[FWP] Citigroup Inc. Free Writing Prospectus
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering 5-year market-linked securities tied to the S&P 500 Futures Excess Return Index (ticker: SPXFP). Each security has a $1,000 stated principal amount, returns no periodic interest and repays principal at maturity regardless of index performance. If the index appreciates, investors receive a minimum 120% upside participation on the positive underlying return; if the index is flat or negative, only principal is returned. Key dates include a pricing date of July 31 2025, valuation date of July 31 2030, and maturity on August 5 2030. The securities are unsecured, unlisted obligations subject to the credit risk of both issuers.
- Hypothetical payouts: A 50% index gain would deliver a 60% security return ($1,600); any non-positive performance yields $1,000.
- Risk highlights: no interim interest, no dividends, single-day valuation exposure, estimated initial value below issue price, liquidity constraints and potential conflicts of interest. The underlying is expected to underperform the total return S&P 500 due to financing costs.
- Documentation: Offering governed by Registration Statements 333-270327 and 333-270327-01 and the accompanying preliminary pricing supplement dated June 30 2025.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., offre titoli collegati al mercato della durata di 5 anni, indicizzati all'S&P 500 Futures Excess Return Index (ticker: SPXFP). Ogni titolo ha un valore nominale di $1.000, non paga interessi periodici e rimborsa il capitale a scadenza indipendentemente dalla performance dell'indice. Se l'indice cresce, gli investitori ricevono una partecipazione minima del 120% al rialzo sul rendimento positivo sottostante; se l'indice rimane invariato o scende, viene restituito solo il capitale. Le date chiave sono: data di prezzo il 31 luglio 2025, data di valutazione il 31 luglio 2030 e scadenza il 5 agosto 2030. I titoli sono obbligazioni non garantite e non quotate, soggette al rischio di credito di entrambi gli emittenti.
- Pagamenti ipotetici: un guadagno del 50% dell'indice comporterebbe un rendimento del 60% sul titolo ($1.600); qualsiasi performance non positiva restituisce $1.000.
- Punti di rischio: nessun interesse intermedio, nessun dividendo, esposizione alla valutazione in un solo giorno, valore iniziale stimato inferiore al prezzo di emissione, limitazioni di liquidità e potenziali conflitti di interesse. L'indice sottostante dovrebbe sottoperformare il rendimento totale dell'S&P 500 a causa dei costi di finanziamento.
- Documentazione: l'offerta è regolata dai Registration Statements 333-270327 e 333-270327-01 e dal supplemento preliminare di prezzo datato 30 giugno 2025.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., ofrece valores vinculados al mercado a 5 años ligados al índice S&P 500 Futures Excess Return (ticker: SPXFP). Cada título tiene un valor nominal de $1,000, no paga intereses periódicos y devuelve el principal al vencimiento sin importar el desempeño del índice. Si el índice sube, los inversores reciben una participación mínima del 120% en la subida sobre el rendimiento positivo subyacente; si el índice está plano o negativo, solo se devuelve el principal. Las fechas clave son: fecha de precio el 31 de julio de 2025, fecha de valoración el 31 de julio de 2030 y vencimiento el 5 de agosto de 2030. Los valores son obligaciones no garantizadas y no listadas, sujetas al riesgo crediticio de ambos emisores.
- Pagos hipotéticos: una ganancia del 50% en el índice resultaría en un retorno del 60% en el valor ($1,600); cualquier rendimiento no positivo devuelve $1,000.
- Aspectos de riesgo: sin intereses intermedios, sin dividendos, exposición a valoración en un solo día, valor inicial estimado por debajo del precio de emisión, restricciones de liquidez y posibles conflictos de interés. Se espera que el subyacente tenga un rendimiento inferior al total del S&P 500 debido a los costos de financiamiento.
- Documentación: la oferta está regulada por los Registration Statements 333-270327 y 333-270327-01 y el suplemento preliminar de precio fechado el 30 de junio de 2025.
Citigroup Global Markets Holdings Inc.는 Citigroup Inc.의 보증을 받아 S&P 500 Futures Excess Return Index(티커: SPXFP)에 연동된 5년 만기 시장연계증권을 제공합니다. 각 증권의 명목 원금은 $1,000이며, 정기 이자는 지급하지 않고 만기 시 지수 성과와 관계없이 원금을 상환합니다. 지수가 상승할 경우 투자자는 기초 수익률의 최소 120% 상승 참여를 받으며, 지수가 횡보하거나 하락하면 원금만 반환됩니다. 주요 일정은 2025년 7월 31일 가격 결정일, 2030년 7월 31일 평가일, 2030년 8월 5일 만기일입니다. 이 증권은 무담보, 비상장 채무로 두 발행자의 신용위험에 노출됩니다.
- 가상 지급 예시: 지수가 50% 상승하면 증권 수익률은 60% ($1,600)이며, 비양수 성과 시 $1,000가 지급됩니다.
- 위험 요약: 중간 이자 없음, 배당금 없음, 단일 평가일 노출, 발행가 미만의 추정 초기 가치, 유동성 제한 및 잠재적 이해 상충. 기초지수는 금융 비용으로 인해 S&P 500 총수익을 하회할 것으로 예상됩니다.
- 문서: 본 공모는 등록서류 333-270327 및 333-270327-01과 2025년 6월 30일자 예비 가격 보충서에 의해 규율됩니다.
Citigroup Global Markets Holdings Inc., garantie par Citigroup Inc., propose des titres liés au marché sur 5 ans, indexés sur l'indice S&P 500 Futures Excess Return (symbole : SPXFP). Chaque titre a une valeur nominale de 1 000 $, ne verse pas d'intérêts périodiques et rembourse le principal à l'échéance, quelle que soit la performance de l'indice. Si l'indice progresse, les investisseurs bénéficient d'une participation minimale à la hausse de 120% sur le rendement positif sous-jacent ; si l'indice est stable ou négatif, seul le principal est remboursé. Les dates clés sont : date de fixation du prix le 31 juillet 2025, date d'évaluation le 31 juillet 2030 et échéance le 5 août 2030. Les titres sont des obligations non garanties et non cotées, soumises au risque de crédit des deux émetteurs.
- Paiements hypothétiques : une hausse de 50 % de l'indice entraînerait un rendement de 60 % sur le titre (1 600 $) ; toute performance non positive donne lieu à un remboursement de 1 000 $.
- Points de risque : pas d'intérêts intermédiaires, pas de dividendes, exposition à une valorisation sur une seule journée, valeur initiale estimée inférieure au prix d'émission, contraintes de liquidité et conflits d'intérêts potentiels. L'actif sous-jacent devrait sous-performer le rendement total du S&P 500 en raison des coûts de financement.
- Documentation : L'offre est régie par les Registration Statements 333-270327 et 333-270327-01 ainsi que par le supplément préliminaire de prix daté du 30 juin 2025.
Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet 5-jährige marktgebundene Wertpapiere, die an den S&P 500 Futures Excess Return Index (Ticker: SPXFP) gekoppelt sind. Jedes Wertpapier hat einen Nennbetrag von 1.000 $, zahlt keine periodischen Zinsen und zahlt das Kapital bei Fälligkeit unabhängig von der Indexentwicklung zurück. Steigt der Index, erhalten Anleger eine mindestens 120%ige Aufwärtsbeteiligung an der positiven zugrunde liegenden Rendite; bei stagnierendem oder negativem Index wird nur das Kapital zurückgezahlt. Wichtige Termine sind der Preisfeststellungstag am 31. Juli 2025, der Bewertungstag am 31. Juli 2030 und die Fälligkeit am 5. August 2030. Die Wertpapiere sind unbesicherte, nicht börsennotierte Verbindlichkeiten und unterliegen dem Kreditrisiko beider Emittenten.
- Hypothetische Auszahlungen: Ein 50%iger Indexanstieg würde eine Rendite von 60% auf das Wertpapier ($1.600) bringen; jede nicht positive Entwicklung führt zur Rückzahlung von $1.000.
- Risikohighlights: keine Zwischenzinsen, keine Dividenden, Bewertung an einem einzigen Tag, geschätzter Anfangswert unter dem Ausgabepreis, Liquiditätsbeschränkungen und potenzielle Interessenkonflikte. Der zugrunde liegende Index wird aufgrund von Finanzierungskosten voraussichtlich hinter der Gesamtrendite des S&P 500 zurückbleiben.
- Dokumentation: Das Angebot unterliegt den Registration Statements 333-270327 und 333-270327-01 sowie dem vorläufigen Preiszusatz vom 30. Juni 2025.
- Full principal repayment at maturity even if the index declines, mitigating nominal downside risk.
- Leveraged upside of at least 120% on positive index performance offers enhanced return potential versus direct index exposure.
- Five-year tenor aligns with medium-term equity outlooks, allowing time for market recovery after volatility.
- Guarantee by Citigroup Inc. adds an additional credit layer compared with issuer-only structures.
- No periodic interest or dividends, lowering total return versus direct equity ownership.
- Single-day valuation means gains can be lost if the index falls by the valuation date.
- Unlisted security; investors may face illiquidity and pricing spreads before maturity.
- Credit risk to Citigroup; a default would jeopardize both principal and any upside.
- Estimated value below issue price indicates an upfront cost to investors.
- Underlying expected to lag S&P 500 total return due to financing drag, reducing upside capture.
Insights
TL;DR – Principal protection with leveraged upside, but liquidity, credit and valuation risks temper appeal.
The notes provide 100% principal repayment and at least 120% participation in positive SPXFP performance over five years, making them attractive to investors seeking equity exposure without downside loss of nominal capital. However, real returns can be negative after inflation, and investors forgo dividends. The product is not exchange-listed, so secondary-market liquidity depends on Citigroup’s willingness to repurchase. Initial price is above estimated value, creating an immediate cost. Credit exposure to both Citigroup entities is non-trivial, though currently investment-grade. Overall, the structure suits investors with a moderately bullish five-year view who prioritise principal preservation.
TL;DR – Credit risk, single observation and no income reduce risk-adjusted return.
Because repayment relies on Citigroup Global Markets Holdings Inc. and the parent guarantee, any deterioration in Citi’s credit profile directly affects recovery. The single valuation date introduces path-dependency; interim gains can evaporate. The implicit financing cost embedded in SPXFP historically drags performance versus the total-return S&P 500, further lowering expected upside. Absent secondary-market depth, early sellers may incur losses. Given these factors, impact on diversified portfolios is limited unless used tactically.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., offre titoli collegati al mercato della durata di 5 anni, indicizzati all'S&P 500 Futures Excess Return Index (ticker: SPXFP). Ogni titolo ha un valore nominale di $1.000, non paga interessi periodici e rimborsa il capitale a scadenza indipendentemente dalla performance dell'indice. Se l'indice cresce, gli investitori ricevono una partecipazione minima del 120% al rialzo sul rendimento positivo sottostante; se l'indice rimane invariato o scende, viene restituito solo il capitale. Le date chiave sono: data di prezzo il 31 luglio 2025, data di valutazione il 31 luglio 2030 e scadenza il 5 agosto 2030. I titoli sono obbligazioni non garantite e non quotate, soggette al rischio di credito di entrambi gli emittenti.
- Pagamenti ipotetici: un guadagno del 50% dell'indice comporterebbe un rendimento del 60% sul titolo ($1.600); qualsiasi performance non positiva restituisce $1.000.
- Punti di rischio: nessun interesse intermedio, nessun dividendo, esposizione alla valutazione in un solo giorno, valore iniziale stimato inferiore al prezzo di emissione, limitazioni di liquidità e potenziali conflitti di interesse. L'indice sottostante dovrebbe sottoperformare il rendimento totale dell'S&P 500 a causa dei costi di finanziamento.
- Documentazione: l'offerta è regolata dai Registration Statements 333-270327 e 333-270327-01 e dal supplemento preliminare di prezzo datato 30 giugno 2025.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., ofrece valores vinculados al mercado a 5 años ligados al índice S&P 500 Futures Excess Return (ticker: SPXFP). Cada título tiene un valor nominal de $1,000, no paga intereses periódicos y devuelve el principal al vencimiento sin importar el desempeño del índice. Si el índice sube, los inversores reciben una participación mínima del 120% en la subida sobre el rendimiento positivo subyacente; si el índice está plano o negativo, solo se devuelve el principal. Las fechas clave son: fecha de precio el 31 de julio de 2025, fecha de valoración el 31 de julio de 2030 y vencimiento el 5 de agosto de 2030. Los valores son obligaciones no garantizadas y no listadas, sujetas al riesgo crediticio de ambos emisores.
- Pagos hipotéticos: una ganancia del 50% en el índice resultaría en un retorno del 60% en el valor ($1,600); cualquier rendimiento no positivo devuelve $1,000.
- Aspectos de riesgo: sin intereses intermedios, sin dividendos, exposición a valoración en un solo día, valor inicial estimado por debajo del precio de emisión, restricciones de liquidez y posibles conflictos de interés. Se espera que el subyacente tenga un rendimiento inferior al total del S&P 500 debido a los costos de financiamiento.
- Documentación: la oferta está regulada por los Registration Statements 333-270327 y 333-270327-01 y el suplemento preliminar de precio fechado el 30 de junio de 2025.
Citigroup Global Markets Holdings Inc.는 Citigroup Inc.의 보증을 받아 S&P 500 Futures Excess Return Index(티커: SPXFP)에 연동된 5년 만기 시장연계증권을 제공합니다. 각 증권의 명목 원금은 $1,000이며, 정기 이자는 지급하지 않고 만기 시 지수 성과와 관계없이 원금을 상환합니다. 지수가 상승할 경우 투자자는 기초 수익률의 최소 120% 상승 참여를 받으며, 지수가 횡보하거나 하락하면 원금만 반환됩니다. 주요 일정은 2025년 7월 31일 가격 결정일, 2030년 7월 31일 평가일, 2030년 8월 5일 만기일입니다. 이 증권은 무담보, 비상장 채무로 두 발행자의 신용위험에 노출됩니다.
- 가상 지급 예시: 지수가 50% 상승하면 증권 수익률은 60% ($1,600)이며, 비양수 성과 시 $1,000가 지급됩니다.
- 위험 요약: 중간 이자 없음, 배당금 없음, 단일 평가일 노출, 발행가 미만의 추정 초기 가치, 유동성 제한 및 잠재적 이해 상충. 기초지수는 금융 비용으로 인해 S&P 500 총수익을 하회할 것으로 예상됩니다.
- 문서: 본 공모는 등록서류 333-270327 및 333-270327-01과 2025년 6월 30일자 예비 가격 보충서에 의해 규율됩니다.
Citigroup Global Markets Holdings Inc., garantie par Citigroup Inc., propose des titres liés au marché sur 5 ans, indexés sur l'indice S&P 500 Futures Excess Return (symbole : SPXFP). Chaque titre a une valeur nominale de 1 000 $, ne verse pas d'intérêts périodiques et rembourse le principal à l'échéance, quelle que soit la performance de l'indice. Si l'indice progresse, les investisseurs bénéficient d'une participation minimale à la hausse de 120% sur le rendement positif sous-jacent ; si l'indice est stable ou négatif, seul le principal est remboursé. Les dates clés sont : date de fixation du prix le 31 juillet 2025, date d'évaluation le 31 juillet 2030 et échéance le 5 août 2030. Les titres sont des obligations non garanties et non cotées, soumises au risque de crédit des deux émetteurs.
- Paiements hypothétiques : une hausse de 50 % de l'indice entraînerait un rendement de 60 % sur le titre (1 600 $) ; toute performance non positive donne lieu à un remboursement de 1 000 $.
- Points de risque : pas d'intérêts intermédiaires, pas de dividendes, exposition à une valorisation sur une seule journée, valeur initiale estimée inférieure au prix d'émission, contraintes de liquidité et conflits d'intérêts potentiels. L'actif sous-jacent devrait sous-performer le rendement total du S&P 500 en raison des coûts de financement.
- Documentation : L'offre est régie par les Registration Statements 333-270327 et 333-270327-01 ainsi que par le supplément préliminaire de prix daté du 30 juin 2025.
Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet 5-jährige marktgebundene Wertpapiere, die an den S&P 500 Futures Excess Return Index (Ticker: SPXFP) gekoppelt sind. Jedes Wertpapier hat einen Nennbetrag von 1.000 $, zahlt keine periodischen Zinsen und zahlt das Kapital bei Fälligkeit unabhängig von der Indexentwicklung zurück. Steigt der Index, erhalten Anleger eine mindestens 120%ige Aufwärtsbeteiligung an der positiven zugrunde liegenden Rendite; bei stagnierendem oder negativem Index wird nur das Kapital zurückgezahlt. Wichtige Termine sind der Preisfeststellungstag am 31. Juli 2025, der Bewertungstag am 31. Juli 2030 und die Fälligkeit am 5. August 2030. Die Wertpapiere sind unbesicherte, nicht börsennotierte Verbindlichkeiten und unterliegen dem Kreditrisiko beider Emittenten.
- Hypothetische Auszahlungen: Ein 50%iger Indexanstieg würde eine Rendite von 60% auf das Wertpapier ($1.600) bringen; jede nicht positive Entwicklung führt zur Rückzahlung von $1.000.
- Risikohighlights: keine Zwischenzinsen, keine Dividenden, Bewertung an einem einzigen Tag, geschätzter Anfangswert unter dem Ausgabepreis, Liquiditätsbeschränkungen und potenzielle Interessenkonflikte. Der zugrunde liegende Index wird aufgrund von Finanzierungskosten voraussichtlich hinter der Gesamtrendite des S&P 500 zurückbleiben.
- Dokumentation: Das Angebot unterliegt den Registration Statements 333-270327 und 333-270327-01 sowie dem vorläufigen Preiszusatz vom 30. Juni 2025.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
Hypothetical Payment at Maturity per Security**
|
n The Underlying |
n The Securities |
|
|
Hypothetical Underlying Return on Valuation Date |
Hypothetical Security Return |
Hypothetical Payment at Maturity |
|
|
50.00% |
60.00% |
$1,600.00 |
|
B |
25.00% |
30.00% |
$1,300.00 |
|
|
5.00% |
6.00% |
$1,060.00 |
|
|
0.00% |
0.00% |
$1,000.00 |
|
|
-25.00% |
0.00% |
$1,000.00 |
|
A |
-50.00% |
0.00% |
$1,000.00 |
|
|
-100.00% |
0.00% |
$1,000.00 |
5 Year Market-Linked Securities Linked to SPXFP
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. |
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Guarantor: |
Citigroup Inc. |
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Underlying: |
The S&P 500 Futures Excess Return Index (ticker: “SPXFP”) |
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Pricing date: |
July 31, 2025 |
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Valuation date: |
July 31, 2030 |
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Maturity date: |
August 5, 2030 |
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Upside participation rate: |
At least 120.00%* |
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CUSIP / ISIN: |
17333LFC4 / US17333LFC46 |
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Initial underlying value: |
The closing value of the underlying on the pricing date |
|
Final underlying value: |
The closing value of the underlying on the valuation date |
|
Underlying return: |
(Final underlying value - initial underlying value) / initial underlying value |
|
Return amount: |
If the final underlying value is greater than the initial underlying value: $1,000 × the underlying return × the upside participation rate If the final underlying value is less than or equal to the initial underlying value: $0 All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. |
|
Payment at 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 |
|
Stated principal amount: |
$1,000 per security |
|
Preliminary pricing supplement: |
Preliminary Pricing Supplement dated June 30, 2025 |
* The actual upside participation rate will be determined on the pricing date.
** The hypotheticals assume that the upside participation rate will be set at the lowest value indicated in this offering summary.
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 not receive any return on your investment in the securities. You will receive a positive return on your investment in the securities only if the underlying appreciates from the initial underlying value to the final underlying value. If the final underlying value is less than or equal to the initial underlying value, you will receive only the stated principal amount for each security you hold at maturity. •Although the securities provide for the repayment of the stated principal amount at maturity, you may nevertheless suffer a loss on your investment in real value terms if the underlying declines or does not appreciate from the initial underlying value to the final underlying value. •The securities do not pay interest. •You will not receive dividends or have any other rights with respect to the underlying. •Your payment at maturity depends on the closing value of the underlying on a single day. •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 underlying is expected to underperform the total return performance of the S&P 500® Index because the performance of the underlying is expected to be reduced by an implicit financing cost, and any increase in this cost will adversely affect the performance of the securities. •The issuer and its affiliates may have conflicts of interest with you. |
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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 ticker symbol of the index linked to Citigroup's 5-year market-linked securities?
How does the upside participation rate work on these Citigroup (C) securities?
Do the Citigroup market-linked notes pay interest or dividends?
What happens at maturity if the index return is zero or negative?
Are the Citigroup (C) securities listed on an exchange?
What key dates should investors note for these securities?
