[FWP] Citigroup Inc. Free Writing Prospectus
The Toronto-Dominion Bank (TD) is offering up to $3.695 million of Senior Debt Securities, Series H, structured as Market-Linked, Auto-Callable notes with Contingent Coupons and Contingent Downside Principal-at-Risk. The notes mature 13 July 2028 (approximately three years) but can be called as early as the second quarterly observation in January 2026.
Key mechanics:
- Underlying assets: common stock of Broadcom Inc. (AVGO) and NVIDIA Corporation (NVDA). Performance is based solely on the lowest-performing stock on each calculation day.
- Contingent coupon: 23.40% p.a. (≈ 5.85% per quarter) paid only if the worst Underlying closes ≥ 70 % of its starting price (the coupon threshold). Miss any threshold and that quarter’s coupon is forfeited.
- Automatic call: If, on any quarterly date from Jan 2026 to Apr 2028, the worst Underlying closes ≥ its starting price, TD redeems at par plus that quarter’s coupon; investors then forgo future payments.
- Principal repayment: If not called, full face amount is returned at maturity only when the worst Underlying closes ≥ 70 % of start. Otherwise, holders suffer a loss matching the Underlying’s decline beyond the threshold, with maximum loss of 100 %.
Economics & distribution: Issue price is $1,000, agent commission 2.325 % ($23.25). Estimated value is $949.40, reflecting internal funding rate, hedging and distribution costs. Notes are senior unsecured obligations of TD, carry TD credit risk, are not insured by CDIC/FDIC and will not be exchange-listed.
Risks highlighted:
- Potential loss of > 30 % and up to full principal if the worst Underlying breaches its downside threshold at final valuation.
- No participation in any price appreciation of either stock; return is capped at received coupons.
- Coupons are not guaranteed; investor may receive few or none over the term.
- Illiquid secondary market; sale prior to call/maturity may involve substantial discounts.
- Complex U.S. tax treatment (prepaid derivative), alternative IRS views possible; notes considered inappropriate for non-U.S. holders.
La Toronto-Dominion Bank (TD) offre fino a 3,695 milioni di dollari in Titoli di Debito Senior, Serie H, strutturati come note collegate al mercato, auto-rimborsabili con cedole condizionali e capitale a rischio condizionato. Le note scadono il 13 luglio 2028 (circa tre anni), ma possono essere richiamate già dalla seconda osservazione trimestrale di gennaio 2026.
Meccanismi principali:
- Attivi sottostanti: azioni ordinarie di Broadcom Inc. (AVGO) e NVIDIA Corporation (NVDA). La performance si basa esclusivamente sull’azione con la performance peggiore in ciascun giorno di calcolo.
- Cedola condizionale: 23,40% annuo (circa 5,85% trimestrale), pagata solo se l’azione peggiore chiude ≥ 70% del prezzo iniziale (soglia cedola). Se la soglia non viene raggiunta, la cedola di quel trimestre viene persa.
- Richiamo automatico: Se in una qualsiasi data trimestrale da gennaio 2026 ad aprile 2028 l’azione peggiore chiude ≥ al prezzo iniziale, TD rimborsa a valore nominale più la cedola di quel trimestre; gli investitori rinunciano ai pagamenti futuri.
- Rimborso del capitale: Se non richiamate, alla scadenza viene restituito l’intero valore nominale solo se l’azione peggiore chiude ≥ 70% del valore iniziale. Altrimenti, gli investitori subiscono una perdita proporzionale al calo dell’azione sotto la soglia, fino a un massimo del 100%.
Economia e distribuzione: Prezzo di emissione 1.000$, commissione agente 2,325% (23,25$). Valore stimato 949,40$, che riflette il tasso di finanziamento interno, i costi di copertura e distribuzione. Le note sono obbligazioni senior non garantite di TD, soggette al rischio di credito TD, non assicurate da CDIC/FDIC e non quotate in borsa.
Rischi evidenziati:
- Perdita potenziale superiore al 30% e fino al capitale totale se l’azione peggiore scende sotto la soglia definitiva.
- Nessuna partecipazione all’apprezzamento del prezzo di entrambe le azioni; il rendimento è limitato alle cedole ricevute.
- Le cedole non sono garantite; l’investitore potrebbe riceverne poche o nessuna durante il periodo.
- Mercato secondario illiquido; la vendita prima del richiamo o della scadenza può comportare sconti significativi.
- Trattamento fiscale USA complesso (derivato prepagato), con possibili interpretazioni alternative dell’IRS; le note sono considerate inadeguate per investitori non statunitensi.
El Banco Toronto-Dominion (TD) ofrece hasta 3.695 millones de dólares en Valores de Deuda Senior, Serie H, estructurados como notas vinculadas al mercado, auto-redimibles con cupones contingentes y principal en riesgo contingente. Las notas vencen el 13 de julio de 2028 (aproximadamente tres años), pero pueden ser llamadas tan pronto como en la segunda observación trimestral en enero de 2026.
Mecánicas clave:
- Activos subyacentes: acciones ordinarias de Broadcom Inc. (AVGO) y NVIDIA Corporation (NVDA). El desempeño se basa únicamente en la acción con el peor rendimiento en cada día de cálculo.
- Cupones contingentes: 23.40% anual (aprox. 5.85% trimestral), pagados solo si la acción con peor desempeño cierra ≥ 70% de su precio inicial (umbral del cupón). Si no se alcanza el umbral, se pierde el cupón de ese trimestre.
- Llamada automática: Si en cualquier fecha trimestral desde enero de 2026 hasta abril de 2028 la acción con peor desempeño cierra ≥ su precio inicial, TD redime al valor nominal más el cupón de ese trimestre; los inversionistas renuncian a pagos futuros.
- Reembolso del principal: Si no se llama, el monto total se devuelve al vencimiento solo si la acción con peor desempeño cierra ≥ 70% del precio inicial. De lo contrario, los tenedores sufren una pérdida proporcional a la caída del activo bajo el umbral, con una pérdida máxima del 100%.
Economía y distribución: Precio de emisión de $1,000, comisión del agente 2.325% ($23.25). Valor estimado $949.40, reflejando tasa interna de financiamiento, costos de cobertura y distribución. Las notas son obligaciones senior no garantizadas de TD, con riesgo crediticio de TD, no aseguradas por CDIC/FDIC y no cotizadas en bolsa.
Riesgos destacados:
- Pérdida potencial superior al 30% y hasta el principal total si la acción con peor desempeño cae por debajo del umbral al valor final.
- No hay participación en la apreciación del precio de ninguna acción; el rendimiento está limitado a los cupones recibidos.
- Los cupones no están garantizados; el inversionista puede recibir pocos o ninguno durante el plazo.
- Mercado secundario ilíquido; la venta antes del llamado o vencimiento puede implicar descuentos significativos.
- Tratamiento fiscal estadounidense complejo (derivado prepagado), posibles interpretaciones alternativas del IRS; las notas se consideran inapropiadas para tenedores no estadounidenses.
토론토-도미니언 은행(TD)은 최대 3,695만 달러 규모의 시니어 부채 증권 시리즈 H를 제공하며, 이는 시장 연동형, 자동 상환 가능 노트로, 조건부 쿠폰과 조건부 하락 시 원금 위험 구조로 설계되었습니다. 이 노트는 2028년 7월 13일 만기(약 3년)이나 2026년 1월 두 번째 분기 관측일부터 조기 상환될 수 있습니다.
주요 구조:
- 기초 자산: Broadcom Inc.(AVGO)와 NVIDIA Corporation(NVDA)의 보통주. 성과는 매 계산일마다 성적이 가장 저조한 주식에만 기반합니다.
- 조건부 쿠폰: 연 23.40%(분기당 약 5.85%)로, 최저 성과 주식이 시작 가격의 70% 이상으로 마감할 경우에만 지급됩니다(쿠폰 기준선). 기준선을 미달하면 해당 분기 쿠폰은 지급되지 않습니다.
- 자동 상환: 2026년 1월부터 2028년 4월까지 분기별 관측일 중 최저 성과 주식이 시작 가격 이상으로 마감하면, TD가 액면가와 해당 분기 쿠폰을 상환하며, 투자자는 이후 지급을 포기합니다.
- 원금 상환: 상환되지 않을 경우 만기에 최저 성과 주식이 시작 가격의 70% 이상일 때만 전액 상환됩니다. 그렇지 않으면 투자자는 기준선 이하 하락 폭에 비례하는 손실을 입으며 최대 100% 손실 가능합니다.
경제성 및 배포: 발행가는 $1,000, 중개 수수료 2.325%($23.25). 내부 자금 조달 비용, 헤지 및 배포 비용을 반영한 추정 가치 $949.40. 노트는 TD의 시니어 무담보 채무로 TD 신용 위험을 지니며, CDIC/FDIC 보험이 없고 거래소 상장되지 않습니다.
주요 위험:
- 최저 성과 주식이 만기 시 하락 기준선을 하회할 경우 30% 이상에서 최대 원금 전액까지 손실 가능성.
- 두 주식 모두 가격 상승에 대한 참여 없음; 수익은 지급된 쿠폰으로 제한.
- 쿠폰은 보장되지 않으며, 투자 기간 동안 거의 또는 전혀 지급되지 않을 수 있음.
- 유동성이 낮은 2차 시장; 조기 상환 또는 만기 전 매도 시 큰 할인 가능성.
- 복잡한 미국 세금 처리(선불 파생상품), IRS의 대체 해석 가능성; 비미국 투자자에게는 부적합한 상품으로 간주됨.
La Banque Toronto-Dominion (TD) propose jusqu’à 3,695 millions de dollars de titres de dette senior, série H, structurés en tant que notes liées au marché, à rappel automatique avec coupons conditionnels et principal à risque conditionnel. Les notes arrivent à échéance le 13 juillet 2028 (environ trois ans), mais peuvent être rappelées dès la deuxième observation trimestrielle en janvier 2026.
Mécanismes clés :
- Actifs sous-jacents : actions ordinaires de Broadcom Inc. (AVGO) et NVIDIA Corporation (NVDA). La performance est basée uniquement sur l’action la moins performante à chaque jour de calcul.
- Coupon conditionnel : 23,40 % par an (environ 5,85 % par trimestre), versé uniquement si l’action la moins performante clôture ≥ 70 % de son prix de départ (seuil du coupon). Si ce seuil n’est pas atteint, le coupon de ce trimestre est perdu.
- Rappel automatique : Si, à une date trimestrielle entre janvier 2026 et avril 2028, l’action la moins performante clôture ≥ à son prix de départ, TD rembourse au pair plus le coupon de ce trimestre ; les investisseurs renoncent alors aux paiements futurs.
- Remboursement du principal : Si la note n’est pas rappelée, le montant nominal est intégralement remboursé à l’échéance uniquement si l’action la moins performante clôture ≥ 70 % du prix de départ. Sinon, les détenteurs subissent une perte proportionnelle à la baisse de l’action sous ce seuil, avec une perte maximale de 100 %.
Économie et distribution : Prix d’émission de 1 000 $, commission d’agent de 2,325 % (23,25 $). Valeur estimée à 949,40 $, reflétant le taux de financement interne, les coûts de couverture et de distribution. Les notes sont des obligations senior non garanties de TD, exposées au risque de crédit de TD, non assurées par la CDIC/FDIC et ne seront pas cotées en bourse.
Risques mis en avant :
- Perte potentielle supérieure à 30 % et pouvant aller jusqu’à la totalité du principal si l’action la moins performante franchit son seuil de baisse lors de la valorisation finale.
- Aucune participation à l’appréciation du prix des actions ; le rendement est plafonné aux coupons reçus.
- Les coupons ne sont pas garantis ; l’investisseur peut en recevoir peu ou aucun durant la durée.
- Marché secondaire peu liquide ; la vente avant rappel ou échéance peut impliquer des décotes importantes.
- Traitement fiscal américain complexe (produit dérivé prépayé), interprétations alternatives possibles de l’IRS ; les notes sont considérées inappropriées pour les détenteurs non américains.
Die Toronto-Dominion Bank (TD) bietet Senior Debt Securities der Serie H im Volumen von bis zu 3,695 Millionen US-Dollar an, strukturiert als marktgebundene, automatisch kündbare Notes mit bedingten Coupons und bedingtem Kapitalverlust. Die Notes laufen bis zum 13. Juli 2028 (ca. drei Jahre), können jedoch bereits ab der zweiten Quartalsbeobachtung im Januar 2026 vorzeitig zurückgerufen werden.
Wesentliche Merkmale:
- Zugrundeliegende Vermögenswerte: Stammaktien von Broadcom Inc. (AVGO) und NVIDIA Corporation (NVDA). Die Performance basiert ausschließlich auf der schwächsten Aktie an jedem Berechnungstag.
- Bedingter Coupon: 23,40 % p.a. (ca. 5,85 % pro Quartal), zahlbar nur, wenn die schlechteste Aktie ≥ 70 % ihres Startkurses schließt (Coupon-Schwelle). Wird die Schwelle verfehlt, verfällt der Coupon für dieses Quartal.
- Automatischer Rückruf: Schließt die schlechteste Aktie an einem Quartalstermin von Januar 2026 bis April 2028 ≥ ihrem Startkurs, zahlt TD den Nennwert plus den Coupon dieses Quartals zurück; Anleger verzichten dann auf weitere Zahlungen.
- Kapitalrückzahlung: Wird nicht zurückgerufen, erfolgt bei Fälligkeit die volle Rückzahlung nur, wenn die schlechteste Aktie ≥ 70 % des Startkurses schließt. Andernfalls erleiden Anleger einen Verlust entsprechend dem Kursrückgang unter die Schwelle, maximal 100 % Verlust.
Wirtschaftliche Bedingungen & Vertrieb: Ausgabepreis 1.000 USD, Agenturprovision 2,325 % (23,25 USD). Geschätzter Wert 949,40 USD, basierend auf internen Finanzierungskosten, Hedging- und Vertriebskosten. Die Notes sind unbesicherte Seniorverbindlichkeiten von TD, unterliegen dem Kreditrisiko von TD, sind nicht durch CDIC/FDIC versichert und werden nicht an der Börse gehandelt.
Hervorgehobene Risiken:
- Potentieller Verlust von über 30 % bis hin zum vollständigen Kapitalverlust, falls die schlechteste Aktie die Verlustschwelle bei der Endbewertung unterschreitet.
- Keine Beteiligung an Kurssteigerungen der Aktien; Rendite ist auf erhaltene Coupons begrenzt.
- Coupons sind nicht garantiert; Anleger können während der Laufzeit wenige oder keine Coupons erhalten.
- Illiquider Sekundärmarkt; Verkauf vor Rückruf/Fälligkeit kann erhebliche Abschläge bedeuten.
- Komplexe US-Steuerbehandlung (vorausbezahltes Derivat), alternative IRS-Interpretationen möglich; Notes gelten als ungeeignet für Nicht-US-Investoren.
- High contingent coupon rate of 23.40% p.a. provides the potential for above-market income if thresholds are met.
- 30 % downside buffer before principal losses at maturity offers limited protection compared with direct equity exposure.
- Automatic call feature allows early return of capital plus final coupon if the worst Underlying closes at or above its start level.
- Full downside exposure below the 70 % threshold may result in losses exceeding 30 % and up to entire principal.
- Income is not guaranteed; investors could receive few or no coupons if either stock underperforms.
- No participation in upside of AVGO or NVDA beyond coupon payments; return is capped.
- Estimated value ($949.40) below issue price indicates an immediate economic drag and embedded fees.
- Notes are illiquid and unlisted; secondary sales likely at substantial discounts.
- Credit risk of TD and complex, uncertain U.S. tax treatment add additional layers of risk.
Insights
TL;DR High 23.4% coupon offsets 30% buffer; worst-of design and non-guaranteed income keep risk elevated.
The note offers an attractive headline yield and a 30 % cushion before principal erosion, suitable for yield-seeking investors with a positive to neutral view on both AVGO and NVDA. However, the worst-performer feature materially increases knock-in probability, especially given the modest historical correlation between semiconductor names. Investors forego upside in two of the market’s most volatile growth stocks while retaining their downside beyond the threshold. The 5% difference between offer price and estimated value, combined with 2.325% selling commission, reveals meaningful drag. Credit exposure to TD is low-to-moderate (AA-/Aa1), but liquidity will be limited. Overall, a speculative income play rather than a core holding.
TL;DR Risk-adjusted profile skews negative: contingent income, no upside, full downside, limited exit options.
From a portfolio construction standpoint, this security adds concentrated idiosyncratic risk without improving diversification. The payoff requires both stocks to remain above 70 % quarterly to sustain income, yet just one breach wipes out that coupon. Should semiconductor volatility resurface, the probability of missing multiple coupons or breaching the downside threshold rises sharply. Given the absence of exchange listing and the sub-par estimated value, secondary market exit is costly. Investors could replicate similar income through covered-call strategies on AVGO/NVDA while preserving partial upside and daily liquidity. I therefore view the note as offering poor risk-adjusted compensation despite the enticing coupon headline.
La Toronto-Dominion Bank (TD) offre fino a 3,695 milioni di dollari in Titoli di Debito Senior, Serie H, strutturati come note collegate al mercato, auto-rimborsabili con cedole condizionali e capitale a rischio condizionato. Le note scadono il 13 luglio 2028 (circa tre anni), ma possono essere richiamate già dalla seconda osservazione trimestrale di gennaio 2026.
Meccanismi principali:
- Attivi sottostanti: azioni ordinarie di Broadcom Inc. (AVGO) e NVIDIA Corporation (NVDA). La performance si basa esclusivamente sull’azione con la performance peggiore in ciascun giorno di calcolo.
- Cedola condizionale: 23,40% annuo (circa 5,85% trimestrale), pagata solo se l’azione peggiore chiude ≥ 70% del prezzo iniziale (soglia cedola). Se la soglia non viene raggiunta, la cedola di quel trimestre viene persa.
- Richiamo automatico: Se in una qualsiasi data trimestrale da gennaio 2026 ad aprile 2028 l’azione peggiore chiude ≥ al prezzo iniziale, TD rimborsa a valore nominale più la cedola di quel trimestre; gli investitori rinunciano ai pagamenti futuri.
- Rimborso del capitale: Se non richiamate, alla scadenza viene restituito l’intero valore nominale solo se l’azione peggiore chiude ≥ 70% del valore iniziale. Altrimenti, gli investitori subiscono una perdita proporzionale al calo dell’azione sotto la soglia, fino a un massimo del 100%.
Economia e distribuzione: Prezzo di emissione 1.000$, commissione agente 2,325% (23,25$). Valore stimato 949,40$, che riflette il tasso di finanziamento interno, i costi di copertura e distribuzione. Le note sono obbligazioni senior non garantite di TD, soggette al rischio di credito TD, non assicurate da CDIC/FDIC e non quotate in borsa.
Rischi evidenziati:
- Perdita potenziale superiore al 30% e fino al capitale totale se l’azione peggiore scende sotto la soglia definitiva.
- Nessuna partecipazione all’apprezzamento del prezzo di entrambe le azioni; il rendimento è limitato alle cedole ricevute.
- Le cedole non sono garantite; l’investitore potrebbe riceverne poche o nessuna durante il periodo.
- Mercato secondario illiquido; la vendita prima del richiamo o della scadenza può comportare sconti significativi.
- Trattamento fiscale USA complesso (derivato prepagato), con possibili interpretazioni alternative dell’IRS; le note sono considerate inadeguate per investitori non statunitensi.
El Banco Toronto-Dominion (TD) ofrece hasta 3.695 millones de dólares en Valores de Deuda Senior, Serie H, estructurados como notas vinculadas al mercado, auto-redimibles con cupones contingentes y principal en riesgo contingente. Las notas vencen el 13 de julio de 2028 (aproximadamente tres años), pero pueden ser llamadas tan pronto como en la segunda observación trimestral en enero de 2026.
Mecánicas clave:
- Activos subyacentes: acciones ordinarias de Broadcom Inc. (AVGO) y NVIDIA Corporation (NVDA). El desempeño se basa únicamente en la acción con el peor rendimiento en cada día de cálculo.
- Cupones contingentes: 23.40% anual (aprox. 5.85% trimestral), pagados solo si la acción con peor desempeño cierra ≥ 70% de su precio inicial (umbral del cupón). Si no se alcanza el umbral, se pierde el cupón de ese trimestre.
- Llamada automática: Si en cualquier fecha trimestral desde enero de 2026 hasta abril de 2028 la acción con peor desempeño cierra ≥ su precio inicial, TD redime al valor nominal más el cupón de ese trimestre; los inversionistas renuncian a pagos futuros.
- Reembolso del principal: Si no se llama, el monto total se devuelve al vencimiento solo si la acción con peor desempeño cierra ≥ 70% del precio inicial. De lo contrario, los tenedores sufren una pérdida proporcional a la caída del activo bajo el umbral, con una pérdida máxima del 100%.
Economía y distribución: Precio de emisión de $1,000, comisión del agente 2.325% ($23.25). Valor estimado $949.40, reflejando tasa interna de financiamiento, costos de cobertura y distribución. Las notas son obligaciones senior no garantizadas de TD, con riesgo crediticio de TD, no aseguradas por CDIC/FDIC y no cotizadas en bolsa.
Riesgos destacados:
- Pérdida potencial superior al 30% y hasta el principal total si la acción con peor desempeño cae por debajo del umbral al valor final.
- No hay participación en la apreciación del precio de ninguna acción; el rendimiento está limitado a los cupones recibidos.
- Los cupones no están garantizados; el inversionista puede recibir pocos o ninguno durante el plazo.
- Mercado secundario ilíquido; la venta antes del llamado o vencimiento puede implicar descuentos significativos.
- Tratamiento fiscal estadounidense complejo (derivado prepagado), posibles interpretaciones alternativas del IRS; las notas se consideran inapropiadas para tenedores no estadounidenses.
토론토-도미니언 은행(TD)은 최대 3,695만 달러 규모의 시니어 부채 증권 시리즈 H를 제공하며, 이는 시장 연동형, 자동 상환 가능 노트로, 조건부 쿠폰과 조건부 하락 시 원금 위험 구조로 설계되었습니다. 이 노트는 2028년 7월 13일 만기(약 3년)이나 2026년 1월 두 번째 분기 관측일부터 조기 상환될 수 있습니다.
주요 구조:
- 기초 자산: Broadcom Inc.(AVGO)와 NVIDIA Corporation(NVDA)의 보통주. 성과는 매 계산일마다 성적이 가장 저조한 주식에만 기반합니다.
- 조건부 쿠폰: 연 23.40%(분기당 약 5.85%)로, 최저 성과 주식이 시작 가격의 70% 이상으로 마감할 경우에만 지급됩니다(쿠폰 기준선). 기준선을 미달하면 해당 분기 쿠폰은 지급되지 않습니다.
- 자동 상환: 2026년 1월부터 2028년 4월까지 분기별 관측일 중 최저 성과 주식이 시작 가격 이상으로 마감하면, TD가 액면가와 해당 분기 쿠폰을 상환하며, 투자자는 이후 지급을 포기합니다.
- 원금 상환: 상환되지 않을 경우 만기에 최저 성과 주식이 시작 가격의 70% 이상일 때만 전액 상환됩니다. 그렇지 않으면 투자자는 기준선 이하 하락 폭에 비례하는 손실을 입으며 최대 100% 손실 가능합니다.
경제성 및 배포: 발행가는 $1,000, 중개 수수료 2.325%($23.25). 내부 자금 조달 비용, 헤지 및 배포 비용을 반영한 추정 가치 $949.40. 노트는 TD의 시니어 무담보 채무로 TD 신용 위험을 지니며, CDIC/FDIC 보험이 없고 거래소 상장되지 않습니다.
주요 위험:
- 최저 성과 주식이 만기 시 하락 기준선을 하회할 경우 30% 이상에서 최대 원금 전액까지 손실 가능성.
- 두 주식 모두 가격 상승에 대한 참여 없음; 수익은 지급된 쿠폰으로 제한.
- 쿠폰은 보장되지 않으며, 투자 기간 동안 거의 또는 전혀 지급되지 않을 수 있음.
- 유동성이 낮은 2차 시장; 조기 상환 또는 만기 전 매도 시 큰 할인 가능성.
- 복잡한 미국 세금 처리(선불 파생상품), IRS의 대체 해석 가능성; 비미국 투자자에게는 부적합한 상품으로 간주됨.
La Banque Toronto-Dominion (TD) propose jusqu’à 3,695 millions de dollars de titres de dette senior, série H, structurés en tant que notes liées au marché, à rappel automatique avec coupons conditionnels et principal à risque conditionnel. Les notes arrivent à échéance le 13 juillet 2028 (environ trois ans), mais peuvent être rappelées dès la deuxième observation trimestrielle en janvier 2026.
Mécanismes clés :
- Actifs sous-jacents : actions ordinaires de Broadcom Inc. (AVGO) et NVIDIA Corporation (NVDA). La performance est basée uniquement sur l’action la moins performante à chaque jour de calcul.
- Coupon conditionnel : 23,40 % par an (environ 5,85 % par trimestre), versé uniquement si l’action la moins performante clôture ≥ 70 % de son prix de départ (seuil du coupon). Si ce seuil n’est pas atteint, le coupon de ce trimestre est perdu.
- Rappel automatique : Si, à une date trimestrielle entre janvier 2026 et avril 2028, l’action la moins performante clôture ≥ à son prix de départ, TD rembourse au pair plus le coupon de ce trimestre ; les investisseurs renoncent alors aux paiements futurs.
- Remboursement du principal : Si la note n’est pas rappelée, le montant nominal est intégralement remboursé à l’échéance uniquement si l’action la moins performante clôture ≥ 70 % du prix de départ. Sinon, les détenteurs subissent une perte proportionnelle à la baisse de l’action sous ce seuil, avec une perte maximale de 100 %.
Économie et distribution : Prix d’émission de 1 000 $, commission d’agent de 2,325 % (23,25 $). Valeur estimée à 949,40 $, reflétant le taux de financement interne, les coûts de couverture et de distribution. Les notes sont des obligations senior non garanties de TD, exposées au risque de crédit de TD, non assurées par la CDIC/FDIC et ne seront pas cotées en bourse.
Risques mis en avant :
- Perte potentielle supérieure à 30 % et pouvant aller jusqu’à la totalité du principal si l’action la moins performante franchit son seuil de baisse lors de la valorisation finale.
- Aucune participation à l’appréciation du prix des actions ; le rendement est plafonné aux coupons reçus.
- Les coupons ne sont pas garantis ; l’investisseur peut en recevoir peu ou aucun durant la durée.
- Marché secondaire peu liquide ; la vente avant rappel ou échéance peut impliquer des décotes importantes.
- Traitement fiscal américain complexe (produit dérivé prépayé), interprétations alternatives possibles de l’IRS ; les notes sont considérées inappropriées pour les détenteurs non américains.
Die Toronto-Dominion Bank (TD) bietet Senior Debt Securities der Serie H im Volumen von bis zu 3,695 Millionen US-Dollar an, strukturiert als marktgebundene, automatisch kündbare Notes mit bedingten Coupons und bedingtem Kapitalverlust. Die Notes laufen bis zum 13. Juli 2028 (ca. drei Jahre), können jedoch bereits ab der zweiten Quartalsbeobachtung im Januar 2026 vorzeitig zurückgerufen werden.
Wesentliche Merkmale:
- Zugrundeliegende Vermögenswerte: Stammaktien von Broadcom Inc. (AVGO) und NVIDIA Corporation (NVDA). Die Performance basiert ausschließlich auf der schwächsten Aktie an jedem Berechnungstag.
- Bedingter Coupon: 23,40 % p.a. (ca. 5,85 % pro Quartal), zahlbar nur, wenn die schlechteste Aktie ≥ 70 % ihres Startkurses schließt (Coupon-Schwelle). Wird die Schwelle verfehlt, verfällt der Coupon für dieses Quartal.
- Automatischer Rückruf: Schließt die schlechteste Aktie an einem Quartalstermin von Januar 2026 bis April 2028 ≥ ihrem Startkurs, zahlt TD den Nennwert plus den Coupon dieses Quartals zurück; Anleger verzichten dann auf weitere Zahlungen.
- Kapitalrückzahlung: Wird nicht zurückgerufen, erfolgt bei Fälligkeit die volle Rückzahlung nur, wenn die schlechteste Aktie ≥ 70 % des Startkurses schließt. Andernfalls erleiden Anleger einen Verlust entsprechend dem Kursrückgang unter die Schwelle, maximal 100 % Verlust.
Wirtschaftliche Bedingungen & Vertrieb: Ausgabepreis 1.000 USD, Agenturprovision 2,325 % (23,25 USD). Geschätzter Wert 949,40 USD, basierend auf internen Finanzierungskosten, Hedging- und Vertriebskosten. Die Notes sind unbesicherte Seniorverbindlichkeiten von TD, unterliegen dem Kreditrisiko von TD, sind nicht durch CDIC/FDIC versichert und werden nicht an der Börse gehandelt.
Hervorgehobene Risiken:
- Potentieller Verlust von über 30 % bis hin zum vollständigen Kapitalverlust, falls die schlechteste Aktie die Verlustschwelle bei der Endbewertung unterschreitet.
- Keine Beteiligung an Kurssteigerungen der Aktien; Rendite ist auf erhaltene Coupons begrenzt.
- Coupons sind nicht garantiert; Anleger können während der Laufzeit wenige oder keine Coupons erhalten.
- Illiquider Sekundärmarkt; Verkauf vor Rückruf/Fälligkeit kann erhebliche Abschläge bedeuten.
- Komplexe US-Steuerbehandlung (vorausbezahltes Derivat), alternative IRS-Interpretationen möglich; Notes gelten als ungeeignet für Nicht-US-Investoren.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
Hypothetical Payment at Maturity per Security
Assumes the securities have not been automatically redeemed prior to maturity and does not include the final coupon payment.
|
Hypothetical Underlying Return on 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 |
|
-25.00% |
$1,000.00 |
|
-40.00% |
$1,000.00 |
|
-40.01% |
$599.90 |
|
-50.00% |
$500.00 |
|
-75.00% |
$250.00 |
|
-100.00% |
$0.00 |
3 Year Autocallable Securities Linked to MU
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. |
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Underlying: |
Micron Technology, Inc. (ticker: “MU”) |
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Pricing date: |
July 21, 2025 |
|
Valuation date: |
Quarterly |
|
Final valuation date: |
July 21, 2028 |
|
Maturity date: |
July 26, 2028 |
|
Coupon: |
At least 10.00% per annum, paid quarterly |
|
Coupon payment dates: |
Quarterly |
|
Final barrier value: |
60.00% of the initial underlying value |
|
Automatic early redemption: |
If on any autocall date prior to the valuation 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 coupon payment |
|
Autocall dates: |
Quarterly on valuation dates beginning after one year |
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CUSIP / ISIN: |
17333LLF0 / US17333LLF03 |
|
Initial underlying value: |
The closing value on the pricing date |
|
Final underlying value: |
The closing value on the valuation date |
|
Underlying return: |
(Current closing value - initial underlying value) / initial underlying value |
|
Payment at maturity (if not autocalled): |
You will receive at maturity for each security you then hold, the final coupon payment plus: •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 × 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 (other than the final coupon payment), at maturity. 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 11, 2025 |
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, 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. |
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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. 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 (excluding the final coupon payment), and you may lose up to all of your investment. •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 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. |
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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. |
FAQ
What is the coupon rate on TD's 2028 market-linked notes?
When can the TD auto-callable notes be redeemed early?
How much principal protection do investors have?
Why is the estimated value ($949.40) below the $1,000 offering price?
Are the TD structured notes insured or exchange-listed?
What tax treatment applies to these TD contingent coupon notes?
