[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 di Barrier Dual Directional Notes non garantite e non subordinate con scadenza al 29 giugno 2028, collegate all'Indice S&P 500 (SPX). Le note non prevedono cedole e il rimborso del capitale dipende dalla performance dell'indice:
- Scenario rialzista: 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, con un rendimento massimo limitato al 53,40% (1.534 dollari per ogni nota da 1.000 dollari).
- Ribasso moderato (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 ribasso dell'indice, fino al 20%.
- Ribasso severo (< –20%): Se l'indice chiude sotto la barriera, il rimborso corrisponde a 1.000 dollari più il rendimento reale dell'indice, esponendo gli investitori a un ribasso illimitato fino a zero.
I termini commerciali principali sono:
- 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), calcolato con modelli interni e costi di finanziamento
- Commissione agente: 2% (20 dollari per ogni 1.000); proventi netti 98%
- Nessuna quotazione in borsa; il mercato secondario è discrezionale
- Esposizione creditizia: diretta verso Barclays Bank PLC e soggetta al possibile potere di bail-in nel Regno Unito
Il supplemento informativo sottolinea diversi rischi: rendimento massimo limitato, protezione condizionata del capitale fino a un ribasso del 20%, mancanza di liquidità, incertezza fiscale e possibile perdita parziale o totale del capitale in caso di default di Barclays o attivazione del bail-in. Lo strumento è rivolto a investitori che possono tollerare un ribasso simile a quello azionario, 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 sin garantía ni subordinación 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 inversionistas reciben 1,000 dólares más la ganancia del índice, con un rendimiento máximo limitado al 53.40% (1,534 dólares por cada nota de 1,000 dólares).
- Caída moderada (0% a –20%): Si el índice cierra ≤ valor inicial pero ≥ barrera (80% del inicial, 4,912.82), los inversionistas 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 de 1,000 dólares más el rendimiento real del índice, exponiendo a los inversionistas a una caída ilimitada hasta cero.
Los términos comerciales clave incluyen:
- Fecha de emisión: 01-jul-2025 | Vencimiento: 29-jun-2028
- Denominación: mínimo 1,000 dólares, múltiplos enteros a partir de ahí
- 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 formación de mercado secundaria es discrecional
- Exposición crediticia: directa a Barclays Bank PLC y sujeta al posible poder de rescate interno (bail-in) en el Reino Unido
El suplemento de precios destaca varios riesgos: rendimiento máximo limitado, protección condicional del principal limitada a una caída del 20%, falta de liquidez, incertidumbre fiscal y posible pérdida parcial o total del principal si Barclays incumple o se activa el bail-in. El instrumento está dirigido a inversores que pueden tolerar una caída similar a la de las acciones, están dispuestos a renunciar a dividendos y planean mantener hasta el vencimiento.
Barclays Bank PLC는 1,566만 달러 규모의 무담보 비후순위 Barrier Dual Directional Notes를 2028년 6월 29일 만기일로 발행하며, 이는 S&P 500 지수(SPX)에 연동됩니다. 이 채권은 쿠폰이 없으며, 원금 상환은 지수 성과에 따라 결정됩니다:
- 상승 시나리오: 최종 기초자산 가치가 초기 가치 6,141.02를 초과하면 투자자는 원금 1,000달러에 지수 상승분을 더해 최대 53.40%의 상한 수익률이 적용되어 1,000달러당 1,534달러를 받습니다.
- 중간 하락 (0% ~ –20%): 지수가 초기 값 이하이지만 장벽(초기 값의 80%, 4,912.82) 이상일 경우, 투자자는 지수가 하락한 %만큼 1%의 양의 수익을 얻습니다(최대 20%까지).
- 심각한 하락 (< –20%): 지수가 장벽 아래로 마감하면 원금 1,000달러에 실제 지수 수익률을 더한 금액이 상환되며, 투자자는 원금 전액 손실 가능성까지 무한한 하락 위험에 노출됩니다.
주요 상업 조건은 다음과 같습니다:
- 발행일: 2025년 7월 1일 | 만기일: 2028년 6월 29일
- 액면가: 최소 1,000달러, 그 이후 정수 배수
- 최대 지급액: 1,000달러당 1,534달러
- 추정 가치: 975.80달러 (발행가 대비 2.4% 낮음), 내부 모델과 자금 조달 비용 반영
- 중개 수수료: 2% (1,000달러당 20달러); 순수익 98%
- 거래소 상장 없음; 2차 시장 조성은 재량에 따름
- 신용 노출: Barclays Bank PLC에 직접 노출되며, 영국 구제금융 권한 적용 가능
가격 부록에서는 여러 위험을 강조합니다: 상한 수익률, 20% 하락까지 조건부 원금 보호, 유동성 부족, 세금 불확실성, Barclays가 디폴트하거나 구제금융이 발동될 경우 일부 또는 전액 원금 손실 가능성. 이 상품은 주식과 유사한 하락 위험을 감수할 수 있고, 배당금을 포기하며, 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 ≤ valeur initiale mais ≥ barrière (80 % de la valeur initiale, 4 912,82), les investisseurs gagnent 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 correspond à 1 000 $ plus le rendement réel de l'indice, exposant les investisseurs à une perte illimitée pouvant aller jusqu'à zéro.
Les principales conditions commerciales sont :
- Date d'émission : 01-juil-2025 | Échéance : 29-juin-2028
- Nominal : 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 création de marché secondaire est discrétionnaire
- Exposition au crédit : directe envers Barclays Bank PLC et soumise au possible pouvoir de renflouement interne (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, incertitude fiscale et possible perte partielle ou totale du principal en cas de défaut de Barclays ou de déclenchement du bail-in. L'instrument s'adresse aux investisseurs capables de tolérer une baisse similaire à celle 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 finale Basiswert den Anfangswert von 6.141,02, erhalten Anleger 1.000 US-Dollar plus den Indexgewinn, begrenzt auf eine maximale Rendite von 53,40 % (1.534 US-Dollar pro 1.000-Dollar-Note).
- Moderater Abschwung (0 % bis –20 %): Liegt der Index am 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, entspricht die Rückzahlung 1.000 US-Dollar plus der tatsächlichen Indexrendite, was Anleger einem unbegrenzten Abwärtsrisiko bis auf null aussetzt.
Wichtige kommerzielle Bedingungen sind:
- Emissionsdatum: 01. Juli 2025 | Fälligkeit: 29. Juni 2028
- Stückelung: Mindestens 1.000 US-Dollar, danach ganzzahlige Vielfache
- Maximale Auszahlung: 1.534 US-Dollar pro 1.000-Dollar-Note
- Geschätzter Wert: 975,80 US-Dollar (2,4 % unter dem Ausgabepreis), basierend auf internen Modellen und Finanzierungskosten
- Agenturprovision: 2 % (20 US-Dollar pro 1.000); Nettoerlös 98 %
- Keine Börsennotierung; der Sekundärmarkt ist optional
- Kreditrisiko: direkt gegenüber Barclays Bank PLC und unterliegt möglicher UK Bail-in Befugnis
Das Preiszusatzblatt weist auf zahlreiche Risiken hin: begrenzte Aufwärtsrendite, bedingter Kapitalschutz nur bis zu einem Rückgang von 20 %, mangelnde Liquidität, steuerliche Unsicherheit und mögliche Teil- oder Totalverluste des Kapitals bei Barclays-Ausfall oder Aktivierung des Bail-ins. Das Instrument richtet sich an Anleger, die einen aktienähnlichen Abwärtsmarkt tolerieren können, auf Dividenden verzichten und bis zur Fälligkeit halten wollen.
- 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 di Barrier Dual Directional Notes non garantite e non subordinate con scadenza al 29 giugno 2028, collegate all'Indice S&P 500 (SPX). Le note non prevedono cedole e il rimborso del capitale dipende dalla performance dell'indice:
- Scenario rialzista: 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, con un rendimento massimo limitato al 53,40% (1.534 dollari per ogni nota da 1.000 dollari).
- Ribasso moderato (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 ribasso dell'indice, fino al 20%.
- Ribasso severo (< –20%): Se l'indice chiude sotto la barriera, il rimborso corrisponde a 1.000 dollari più il rendimento reale dell'indice, esponendo gli investitori a un ribasso illimitato fino a zero.
I termini commerciali principali sono:
- 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), calcolato con modelli interni e costi di finanziamento
- Commissione agente: 2% (20 dollari per ogni 1.000); proventi netti 98%
- Nessuna quotazione in borsa; il mercato secondario è discrezionale
- Esposizione creditizia: diretta verso Barclays Bank PLC e soggetta al possibile potere di bail-in nel Regno Unito
Il supplemento informativo sottolinea diversi rischi: rendimento massimo limitato, protezione condizionata del capitale fino a un ribasso del 20%, mancanza di liquidità, incertezza fiscale e possibile perdita parziale o totale del capitale in caso di default di Barclays o attivazione del bail-in. Lo strumento è rivolto a investitori che possono tollerare un ribasso simile a quello azionario, 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 sin garantía ni subordinación 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 inversionistas reciben 1,000 dólares más la ganancia del índice, con un rendimiento máximo limitado al 53.40% (1,534 dólares por cada nota de 1,000 dólares).
- Caída moderada (0% a –20%): Si el índice cierra ≤ valor inicial pero ≥ barrera (80% del inicial, 4,912.82), los inversionistas 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 de 1,000 dólares más el rendimiento real del índice, exponiendo a los inversionistas a una caída ilimitada hasta cero.
Los términos comerciales clave incluyen:
- Fecha de emisión: 01-jul-2025 | Vencimiento: 29-jun-2028
- Denominación: mínimo 1,000 dólares, múltiplos enteros a partir de ahí
- 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 formación de mercado secundaria es discrecional
- Exposición crediticia: directa a Barclays Bank PLC y sujeta al posible poder de rescate interno (bail-in) en el Reino Unido
El suplemento de precios destaca varios riesgos: rendimiento máximo limitado, protección condicional del principal limitada a una caída del 20%, falta de liquidez, incertidumbre fiscal y posible pérdida parcial o total del principal si Barclays incumple o se activa el bail-in. El instrumento está dirigido a inversores que pueden tolerar una caída similar a la de las acciones, están dispuestos a renunciar a dividendos y planean mantener hasta el vencimiento.
Barclays Bank PLC는 1,566만 달러 규모의 무담보 비후순위 Barrier Dual Directional Notes를 2028년 6월 29일 만기일로 발행하며, 이는 S&P 500 지수(SPX)에 연동됩니다. 이 채권은 쿠폰이 없으며, 원금 상환은 지수 성과에 따라 결정됩니다:
- 상승 시나리오: 최종 기초자산 가치가 초기 가치 6,141.02를 초과하면 투자자는 원금 1,000달러에 지수 상승분을 더해 최대 53.40%의 상한 수익률이 적용되어 1,000달러당 1,534달러를 받습니다.
- 중간 하락 (0% ~ –20%): 지수가 초기 값 이하이지만 장벽(초기 값의 80%, 4,912.82) 이상일 경우, 투자자는 지수가 하락한 %만큼 1%의 양의 수익을 얻습니다(최대 20%까지).
- 심각한 하락 (< –20%): 지수가 장벽 아래로 마감하면 원금 1,000달러에 실제 지수 수익률을 더한 금액이 상환되며, 투자자는 원금 전액 손실 가능성까지 무한한 하락 위험에 노출됩니다.
주요 상업 조건은 다음과 같습니다:
- 발행일: 2025년 7월 1일 | 만기일: 2028년 6월 29일
- 액면가: 최소 1,000달러, 그 이후 정수 배수
- 최대 지급액: 1,000달러당 1,534달러
- 추정 가치: 975.80달러 (발행가 대비 2.4% 낮음), 내부 모델과 자금 조달 비용 반영
- 중개 수수료: 2% (1,000달러당 20달러); 순수익 98%
- 거래소 상장 없음; 2차 시장 조성은 재량에 따름
- 신용 노출: Barclays Bank PLC에 직접 노출되며, 영국 구제금융 권한 적용 가능
가격 부록에서는 여러 위험을 강조합니다: 상한 수익률, 20% 하락까지 조건부 원금 보호, 유동성 부족, 세금 불확실성, Barclays가 디폴트하거나 구제금융이 발동될 경우 일부 또는 전액 원금 손실 가능성. 이 상품은 주식과 유사한 하락 위험을 감수할 수 있고, 배당금을 포기하며, 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 ≤ valeur initiale mais ≥ barrière (80 % de la valeur initiale, 4 912,82), les investisseurs gagnent 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 correspond à 1 000 $ plus le rendement réel de l'indice, exposant les investisseurs à une perte illimitée pouvant aller jusqu'à zéro.
Les principales conditions commerciales sont :
- Date d'émission : 01-juil-2025 | Échéance : 29-juin-2028
- Nominal : 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 création de marché secondaire est discrétionnaire
- Exposition au crédit : directe envers Barclays Bank PLC et soumise au possible pouvoir de renflouement interne (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, incertitude fiscale et possible perte partielle ou totale du principal en cas de défaut de Barclays ou de déclenchement du bail-in. L'instrument s'adresse aux investisseurs capables de tolérer une baisse similaire à celle 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 finale Basiswert den Anfangswert von 6.141,02, erhalten Anleger 1.000 US-Dollar plus den Indexgewinn, begrenzt auf eine maximale Rendite von 53,40 % (1.534 US-Dollar pro 1.000-Dollar-Note).
- Moderater Abschwung (0 % bis –20 %): Liegt der Index am 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, entspricht die Rückzahlung 1.000 US-Dollar plus der tatsächlichen Indexrendite, was Anleger einem unbegrenzten Abwärtsrisiko bis auf null aussetzt.
Wichtige kommerzielle Bedingungen sind:
- Emissionsdatum: 01. Juli 2025 | Fälligkeit: 29. Juni 2028
- Stückelung: Mindestens 1.000 US-Dollar, danach ganzzahlige Vielfache
- Maximale Auszahlung: 1.534 US-Dollar pro 1.000-Dollar-Note
- Geschätzter Wert: 975,80 US-Dollar (2,4 % unter dem Ausgabepreis), basierend auf internen Modellen und Finanzierungskosten
- Agenturprovision: 2 % (20 US-Dollar pro 1.000); Nettoerlös 98 %
- Keine Börsennotierung; der Sekundärmarkt ist optional
- Kreditrisiko: direkt gegenüber Barclays Bank PLC und unterliegt möglicher UK Bail-in Befugnis
Das Preiszusatzblatt weist auf zahlreiche Risiken hin: begrenzte Aufwärtsrendite, bedingter Kapitalschutz nur bis zu einem Rückgang von 20 %, mangelnde Liquidität, steuerliche Unsicherheit und mögliche Teil- oder Totalverluste des Kapitals bei Barclays-Ausfall oder Aktivierung des Bail-ins. Das Instrument richtet sich an Anleger, die einen aktienähnlichen Abwärtsmarkt tolerieren können, auf Dividenden verzichten und bis zur Fälligkeit halten wollen.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
5 Year Autocallable Market-Linked Securities Linked to CIISDA5N
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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Index: |
The Citi Dynamic Asset Selector 5 Excess Return Index (ticker: “CIISDA5N”) |
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Pricing date: |
July 28, 2025 |
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Valuation dates: |
Annually, beginning approximately one year after issuance |
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Final valuation date: |
July 29, 2030 |
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Maturity date: |
August 1, 2030 |
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Upside participation rate: |
100.00% |
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Automatic early redemption: |
If on any valuation date prior to the final valuation date the closing level of the Index is greater than or equal to the initial index level, the securities will be automatically called for an amount equal to the principal plus the premium |
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Premium: |
At least 6.75% per annum* |
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CUSIP / ISIN: |
17333LCS2 / US17333LCS25 |
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Initial index level: |
The closing level of the Index on the pricing date |
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Final index level: |
The closing level of the Index on the final valuation date |
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Index return: |
(Final index level - initial index level) / initial index level |
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Return amount: |
If the final index level is greater than the initial index level: $1,000 × the index return × the upside participation rate If the final index level is less than or equal to the initial index level: $0 All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. |
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Payment at maturity (if not autocalled): |
If the securities are not automatically redeemed prior to maturity, you will receive at maturity for each security you then hold, the stated principal amount plus the return amount, which will be either zero or positive |
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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 Level of the Index Equals or Exceeds Initial Index Level |
Premium |
Hypothetical Redemption |
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July 28, 2026 |
6.75% |
$1,067.50 |
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July 28, 2027 |
13.50% |
$1,135.00 |
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July 28, 2028 |
20.25% |
$1,202.50 |
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July 30, 2029 |
27.00% |
$1,270.00 |
If the closing level of the Index is not greater than or equal to the initial index level on any 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 Index |
n The Securities |
Assumes the securities have not been automatically redeemed prior to maturity.
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Hypothetical Index Return on Final Valuation Date |
Hypothetical Security Return |
Hypothetical Payment at Maturity |
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50.00% |
50.00% |
$1,500.00 |
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B |
25.00% |
25.00% |
$1,250.00 |
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5.00% |
5.00% |
$1,050.00 |
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0.00% |
0.00% |
$1,000.00 |
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-25.00% |
0.00% |
$1,000.00 |
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A |
-50.00% |
0.00% |
$1,000.00 |
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-100.00% |
0.00% |
$1,000.00 |
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
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Selected Risk Considerations |
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•You may not receive any return on your investment in the securities. If the closing level of the Index is not greater than or equal to the initial index level on any valuation date prior to the final valuation date, then the securities will not be automatically redeemed at a premium. In that event, you will receive a positive return on your investment in the securities only if the Index appreciates from the initial index level to the final index level. If the final index level is less than or equal to the initial index level, you will receive only the stated principal amount for each security you hold at maturity. •Your potential return on the securities in connection with an automatic early redemption is limited. •The term of the securities may be as short as one year. •The securities do not pay interest. •Your return on the securities depends on the closing level of the Index on only 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. •Sale of the securities prior to maturity may result in a loss of principal. •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 Index is a trend-following index and is subject to the limitations inherent in all trend-following methodologies, including the fact that past performance is no guarantee of future performance. Furthermore, the Index’s trend-following methodology may be unsuccessful even if past trends do prove to be indicative of future performance, because the Trend Signal may not accurately capture the trend or the Index may not change its Selected Portfolio quickly enough in response to changes in the Market Regime. •Each Constituent is a futures-based index and is therefore expected to reflect the implicit cost of a financed position in its Reference Asset. This implicit financing cost will adversely affect the level of each Constituent and cause each Constituent to underperform its Reference Asset. Any increase in market interest rates will be expected to increase this implicit financing cost and will further adversely affect the performance of the Constituents and, therefore, the performance of the Index. •The Index rules limit the exposure the Index may have to the U.S. Equity Futures Constituent and, as a result, the Index is likely to significantly underperform equities in rising equity markets. •The Index will have significant exposure to the U.S. Treasury Futures Constituent, which has limited return potential and significant downside potential, particularly in times of rising interest rates. •The volatility-targeting feature significantly reduces the potential for Index gains. At any time when the Index has less than 100% exposure to the Selected Portfolio, the Index will participate in only a limited degree of the performance of the Selected Portfolio. •The Index’s allocation methodology may not be successful if the U.S. Equity Futures Constituent and the U.S. Treasury Futures Constituent decline at the same time. •The Index may fail to maintain its volatility target. Because there is a time lag inherent in the Index’s volatility targeting feature, the Index may retain significant exposure to the U.S. Equity Futures Constituent long after a period of heightened volatility has begun, which may result in significant Index declines. •The performance of the Index will be reduced by an index fee. •The Index was launched on June 13, 2016 and, therefore, has a limited performance history. •The Index follows fixed rules and will not be actively managed. |
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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 index supplement for a more complete description of risks relating to the securities.
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Key Features of the Index
•Created by Citigroup Global Markets Limited and launched on June 13, 2016.
•Tracks the hypothetical performance of a rules-based investment methodology that, on each Index Business Day, seeks to identify current U.S. equity market conditions as falling within one of four possible “Market Regimes” based on trend and volatility Signals. Depending on the identified Market Regime, Index exposure is allocated to one of three possible hypothetical investment “Portfolios”, each consisting of varying degrees of exposure to the following two “Constituents”:
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Constituent |
Underlying Futures Contract |
Reference Asset |
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S&P 500 Futures Excess Return Index (“U.S. Equity Futures Constituent”) |
E-mini S&P 500 Futures |
S&P 500 Index |
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S&P 10-Year U.S. Treasury Note Futures Excess Return Index (“U.S. Treasury Futures Constituent”) |
10-Year U.S. Treasury Note Futures |
10-Year U.S. Treasury Notes |
•Each Constituent tracks a hypothetical investment, rolled quarterly, in the nearest-to-expiration futures contract on the Reference Asset indicated in the table above.
•The Index relies on backward-looking trend and volatility Signals to determine which Market Regime is currently in effect and, in turn, which Portfolio to track until there is a change in the Market Regime (the Portfolio tracked at any time referred to as the “Selected Portfolio”).
•On each Index Business Day, the Index calculates:
•Trend Signal: The trend of the performance of the U.S. Equity Futures Constituent over a look-back period of 21 Index Business Days (approximately one month), measured by a linear regression methodology. The Trend Signal will be either “upward” or “downward”.
•Volatility Signal: The realized volatility of the U.S. Equity Futures Constituent over a lookback period of 63 Index Business Days (approximately three months).
•The following table indicates the Market Regime that will be identified for each possible combination of Signals and, for each Market Regime, the corresponding Portfolio that will be selected as the Selected Portfolio to be tracked until the next change in Market Regime.
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Signals |
Market Regime |
Selected Portfolio |
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Trend Signal: Upward Volatility Signal: ≤ 15% |
Stable-Trending Up |
Equity-Focused Portfolio ⮚U.S. Equity Futures Constituent: 66.66% ⮚U.S. Treasury Futures Constituent: 33.33% |
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Trend Signal: Upward Volatility Signal: > 15% |
Unstable-Trending Up |
Intermediate Portfolio ⮚U.S. Equity Futures Constituent: 33.33% ⮚U.S. Treasury Futures Constituent: 66.66% |
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Trend Signal: Downward Volatility Signal: ≤ 15% |
Stable-Trending Down |
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Trend Signal: Downward Volatility Signal: > 15% |
Unstable-Trending Down |
Treasury Portfolio ⮚U.S. Equity Futures Constituent: 0.00% ⮚U.S. Treasury Futures Constituent: 100.00% |
•If the Trend Signal fails to meet a test of statistical significance, then a change in Market Regime will not occur and the Selected Portfolio will not change, even if the Signals otherwise call for a change.
•Index fee of 0.85% per annum is deducted daily from Index performance.
•“Volatility target” feature may reduce Index exposure to Selected Portfolio if and as necessary to maintain a 21-day realized volatility ≤ 5%. If the Index exposure to the Selected Portfolio is less than 100%, the difference will be hypothetically allocated to cash (accruing no interest).
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, index 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, index 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. |
