[FWP] Citigroup Inc. Free Writing Prospectus
Royal Bank of Canada (RY) is issuing US$600,000 of Auto-Callable Fixed Coupon Barrier Notes maturing 7 July 2028. The notes are linked to the worst performer of Amazon.com Inc. (AMZN) and Netflix Inc. (NFLX). Investors receive a fixed coupon of 9.25 % p.a. (0.7708 % monthly) as long as the notes remain outstanding. Beginning six months after issuance, the notes may be automatically called on quarterly observation dates if both underliers close at or above their initial values; in that case, holders receive par plus the current coupon and no further payments.
Contingent principal protection: If the notes are not called, principal is returned at maturity only when the worst performer finishes at or above a 60 % barrier (AMZN $134.05; NFLX $778.31). Otherwise, investors receive the physical delivery amount of the worst stock (4.48 AMZN shares or 0.77 NFLX shares per US$1,000) whose market value could be substantially below par.
Key economic terms: issue price 100 %, underwriting discount 2.5 %, proceeds 97.5 %. The bank’s initial estimated value is US$962.30 (96.23 % of par), highlighting a 3.8 % upfront value gap largely driven by fees and internal funding spreads. The notes are senior unsecured obligations of RBC, are not bail-inable, and will not be listed.
Principal risks include loss of up to 100 % of principal if the barrier is breached, lack of secondary market liquidity, RBC credit risk, no participation in upside appreciation, and uncertain U.S. tax treatment. Given RBC’s C$1 trn+ balance sheet, this issuance is financially immaterial to the bank; relevance is limited to investors considering the product.
Royal Bank of Canada (RY) emette 600.000 USD di Auto-Callable Fixed Coupon Barrier Notes con scadenza il 7 luglio 2028. Le note sono collegate al titolo con la performance peggiore tra Amazon.com Inc. (AMZN) e Netflix Inc. (NFLX). Gli investitori ricevono una cedola fissa del 9,25 % annuo (0,7708 % mensile) finché le note restano in essere. A partire da sei mesi dopo l'emissione, le note possono essere richiamate automaticamente nelle date di osservazione trimestrali se entrambi i sottostanti chiudono a o sopra i loro valori iniziali; in tal caso, i detentori ricevono il valore nominale più la cedola corrente e nessun pagamento ulteriore.
Protezione condizionata del capitale: Se le note non vengono richiamate, il capitale viene restituito a scadenza solo se il titolo peggiore termina a o sopra una barriera del 60 % (AMZN $134,05; NFLX $778,31). Altrimenti, gli investitori ricevono la quantità fisica del titolo peggiore (4,48 azioni AMZN o 0,77 azioni NFLX per ogni 1.000 USD) il cui valore di mercato potrebbe essere significativamente inferiore al valore nominale.
Termini economici chiave: prezzo di emissione 100 %, sconto di collocamento 2,5 %, proventi 97,5 %. Il valore stimato iniziale della banca è di 962,30 USD (96,23 % del valore nominale), evidenziando un gap di valore iniziale del 3,8 % dovuto principalmente a commissioni e spread di finanziamento interni. Le note sono obbligazioni senior non garantite di RBC, non soggette a bail-in e non saranno quotate.
I rischi principali includono la perdita fino al 100 % del capitale se la barriera viene violata, la mancanza di liquidità sul mercato secondario, il rischio di credito di RBC, l'assenza di partecipazione all'apprezzamento del sottostante e un trattamento fiscale statunitense incerto. Considerando il bilancio di oltre 1.000 miliardi di dollari canadesi di RBC, questa emissione è finanziariamente irrilevante per la banca; la rilevanza è limitata agli investitori interessati al prodotto.
Royal Bank of Canada (RY) está emitiendo US$600,000 en Notas Auto-Callable con Cupón Fijo y Barrera, con vencimiento el 7 de julio de 2028. Las notas están vinculadas al peor desempeño entre Amazon.com Inc. (AMZN) y Netflix Inc. (NFLX). Los inversionistas reciben un cupón fijo del 9.25 % anual (0.7708 % mensual) mientras las notas estén vigentes. A partir de seis meses después de la emisión, las notas pueden ser llamadas automáticamente en fechas de observación trimestrales si ambos subyacentes cierran en o por encima de sus valores iniciales; en ese caso, los tenedores reciben el valor nominal más el cupón actual y no reciben pagos adicionales.
Protección contingente del principal: Si las notas no son llamadas, el principal se devuelve al vencimiento solo si el peor desempeño termina en o por encima de una barrera del 60 % (AMZN $134.05; NFLX $778.31). De lo contrario, los inversionistas reciben la entrega física de la acción con peor desempeño (4.48 acciones AMZN o 0.77 acciones NFLX por cada US$1,000), cuyo valor de mercado podría ser sustancialmente inferior al nominal.
Términos económicos clave: precio de emisión 100 %, descuento de suscripción 2.5 %, ingresos 97.5 %. El valor estimado inicial del banco es US$962.30 (96.23 % del nominal), destacando una brecha de valor inicial del 3.8 % impulsada principalmente por comisiones y spreads internos de financiamiento. Las notas son obligaciones senior no garantizadas de RBC, no sujetas a bail-in y no estarán listadas.
Los riesgos principales incluyen la pérdida de hasta el 100 % del principal si se rompe la barrera, falta de liquidez en el mercado secundario, riesgo crediticio de RBC, no participación en la apreciación al alza y tratamiento fiscal estadounidense incierto. Dado el balance de más de 1 billón de dólares canadienses de RBC, esta emisión es financieramente insignificante para el banco; su relevancia se limita a inversores interesados en el producto.
로열 뱅크 오브 캐나다(RY)는 2028년 7월 7일 만기인 미화 60만 달러 규모의 자동 콜 가능 고정 쿠폰 배리어 노트를 발행합니다. 이 노트는 Amazon.com Inc.(AMZN)과 Netflix Inc.(NFLX) 중 최저 성과 종목과 연계되어 있습니다. 투자자는 노트가 존속하는 동안 연 9.25% (월 0.7708%)의 고정 쿠폰을 받습니다. 발행 후 6개월부터 분기별 관찰일에 두 기초자산 모두 최초 가치 이상으로 마감하면 노트가 자동으로 콜될 수 있습니다; 이 경우 투자자는 원금과 현재 쿠폰을 받고 추가 지급은 없습니다.
조건부 원금 보호: 노트가 콜되지 않을 경우, 만기 시 최저 성과 종목이 60% 배리어(AMZN $134.05; NFLX $778.31) 이상일 때만 원금이 반환됩니다. 그렇지 않으면 투자자는 최저 성과 종목의 실물 주식(미화 1,000달러당 AMZN 4.48주 또는 NFLX 0.77주)을 받게 되며, 이 주식의 시장 가치는 원금보다 크게 낮을 수 있습니다.
주요 경제 조건: 발행가 100%, 인수 수수료 2.5%, 순수익 97.5%. 은행의 초기 추정 가치는 미화 962.30달러(액면가의 96.23%)로, 수수료와 내부 자금 조달 스프레드로 인해 약 3.8%의 초기 가치 차이가 있습니다. 이 노트는 RBC의 선순위 무담보 채무이며, 바일인 대상이 아니며 상장되지 않습니다.
주요 위험은 배리어 위반 시 최대 100% 원금 손실, 2차 시장 유동성 부족, RBC 신용 위험, 상승 수익 참여 불가, 불확실한 미국 세금 처리 등을 포함합니다. RBC의 1조 캐나다 달러 이상의 대차대조표를 고려할 때, 이 발행은 은행에 재정적으로 미미하며, 제품에 관심 있는 투자자에게만 관련성이 있습니다.
La Royal Bank of Canada (RY) émet 600 000 USD de Notes à Coupon Fixe avec Barrière et Rappel Automatique arrivant à échéance le 7 juillet 2028. Les notes sont liées à la performance la plus faible entre Amazon.com Inc. (AMZN) et Netflix Inc. (NFLX). Les investisseurs perçoivent un coupon fixe de 9,25 % par an (0,7708 % par mois) tant que les notes restent en circulation. À partir de six mois après l’émission, les notes peuvent être rappelées automatiquement lors des dates d’observation trimestrielles si les deux sous-jacents clôturent à leur valeur initiale ou au-dessus ; dans ce cas, les détenteurs reçoivent la valeur nominale plus le coupon en cours et aucun paiement supplémentaire.
Protection conditionnelle du capital : Si les notes ne sont pas rappelées, le capital est remboursé à l’échéance uniquement si la performance la plus faible termine à ou au-dessus d’une barrière à 60 % (AMZN 134,05 $ ; NFLX 778,31 $). Sinon, les investisseurs reçoivent la livraison physique de l’action la moins performante (4,48 actions AMZN ou 0,77 actions NFLX par tranche de 1 000 USD), dont la valeur de marché pourrait être nettement inférieure à la valeur nominale.
Principaux termes économiques : prix d’émission 100 %, escompte de souscription 2,5 %, produit net 97,5 %. La valeur estimée initiale de la banque est de 962,30 USD (96,23 % de la valeur nominale), mettant en évidence un écart de valeur initial de 3,8 % principalement dû aux frais et aux spreads de financement internes. Les notes sont des obligations senior non garanties de RBC, non soumises au bail-in et ne seront pas cotées.
Les principaux risques comprennent la perte pouvant aller jusqu’à 100 % du capital si la barrière est franchie, le manque de liquidité sur le marché secondaire, le risque de crédit de RBC, l’absence de participation à la hausse et un traitement fiscal américain incertain. Étant donné le bilan de plus de 1 000 milliards de dollars canadiens de RBC, cette émission est financièrement sans impact significatif pour la banque ; sa pertinence se limite aux investisseurs intéressés par ce produit.
Die Royal Bank of Canada (RY) gibt Auto-Callable Fixed Coupon Barrier Notes im Wert von 600.000 USD mit Fälligkeit am 7. Juli 2028 aus. Die Notes sind mit dem schlechtesten Performer von Amazon.com Inc. (AMZN) und Netflix Inc. (NFLX) verknüpft. Investoren erhalten eine feste Verzinsung von 9,25 % p.a. (0,7708 % monatlich), solange die Notes bestehen. Ab sechs Monaten nach Ausgabe können die Notes an vierteljährlichen Beobachtungstagen automatisch zurückgerufen werden, wenn beide Basiswerte auf oder über ihrem Anfangswert schließen; in diesem Fall erhalten die Inhaber den Nennwert plus die aktuelle Verzinsung und keine weiteren Zahlungen.
Bedingter Kapitalschutz: Werden die Notes nicht zurückgerufen, wird das Kapital bei Fälligkeit nur zurückgezahlt, wenn der schlechteste Performer die 60 %-Barriere erreicht oder überschreitet (AMZN $134,05; NFLX $778,31). Andernfalls erhalten die Investoren die physische Lieferung der schlechteren Aktie (4,48 AMZN-Aktien oder 0,77 NFLX-Aktien pro 1.000 USD), deren Marktwert deutlich unter dem Nominalwert liegen kann.
Wichtige wirtschaftliche Bedingungen: Ausgabepreis 100 %, Zeichnungsrabatt 2,5 %, Erlöse 97,5 %. Der anfängliche geschätzte Wert der Bank beträgt 962,30 USD (96,23 % des Nennwerts), was eine anfängliche Wertlücke von 3,8 % zeigt, die hauptsächlich durch Gebühren und interne Finanzierungsspannen verursacht wird. Die Notes sind unbesicherte Seniorverbindlichkeiten von RBC, sind nicht bail-in-fähig und werden nicht börsennotiert.
Hauptrisiken umfassen den Verlust von bis zu 100 % des Kapitals bei Verletzung der Barriere, mangelnde Liquidität am Sekundärmarkt, RBC-Kreditrisiko, keine Teilnahme an Kurssteigerungen und unsichere US-Steuerbehandlung. Angesichts der Bilanzsumme von über 1 Billion kanadischen Dollar bei RBC ist diese Emission für die Bank finanziell unerheblich; die Relevanz beschränkt sich auf Anleger, die das Produkt in Betracht ziehen.
- None.
- None.
Insights
TL;DR — High coupon compensates for significant downside and liquidity risk; immaterial to RBC’s balance sheet.
This is a classic auto-call structure: generous 9.25 % coupon and a relatively low 60 % barrier make it attractive for yield seekers expecting sideways-to-moderate upside in AMZN and NFLX over three years. The quarterly call from month 6 increases early-redemption probability, capping returns. The initial value of 96.23 % shows a 3.77 % fee/financing drag, within market norms. Credit exposure to RBC (Aa1/A-) is investment-grade, but note investors also face severe gap risk if either stock sells off >40 %. From the issuer’s perspective, the tiny US$0.6 million size is routine funding with negligible impact on capital.
TL;DR — Yield is appealing but payoff is asymmetrical; best suited for tactical, not core, allocations.
Investors earn a coupon roughly 475 bps above 3-year U.S. IG corporates, but surrender equity upside and accept the lower of two volatile tech names. Correlation between AMZN and NFLX is moderate; diversification benefit is minimal. With physical delivery on breach, portfolio managers must be willing to own concentrated single-stock exposure in a stress scenario. Illiquidity and wide bid-ask spreads further limit suitability to buy-and-hold accounts. Portfolio impact on RBC shareholders is neutral; issuance is smaller than one basis point of quarterly funding.
Royal Bank of Canada (RY) emette 600.000 USD di Auto-Callable Fixed Coupon Barrier Notes con scadenza il 7 luglio 2028. Le note sono collegate al titolo con la performance peggiore tra Amazon.com Inc. (AMZN) e Netflix Inc. (NFLX). Gli investitori ricevono una cedola fissa del 9,25 % annuo (0,7708 % mensile) finché le note restano in essere. A partire da sei mesi dopo l'emissione, le note possono essere richiamate automaticamente nelle date di osservazione trimestrali se entrambi i sottostanti chiudono a o sopra i loro valori iniziali; in tal caso, i detentori ricevono il valore nominale più la cedola corrente e nessun pagamento ulteriore.
Protezione condizionata del capitale: Se le note non vengono richiamate, il capitale viene restituito a scadenza solo se il titolo peggiore termina a o sopra una barriera del 60 % (AMZN $134,05; NFLX $778,31). Altrimenti, gli investitori ricevono la quantità fisica del titolo peggiore (4,48 azioni AMZN o 0,77 azioni NFLX per ogni 1.000 USD) il cui valore di mercato potrebbe essere significativamente inferiore al valore nominale.
Termini economici chiave: prezzo di emissione 100 %, sconto di collocamento 2,5 %, proventi 97,5 %. Il valore stimato iniziale della banca è di 962,30 USD (96,23 % del valore nominale), evidenziando un gap di valore iniziale del 3,8 % dovuto principalmente a commissioni e spread di finanziamento interni. Le note sono obbligazioni senior non garantite di RBC, non soggette a bail-in e non saranno quotate.
I rischi principali includono la perdita fino al 100 % del capitale se la barriera viene violata, la mancanza di liquidità sul mercato secondario, il rischio di credito di RBC, l'assenza di partecipazione all'apprezzamento del sottostante e un trattamento fiscale statunitense incerto. Considerando il bilancio di oltre 1.000 miliardi di dollari canadesi di RBC, questa emissione è finanziariamente irrilevante per la banca; la rilevanza è limitata agli investitori interessati al prodotto.
Royal Bank of Canada (RY) está emitiendo US$600,000 en Notas Auto-Callable con Cupón Fijo y Barrera, con vencimiento el 7 de julio de 2028. Las notas están vinculadas al peor desempeño entre Amazon.com Inc. (AMZN) y Netflix Inc. (NFLX). Los inversionistas reciben un cupón fijo del 9.25 % anual (0.7708 % mensual) mientras las notas estén vigentes. A partir de seis meses después de la emisión, las notas pueden ser llamadas automáticamente en fechas de observación trimestrales si ambos subyacentes cierran en o por encima de sus valores iniciales; en ese caso, los tenedores reciben el valor nominal más el cupón actual y no reciben pagos adicionales.
Protección contingente del principal: Si las notas no son llamadas, el principal se devuelve al vencimiento solo si el peor desempeño termina en o por encima de una barrera del 60 % (AMZN $134.05; NFLX $778.31). De lo contrario, los inversionistas reciben la entrega física de la acción con peor desempeño (4.48 acciones AMZN o 0.77 acciones NFLX por cada US$1,000), cuyo valor de mercado podría ser sustancialmente inferior al nominal.
Términos económicos clave: precio de emisión 100 %, descuento de suscripción 2.5 %, ingresos 97.5 %. El valor estimado inicial del banco es US$962.30 (96.23 % del nominal), destacando una brecha de valor inicial del 3.8 % impulsada principalmente por comisiones y spreads internos de financiamiento. Las notas son obligaciones senior no garantizadas de RBC, no sujetas a bail-in y no estarán listadas.
Los riesgos principales incluyen la pérdida de hasta el 100 % del principal si se rompe la barrera, falta de liquidez en el mercado secundario, riesgo crediticio de RBC, no participación en la apreciación al alza y tratamiento fiscal estadounidense incierto. Dado el balance de más de 1 billón de dólares canadienses de RBC, esta emisión es financieramente insignificante para el banco; su relevancia se limita a inversores interesados en el producto.
로열 뱅크 오브 캐나다(RY)는 2028년 7월 7일 만기인 미화 60만 달러 규모의 자동 콜 가능 고정 쿠폰 배리어 노트를 발행합니다. 이 노트는 Amazon.com Inc.(AMZN)과 Netflix Inc.(NFLX) 중 최저 성과 종목과 연계되어 있습니다. 투자자는 노트가 존속하는 동안 연 9.25% (월 0.7708%)의 고정 쿠폰을 받습니다. 발행 후 6개월부터 분기별 관찰일에 두 기초자산 모두 최초 가치 이상으로 마감하면 노트가 자동으로 콜될 수 있습니다; 이 경우 투자자는 원금과 현재 쿠폰을 받고 추가 지급은 없습니다.
조건부 원금 보호: 노트가 콜되지 않을 경우, 만기 시 최저 성과 종목이 60% 배리어(AMZN $134.05; NFLX $778.31) 이상일 때만 원금이 반환됩니다. 그렇지 않으면 투자자는 최저 성과 종목의 실물 주식(미화 1,000달러당 AMZN 4.48주 또는 NFLX 0.77주)을 받게 되며, 이 주식의 시장 가치는 원금보다 크게 낮을 수 있습니다.
주요 경제 조건: 발행가 100%, 인수 수수료 2.5%, 순수익 97.5%. 은행의 초기 추정 가치는 미화 962.30달러(액면가의 96.23%)로, 수수료와 내부 자금 조달 스프레드로 인해 약 3.8%의 초기 가치 차이가 있습니다. 이 노트는 RBC의 선순위 무담보 채무이며, 바일인 대상이 아니며 상장되지 않습니다.
주요 위험은 배리어 위반 시 최대 100% 원금 손실, 2차 시장 유동성 부족, RBC 신용 위험, 상승 수익 참여 불가, 불확실한 미국 세금 처리 등을 포함합니다. RBC의 1조 캐나다 달러 이상의 대차대조표를 고려할 때, 이 발행은 은행에 재정적으로 미미하며, 제품에 관심 있는 투자자에게만 관련성이 있습니다.
La Royal Bank of Canada (RY) émet 600 000 USD de Notes à Coupon Fixe avec Barrière et Rappel Automatique arrivant à échéance le 7 juillet 2028. Les notes sont liées à la performance la plus faible entre Amazon.com Inc. (AMZN) et Netflix Inc. (NFLX). Les investisseurs perçoivent un coupon fixe de 9,25 % par an (0,7708 % par mois) tant que les notes restent en circulation. À partir de six mois après l’émission, les notes peuvent être rappelées automatiquement lors des dates d’observation trimestrielles si les deux sous-jacents clôturent à leur valeur initiale ou au-dessus ; dans ce cas, les détenteurs reçoivent la valeur nominale plus le coupon en cours et aucun paiement supplémentaire.
Protection conditionnelle du capital : Si les notes ne sont pas rappelées, le capital est remboursé à l’échéance uniquement si la performance la plus faible termine à ou au-dessus d’une barrière à 60 % (AMZN 134,05 $ ; NFLX 778,31 $). Sinon, les investisseurs reçoivent la livraison physique de l’action la moins performante (4,48 actions AMZN ou 0,77 actions NFLX par tranche de 1 000 USD), dont la valeur de marché pourrait être nettement inférieure à la valeur nominale.
Principaux termes économiques : prix d’émission 100 %, escompte de souscription 2,5 %, produit net 97,5 %. La valeur estimée initiale de la banque est de 962,30 USD (96,23 % de la valeur nominale), mettant en évidence un écart de valeur initial de 3,8 % principalement dû aux frais et aux spreads de financement internes. Les notes sont des obligations senior non garanties de RBC, non soumises au bail-in et ne seront pas cotées.
Les principaux risques comprennent la perte pouvant aller jusqu’à 100 % du capital si la barrière est franchie, le manque de liquidité sur le marché secondaire, le risque de crédit de RBC, l’absence de participation à la hausse et un traitement fiscal américain incertain. Étant donné le bilan de plus de 1 000 milliards de dollars canadiens de RBC, cette émission est financièrement sans impact significatif pour la banque ; sa pertinence se limite aux investisseurs intéressés par ce produit.
Die Royal Bank of Canada (RY) gibt Auto-Callable Fixed Coupon Barrier Notes im Wert von 600.000 USD mit Fälligkeit am 7. Juli 2028 aus. Die Notes sind mit dem schlechtesten Performer von Amazon.com Inc. (AMZN) und Netflix Inc. (NFLX) verknüpft. Investoren erhalten eine feste Verzinsung von 9,25 % p.a. (0,7708 % monatlich), solange die Notes bestehen. Ab sechs Monaten nach Ausgabe können die Notes an vierteljährlichen Beobachtungstagen automatisch zurückgerufen werden, wenn beide Basiswerte auf oder über ihrem Anfangswert schließen; in diesem Fall erhalten die Inhaber den Nennwert plus die aktuelle Verzinsung und keine weiteren Zahlungen.
Bedingter Kapitalschutz: Werden die Notes nicht zurückgerufen, wird das Kapital bei Fälligkeit nur zurückgezahlt, wenn der schlechteste Performer die 60 %-Barriere erreicht oder überschreitet (AMZN $134,05; NFLX $778,31). Andernfalls erhalten die Investoren die physische Lieferung der schlechteren Aktie (4,48 AMZN-Aktien oder 0,77 NFLX-Aktien pro 1.000 USD), deren Marktwert deutlich unter dem Nominalwert liegen kann.
Wichtige wirtschaftliche Bedingungen: Ausgabepreis 100 %, Zeichnungsrabatt 2,5 %, Erlöse 97,5 %. Der anfängliche geschätzte Wert der Bank beträgt 962,30 USD (96,23 % des Nennwerts), was eine anfängliche Wertlücke von 3,8 % zeigt, die hauptsächlich durch Gebühren und interne Finanzierungsspannen verursacht wird. Die Notes sind unbesicherte Seniorverbindlichkeiten von RBC, sind nicht bail-in-fähig und werden nicht börsennotiert.
Hauptrisiken umfassen den Verlust von bis zu 100 % des Kapitals bei Verletzung der Barriere, mangelnde Liquidität am Sekundärmarkt, RBC-Kreditrisiko, keine Teilnahme an Kurssteigerungen und unsichere US-Steuerbehandlung. Angesichts der Bilanzsumme von über 1 Billion kanadischen Dollar bei RBC ist diese Emission für die Bank finanziell unerheblich; die Relevanz beschränkt sich auf Anleger, die das Produkt in Betracht ziehen.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
Hypothetical Interim Payment per Security**
|
Hypothetical Worst Underlying Return on Interim Valuation Date |
Hypothetical Payment for Interim Valuation Date |
Hypothetical Redemption*** |
|
100.00% |
$1,005.833 |
Redeemed |
|
50.00% |
$1,005.833 |
Redeemed |
|
25.00% |
$1,005.833 |
Redeemed |
|
0.00% |
$1,005.833 |
Redeemed |
|
-0.01% |
$5.833 |
Securities not redeemed |
|
-20.00% |
$5.833 |
Securities not redeemed |
|
-20.01% |
$0.00 |
Securities not redeemed |
|
-25.00% |
$0.00 |
Securities not redeemed |
|
-50.00% |
$0.00 |
Securities not redeemed |
|
-75.00% |
$0.00 |
Securities not redeemed |
|
-100.00% |
$0.00 |
Securities not redeemed |
Hypothetical Payment at Maturity per Security
Assumes the securities have not been automatically redeemed prior to maturity and does not include the final contingent coupon payment, if any.
|
Hypothetical Worst Underlying Return on Final Valuation Date |
Hypothetical Payment at Maturity |
|
100.00% |
$1,000.00 |
|
50.00% |
$1,000.00 |
|
25.00% |
$1,000.00 |
|
0.00% |
$1,000.00 |
|
-15.00% |
$1,000.00 |
|
-15.01% |
$999.90 |
|
-25.00% |
$900.00 |
|
-50.00% |
$650.00 |
|
-75.00% |
$400.00 |
|
-100.00% |
$150.00 |
5 Year Autocallable Contingent Coupon Securities Linked to the Worst of INDU and SPXDPU1
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. |
|
Underlyings: |
The Dow Jones Industrial AverageTM (ticker: “INDU”) and the S&P 500 Dynamic Participation Index (ticker: “SPXDPU1”) |
|
Pricing date: |
July 28, 2025 |
|
Valuation dates: |
Monthly |
|
Maturity date: |
August 1, 2030 |
|
Contingent coupon: |
At least 7.00% per annum*, paid monthly only if the closing value of the worst performer is greater than or equal to its coupon barrier value on the related valuation date. You are not assured of receiving any contingent coupon. |
|
Coupon barrier value: |
For each underlying, 80.00% of its initial underlying value |
|
Final buffer value: |
For each underlying, 85.00% of its initial underlying value |
|
Buffer percentage: |
15.00% |
|
Automatic early redemption: |
If on any autocall 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 related contingent coupon |
|
Autocall dates: |
Monthly on valuation dates beginning after one year |
|
CUSIP / ISIN: |
17333LJR7 / US17333LJR78 |
|
Initial underlying value: |
For each underlying, its closing value on the pricing date |
|
Final underlying value: |
For each underlying, its closing value on the final valuation date |
|
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 |
|
Worst performer: |
On any valuation date, the underlying with the lowest underlying return |
|
Payment at maturity (if not autocalled): |
•If the final underlying value of the worst performer is greater than or equal to its final buffer value: $1,000 •If the final underlying value of the worst performer is less than its final buffer value: $1,000 + [$1,000 × (the underlying return of the worst performer on the final valuation date + the buffer percentage)] 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 buffer value, which means that the worst performer on the final valuation date has depreciated from its 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 July 8, 2025 |
* The actual contingent coupon rate will be determined on the pricing date.
** The hypotheticals assume that the contingent coupon will be set at the lowest value indicated in this offering summary.
*** Assumes the interim valuation date is also an autocall date.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
|
Additional Information |
|
Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed registration statements (including the accompanying preliminary pricing supplement, product supplement, 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. 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 buffer value, which means that the worst performer on the final valuation date has depreciated from its 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. •You will not receive any contingent coupon following any valuation date on which the closing value of the worst performer on that valuation date is less than its coupon barrier value. •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. •The securities may be automatically redeemed prior to maturity, limiting your opportunity to receive contingent coupons if the worst performer performs in a way that would otherwise be favorable. •The securities offer downside exposure, but no upside exposure, to the underlyings. •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 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. |
FAQ
What coupon will holders of RBC’s 9.25 % auto-callable notes (symbol RY) receive?
When can the Royal Bank of Canada notes be automatically called?
How much principal protection do the RBC notes offer?
What is the initial estimated value versus the offering price of the notes?
Are the 9.25 % auto-callable notes insured or bail-inable?
Will the notes trade on an exchange after issuance?
