle, structural leverage to volatility, credit exposure to Citi, lack of listing, an issue-price premium over estimated value, and uncertain U.S. tax treatment.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., sta offrendo titoli autocallable con cedola condizionata a 3 anni collegati a Tesla, Inc. (TSLA). Le obbligazioni pagano una cedola condizionata trimestrale di almeno il 15,00% annuo (tasso fissato alla data di pricing) solo se il prezzo di chiusura di TSLA alla data di valutazione è pari o superiore alla barriera cedolare del 60%. A partire da sei mesi, i titoli sono soggetti a rimborso automatico trimestrale se TSLA chiude al di sopra o pari al valore iniziale; in tal caso gli investitori ricevono il capitale di 1.000 $ più la cedola.
Se non viene effettuato l'autocall, i titoli scadono il 2 agosto 2028. Alla scadenza, i detentori ricevono 1.000 $ se TSLA è pari o superiore al 60% del livello iniziale; in caso contrario, il pagamento viene ridotto proporzionalmente al calo di TSLA, potenzialmente fino a 0 $. Gli investitori non partecipano all’eventuale rialzo oltre le cedole. I rischi principali includono la perdita totale in caso di discesa di TSLA sotto la barriera finale del 60%, la perdita delle cedole se TSLA è sotto la soglia, la leva strutturale sulla volatilità, l’esposizione creditizia a Citi, la mancanza di quotazione, un premio sul prezzo di emissione rispetto al valore stimato e un trattamento fiscale statunitense incerto.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., está comercializando valores autocancelables con cupón contingente a 3 años vinculados a Tesla, Inc. (TSLA). Los bonos pagan un cupón contingente trimestral de al menos 15,00% anual (tasa establecida en la fecha de fijación de precio) solo cuando el precio de cierre de TSLA en la fecha de valoración está en o por encima de la barrera del cupón del 60%. A partir de los seis meses, los valores están sujetos a redención automática trimestral si TSLA cierra en o por encima de su valor inicial; los inversores reciben entonces el principal de $1,000 más el cupón.
Si no se autocancela, los bonos vencen el 2 de agosto de 2028. En el vencimiento, los titulares reciben $1,000 siempre que TSLA esté en o por encima del 60% de su nivel inicial; de lo contrario, el pago se reduce uno a uno con la caída de TSLA, potencialmente hasta $0. Los inversores no participan en la subida más allá de los cupones. Los riesgos clave incluyen la pérdida total si TSLA cae por debajo de la barrera final del 60%, la pérdida de cupones cuando TSLA está bajo el umbral, apalancamiento estructural a la volatilidad, la exposición crediticia a Citi, la falta de cotización, una prima sobre el precio de emisión respecto al valor estimado y un tratamiento fiscal estadounidense incierto.
Citigroup Global Markets Holdings Inc.는 Citigroup Inc.가 보증하며, Tesla, Inc. (TSLA)에 연계된 3년 만기 자동상환 조건부 쿠폰 증권을 판매하고 있습니다. 이 노트는 TSLA의 평가일 종가가 쿠폰 장벽 60% 이상일 때만 연 최소 15.00%의 분기별 조건부 쿠폰을 지급합니다(금리는 가격 책정일에 결정됨). 6개월 후부터는 TSLA가 최초 가치 이상으로 마감할 경우 분기별 자동상환이 이루어지며, 투자자는 원금 1,000달러와 쿠폰을 받게 됩니다.
자동상환이 되지 않으면, 노트는 2028년 8월 2일에 만기됩니다. 만기 시 TSLA가 최초 수준의 60% 이상이면 보유자는 1,000달러를 받고, 그렇지 않으면 TSLA 하락에 따라 1:1로 지급액이 줄어들어 0달러까지 손실이 발생할 수 있습니다. 투자자는 쿠폰 외 추가 상승 참여가 없습니다. 주요 위험은 TSLA가 만기 시 60% 최종 장벽 아래로 떨어질 경우 전액 손실, TSLA가 기준선 아래일 때 쿠폰 손실, 변동성에 대한 구조적 레버리지, Citi에 대한 신용 노출, 상장 부재, 발행가가 추정 가치보다 높은 점, 그리고 불확실한 미국 세금 처리 등이 있습니다.
Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., commercialise des titres à coupon conditionnel autocallables sur 3 ans liés à Tesla, Inc. (TSLA). Les titres versent un coupon conditionnel trimestriel d'au moins 15,00% par an (taux fixé à la date de tarification) uniquement lorsque le cours de clôture de TSLA à la date d'évaluation est égal ou supérieur à la barrière de coupon de 60%. À partir de six mois, les titres sont soumis à un rachat automatique trimestriel si TSLA clôture au-dessus ou à son niveau initial ; les investisseurs reçoivent alors le principal de 1 000 $ plus le coupon.
En l'absence d'autocall, les titres arrivent à échéance le 2 août 2028. À l'échéance, les détenteurs reçoivent 1 000 $ si TSLA est égal ou supérieur à 60% de son niveau initial ; sinon, le paiement est réduit à hauteur de la baisse de TSLA, pouvant aller jusqu'à 0 $. Les investisseurs ne bénéficient pas d'une participation à la hausse au-delà des coupons. Les principaux risques incluent une perte totale si TSLA est en dessous de la barrière finale de 60%, la perte des coupons lorsque TSLA est sous le seuil, un effet de levier structurel sur la volatilité, une exposition au crédit de Citi, l'absence de cotation, une prime sur le prix d'émission par rapport à la valeur estimée, et un traitement fiscal américain incertain.
Citigroup Global Markets Holdings Inc., garantiert von Citigroup Inc., bietet 3-jährige autocallable contingent Coupon Wertpapiere an, die an Tesla, Inc. (TSLA) gekoppelt sind. Die Notes zahlen einen vierteljährlichen bedingten Coupon von mindestens 15,00% p.a. (Zinssatz am Pricing-Tag festgelegt), nur wenn der Schlusskurs von TSLA am Bewertungstag auf oder über der 60%-Coupon-Barriere liegt. Ab sechs Monaten unterliegen die Wertpapiere einer vierteljährlichen automatischen Rückzahlung, falls TSLA auf oder über dem Anfangswert schließt; Anleger erhalten dann den Nennwert von 1.000 $ plus den Coupon.
Wenn kein Autocall erfolgt, laufen die Notes am 2. August 2028 aus. Zum Laufzeitende erhalten Inhaber 1.000 $, sofern TSLA auf oder über 60% des Anfangswerts liegt; andernfalls wird die Zahlung eins zu eins mit dem Rückgang von TSLA reduziert, womöglich bis auf 0 $. Anleger partizipieren nicht an Kurssteigerungen über die Coupons hinaus. Wesentliche Risiken umfassen den vollständigen Verlust bei TSLA unter der 60%-Endbarriere, den Verlust der Coupons bei Unterschreiten der Hürde, strukturelle Hebelwirkung auf die Volatilität, Kreditrisiko gegenüber Citi, fehlende Börsennotierung, einen Ausgabeaufschlag über dem geschätzten Wert sowie eine unsichere US-Steuerbehandlung.
- High contingent coupon of at least 15% per annum provides above-market income when barrier conditions are met.
- 40% downside buffer (barrier at 60% of initial price) offers partial protection against moderate declines in TSLA.
- Automatic redemption feature can shorten duration and lock in gains if TSLA is flat or up on a quarterly observation date.
- Principal at risk; investors lose 1% of principal for each 1% TSLA falls below the 60% barrier, potentially to zero.
- No upside participation; returns are capped at coupons, forfeiting gains if TSLA rallies.
- Credit exposure to Citigroup; payment depends on Citi’s ability to meet obligations.
- Unlisted security with limited secondary market liquidity.
- Estimated value below issue price implies an initial mark-to-market loss to investors.
- Unclear U.S. tax treatment introduces additional uncertainty.
Insights
TL;DR High coupon but full downside exposure; routine Citi issuance, neutral for issuer, product suits yield-seeking risk-tolerant investors.
The note offers an attractive headline yield (≥15% p.a.) and a 40% downside buffer. However, investors sacrifice any upside in TSLA and face the possibility of losing their entire principal if TSLA falls more than 40% by maturity. Automatic call reduces duration if TSLA stays flat/up, limiting income potential. Credit risk is standard for Citi notes, and secondary liquidity is likely thin. Overall this is a typical yield-enhancement structure with asymmetric risk—appealing only to those comfortable with equity downside and issuer credit exposure.
TL;DR Product adds contingent income but limited diversification; risk-adjusted return hinges on Tesla volatility and barrier distance.
Given TSLA’s historical volatility, the 60% barrier provides modest protection; probability analyses suggest material knock-in risk over three years. Coupons are attractive versus investment-grade debt but not compelling when adjusted for the equity-like tail risk, illiquidity and estimated value discount. For diversified portfolios, allocation should be small and funded from high-yield or structured-credit sleeves rather than core fixed income.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., sta offrendo titoli autocallable con cedola condizionata a 3 anni collegati a Tesla, Inc. (TSLA). Le obbligazioni pagano una cedola condizionata trimestrale di almeno il 15,00% annuo (tasso fissato alla data di pricing) solo se il prezzo di chiusura di TSLA alla data di valutazione è pari o superiore alla barriera cedolare del 60%. A partire da sei mesi, i titoli sono soggetti a rimborso automatico trimestrale se TSLA chiude al di sopra o pari al valore iniziale; in tal caso gli investitori ricevono il capitale di 1.000 $ più la cedola.
Se non viene effettuato l'autocall, i titoli scadono il 2 agosto 2028. Alla scadenza, i detentori ricevono 1.000 $ se TSLA è pari o superiore al 60% del livello iniziale; in caso contrario, il pagamento viene ridotto proporzionalmente al calo di TSLA, potenzialmente fino a 0 $. Gli investitori non partecipano all’eventuale rialzo oltre le cedole. I rischi principali includono la perdita totale in caso di discesa di TSLA sotto la barriera finale del 60%, la perdita delle cedole se TSLA è sotto la soglia, la leva strutturale sulla volatilità, l’esposizione creditizia a Citi, la mancanza di quotazione, un premio sul prezzo di emissione rispetto al valore stimato e un trattamento fiscale statunitense incerto.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., está comercializando valores autocancelables con cupón contingente a 3 años vinculados a Tesla, Inc. (TSLA). Los bonos pagan un cupón contingente trimestral de al menos 15,00% anual (tasa establecida en la fecha de fijación de precio) solo cuando el precio de cierre de TSLA en la fecha de valoración está en o por encima de la barrera del cupón del 60%. A partir de los seis meses, los valores están sujetos a redención automática trimestral si TSLA cierra en o por encima de su valor inicial; los inversores reciben entonces el principal de $1,000 más el cupón.
Si no se autocancela, los bonos vencen el 2 de agosto de 2028. En el vencimiento, los titulares reciben $1,000 siempre que TSLA esté en o por encima del 60% de su nivel inicial; de lo contrario, el pago se reduce uno a uno con la caída de TSLA, potencialmente hasta $0. Los inversores no participan en la subida más allá de los cupones. Los riesgos clave incluyen la pérdida total si TSLA cae por debajo de la barrera final del 60%, la pérdida de cupones cuando TSLA está bajo el umbral, apalancamiento estructural a la volatilidad, la exposición crediticia a Citi, la falta de cotización, una prima sobre el precio de emisión respecto al valor estimado y un tratamiento fiscal estadounidense incierto.
Citigroup Global Markets Holdings Inc.는 Citigroup Inc.가 보증하며, Tesla, Inc. (TSLA)에 연계된 3년 만기 자동상환 조건부 쿠폰 증권을 판매하고 있습니다. 이 노트는 TSLA의 평가일 종가가 쿠폰 장벽 60% 이상일 때만 연 최소 15.00%의 분기별 조건부 쿠폰을 지급합니다(금리는 가격 책정일에 결정됨). 6개월 후부터는 TSLA가 최초 가치 이상으로 마감할 경우 분기별 자동상환이 이루어지며, 투자자는 원금 1,000달러와 쿠폰을 받게 됩니다.
자동상환이 되지 않으면, 노트는 2028년 8월 2일에 만기됩니다. 만기 시 TSLA가 최초 수준의 60% 이상이면 보유자는 1,000달러를 받고, 그렇지 않으면 TSLA 하락에 따라 1:1로 지급액이 줄어들어 0달러까지 손실이 발생할 수 있습니다. 투자자는 쿠폰 외 추가 상승 참여가 없습니다. 주요 위험은 TSLA가 만기 시 60% 최종 장벽 아래로 떨어질 경우 전액 손실, TSLA가 기준선 아래일 때 쿠폰 손실, 변동성에 대한 구조적 레버리지, Citi에 대한 신용 노출, 상장 부재, 발행가가 추정 가치보다 높은 점, 그리고 불확실한 미국 세금 처리 등이 있습니다.
Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., commercialise des titres à coupon conditionnel autocallables sur 3 ans liés à Tesla, Inc. (TSLA). Les titres versent un coupon conditionnel trimestriel d'au moins 15,00% par an (taux fixé à la date de tarification) uniquement lorsque le cours de clôture de TSLA à la date d'évaluation est égal ou supérieur à la barrière de coupon de 60%. À partir de six mois, les titres sont soumis à un rachat automatique trimestriel si TSLA clôture au-dessus ou à son niveau initial ; les investisseurs reçoivent alors le principal de 1 000 $ plus le coupon.
En l'absence d'autocall, les titres arrivent à échéance le 2 août 2028. À l'échéance, les détenteurs reçoivent 1 000 $ si TSLA est égal ou supérieur à 60% de son niveau initial ; sinon, le paiement est réduit à hauteur de la baisse de TSLA, pouvant aller jusqu'à 0 $. Les investisseurs ne bénéficient pas d'une participation à la hausse au-delà des coupons. Les principaux risques incluent une perte totale si TSLA est en dessous de la barrière finale de 60%, la perte des coupons lorsque TSLA est sous le seuil, un effet de levier structurel sur la volatilité, une exposition au crédit de Citi, l'absence de cotation, une prime sur le prix d'émission par rapport à la valeur estimée, et un traitement fiscal américain incertain.
Citigroup Global Markets Holdings Inc., garantiert von Citigroup Inc., bietet 3-jährige autocallable contingent Coupon Wertpapiere an, die an Tesla, Inc. (TSLA) gekoppelt sind. Die Notes zahlen einen vierteljährlichen bedingten Coupon von mindestens 15,00% p.a. (Zinssatz am Pricing-Tag festgelegt), nur wenn der Schlusskurs von TSLA am Bewertungstag auf oder über der 60%-Coupon-Barriere liegt. Ab sechs Monaten unterliegen die Wertpapiere einer vierteljährlichen automatischen Rückzahlung, falls TSLA auf oder über dem Anfangswert schließt; Anleger erhalten dann den Nennwert von 1.000 $ plus den Coupon.
Wenn kein Autocall erfolgt, laufen die Notes am 2. August 2028 aus. Zum Laufzeitende erhalten Inhaber 1.000 $, sofern TSLA auf oder über 60% des Anfangswerts liegt; andernfalls wird die Zahlung eins zu eins mit dem Rückgang von TSLA reduziert, womöglich bis auf 0 $. Anleger partizipieren nicht an Kurssteigerungen über die Coupons hinaus. Wesentliche Risiken umfassen den vollständigen Verlust bei TSLA unter der 60%-Endbarriere, den Verlust der Coupons bei Unterschreiten der Hürde, strukturelle Hebelwirkung auf die Volatilität, Kreditrisiko gegenüber Citi, fehlende Börsennotierung, einen Ausgabeaufschlag über dem geschätzten Wert sowie eine unsichere US-Steuerbehandlung.
Citigroup Global Markets Holdings Inc. Guaranteed by Citigroup Inc. 3 Year Autocallable Contingent Coupon Securities Linked to TSLA Preliminary Terms This summary of terms is not complete and should be read with the preliminary pricing supplement below #100670551v1 Citigroup Global Markets Holdings Inc. Issuer: Citigroup Inc. Guarantor: Tesla, Inc. (ticker: “TSLA”) Underlying: July 28, 2025 Pricing date: Quarterly Valuation dates: August 2, 2028 Maturity date: At least 15.00% 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. Contingent coupon: 60.00% of the initial underlying value Coupon barrier value: 60.00% of the initial underlying value Final barrier value: 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 Automatic early redemption: Quarterly on valuation dates beginning after six months Autocall dates: 17333LMJ1 / US17333LMJ16 CUSIP / ISIN: The closing value on the pricing date Initial underlying value: The closing value on the final valuation date Final underlying value: (Current closing value - initial underlying value) / initial underlying value Underlying return: • 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 п 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. Payment at maturity (if not autocalled): $1,000 per security Stated principal amount: Preliminary Pricing Supplement dated July 14, 2025 Preliminary pricing supplement: * 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. Hypothetical Interim Payment per Security ** Hypothetical R ede m p t i o n *** Hypothetical Payment for Interim Valuation Date Hypothetical Underlying Return on Interim Valuation Date Redeemed $1,037.50 100.0 0 % Redeemed $1,037.50 50.00% Redeemed $1,037.50 25.00% Redeemed $1,037.50 0.00% Securities not redeemed $37.50 - 0.0 1 % Securities not redeemed $37.50 - 25. 0 0% Securities not redeemed $37.50 - 40. 0 0% Securities not redeemed $0.00 - 40. 0 1% Securities not redeemed $0.00 - 50. 0 0% Securities not redeemed $0.00 - 75. 0 0% Securities not redeemed $0.00 - 100 . 00% 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 Payment Hypothetical Underlying Return on Final Valuation Date 100.00% 50.00% 25.00% 0.00% - 25.00% - 40.00% - 40.01% - 50.00% - 75.00% - 100.00%
Citigroup Global Markets Holdings Inc. Guaranteed by Citigroup Inc. #100670551v1 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 . Th e a bo v e su m m a r y of s e l e c t ed r i s k s d oes n ot d es c r i be a l l of t he r i s k s a s so c i a ted w i th a n i nv e st m ent i n t h e secu r i t i es. You s h o u l d r e a d t h e a cc o m p an y i ng p r e l i m i na r y p r i c i ng s u p pl e m e nt and p r odu c t s u p p l e m e n t fo r a m o r e c o m p l e t e d e s c r i p t i on o f r i s k s r e l a t i n g to t h e secu r i t i e s . 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.
FAQ
What is the coupon rate on Citigroup's TSLA-linked autocallable notes?
When can the TSLA-linked notes be automatically redeemed?
How much principal protection do these notes provide?
Do investors participate in TSLA upside?
Are the notes exposed to Citigroup credit risk?
Will the securities be listed on an exchange?
