[FWP] Citigroup Inc. Free Writing Prospectus
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering three-year Digital Notes linked to the worst performer of the S&P 500 (SPX) and Russell 2000 (RTY) indices. The notes are scheduled to price on July 31 2025 and mature on August 3 2028. At maturity investors will receive:
- $1,000 principal + a digital return of at least $210 (≥21%) if the worst-performing index closes at or above its initial level.
- Only the $1,000 principal if the worst performer closes below its initial level.
The notes pay no periodic interest, are not listed, and may trade at values below the issue price before maturity. Key risks highlighted include limited upside (capped at the digital return), dependence on a single valuation date, lack of dividends, index correlation risk, small-cap exposure via RTY, potential liquidity constraints, and the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., offre Note Digitali triennali collegate all'indice con la peggior performance tra S&P 500 (SPX) e Russell 2000 (RTY). Le note sono previste in emissione il 31 luglio 2025 e scadranno il 3 agosto 2028. Alla scadenza gli investitori riceveranno:
- 1.000$ di capitale + un rendimento digitale minimo di 210$ (≥21%) se l'indice peggiore chiude al livello iniziale o superiore.
- Solo il capitale di 1.000$ se l'indice peggiore chiude sotto il livello iniziale.
Le note non pagano interessi periodici, non sono quotate e possono essere scambiate a valori inferiori al prezzo di emissione prima della scadenza. I rischi principali includono un potenziale di guadagno limitato (fissato al rendimento digitale), la dipendenza da una singola data di valutazione, l'assenza di dividendi, il rischio di correlazione degli indici, l'esposizione a small cap tramite RTY, possibili limitazioni di liquidità e il rischio di credito di Citigroup Global Markets Holdings Inc. e Citigroup Inc.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., ofrece Notas Digitales a tres años vinculadas al peor desempeño entre los índices S&P 500 (SPX) y Russell 2000 (RTY). Las notas están programadas para su emisión el 31 de julio de 2025 y vencen el 3 de agosto de 2028. Al vencimiento, los inversores recibirán:
- 1,000$ de capital + un rendimiento digital mínimo de 210$ (≥21%) si el índice con peor desempeño cierra en o por encima de su nivel inicial.
- Solo el capital de 1,000$ si el índice con peor desempeño cierra por debajo de su nivel inicial.
Las notas no pagan intereses periódicos, no están listadas y pueden negociarse a precios inferiores al precio de emisión antes del vencimiento. Los riesgos clave incluyen un potencial de ganancia limitado (máximo establecido por el rendimiento digital), dependencia de una sola fecha de valoración, ausencia de dividendos, riesgo de correlación del índice, exposición a small caps a través de RTY, posibles restricciones de liquidez y el riesgo crediticio de Citigroup Global Markets Holdings Inc. y Citigroup Inc.
Citigroup Global Markets Holdings Inc.(Citigroup Inc. 보증)는 S&P 500(SPX)과 Russell 2000(RTY) 지수 중 성과가 가장 저조한 지수에 연동된 3년 만기 디지털 노트를 제공합니다. 이 노트는 2025년 7월 31일에 가격이 책정되며 2028년 8월 3일에 만기됩니다. 만기 시 투자자는 다음을 받게 됩니다:
- 최저 210달러(≥21%)의 디지털 수익과 함께 1,000달러 원금을, 최저 성과 지수가 초기 수준 이상으로 마감할 경우.
- 원금 1,000달러만을, 최저 성과 지수가 초기 수준 이하로 마감할 경우.
이 노트는 정기 이자를 지급하지 않으며, 상장되어 있지 않고 만기 전 발행가 이하로 거래될 수 있습니다. 주요 위험 요소로는 수익 상한(디지털 수익으로 제한), 단일 평가일 의존, 배당금 부재, 지수 상관 관계 위험, RTY를 통한 소형주 노출, 유동성 제한 가능성, 그리고 Citigroup Global Markets Holdings Inc. 및 Citigroup Inc.의 신용 위험이 포함됩니다.
Citigroup Global Markets Holdings Inc., garantie par Citigroup Inc., propose des Notes Digitales de trois ans liées à la performance la plus faible entre les indices S&P 500 (SPX) et Russell 2000 (RTY). Les notes sont prévues pour être émises le 31 juillet 2025 et arriveront à échéance le 3 août 2028. À l'échéance, les investisseurs recevront :
- 1 000 $ de capital + un rendement digital d'au moins 210 $ (≥21%) si l'indice le moins performant clôture à son niveau initial ou au-dessus.
- Seulement le capital de 1 000 $ si l'indice le moins performant clôture en dessous de son niveau initial.
Les notes ne versent aucun intérêt périodique, ne sont pas cotées et peuvent se négocier à des valeurs inférieures au prix d'émission avant l'échéance. Les principaux risques incluent un potentiel de gain limité (plafonné au rendement digital), la dépendance à une seule date d'évaluation, l'absence de dividendes, le risque de corrélation des indices, l'exposition aux petites capitalisations via RTY, des contraintes potentielles de liquidité et le risque de crédit de Citigroup Global Markets Holdings Inc. et Citigroup Inc.
Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet drei Jahre laufende digitale Schuldverschreibungen, die an den schlechtesten Performer der S&P 500 (SPX) und Russell 2000 (RTY) Indizes gekoppelt sind. Die Notes sollen am 31. Juli 2025 bepreist werden und am 3. August 2028 fällig sein. Bei Fälligkeit erhalten Anleger:
- 1.000$ Kapital + eine digitale Rendite von mindestens 210$ (≥21%), wenn der schlechteste Index auf oder über seinem Anfangsniveau schließt.
- Nur das Kapital von 1.000$, wenn der schlechteste Index unter seinem Anfangsniveau schließt.
Die Notes zahlen keine periodischen Zinsen, sind nicht börsennotiert und können vor Fälligkeit unter dem Ausgabepreis gehandelt werden. Wichtige Risiken umfassen begrenztes Aufwärtspotenzial (begrenzt durch die digitale Rendite), Abhängigkeit von einem einzigen Bewertungsdatum, fehlende Dividenden, Indexkorrelationsrisiken, Small-Cap-Exposition über RTY, mögliche Liquiditätsbeschränkungen und das Kreditrisiko von Citigroup Global Markets Holdings Inc. und Citigroup Inc.
- Defined upside: Investors earn at least a 21% return if the worst index is flat or up at maturity.
- Nominal principal protection: Regardless of index decline, $1,000 per note is repaid at maturity.
- Diversified underlyings: Linked to both large-cap (SPX) and small-cap (RTY) U.S. equity benchmarks.
- Upside cap: Returns cannot exceed the fixed digital amount even if indices rise substantially.
- Credit risk: Payments depend on Citigroup Global Markets Holdings Inc. and Citigroup Inc. remaining solvent.
- No interim liquidity or listing: Investors may face wide bid-ask spreads or be unable to exit early.
- No interest or dividends: Opportunity cost versus coupon-bearing or dividend-paying alternatives.
Insights
TL;DR – Offers minimum 21% digital upside with principal back, but no growth beyond cap and full Citigroup credit risk.
The note appeals to investors seeking equity exposure with nominal principal protection and a defined payoff. A flat or positive move in both indices secures at least a 21% return, equating to a 6.5% compound annual rate. However, upside is strictly capped; any index rally above the strike yields no additional benefit versus direct equity investment. Payment hinges on a single observation, introducing path dependency and event-risk near maturity. Because the product is unsecured, deterioration in Citigroup’s credit profile would directly erode value. Illiquidity is another concern as the notes are unlisted and the dealer is not obligated to make markets. Overall impact: neutral to modestly positive for income-substituting investors comfortable with issuer risk and opportunity cost.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., offre Note Digitali triennali collegate all'indice con la peggior performance tra S&P 500 (SPX) e Russell 2000 (RTY). Le note sono previste in emissione il 31 luglio 2025 e scadranno il 3 agosto 2028. Alla scadenza gli investitori riceveranno:
- 1.000$ di capitale + un rendimento digitale minimo di 210$ (≥21%) se l'indice peggiore chiude al livello iniziale o superiore.
- Solo il capitale di 1.000$ se l'indice peggiore chiude sotto il livello iniziale.
Le note non pagano interessi periodici, non sono quotate e possono essere scambiate a valori inferiori al prezzo di emissione prima della scadenza. I rischi principali includono un potenziale di guadagno limitato (fissato al rendimento digitale), la dipendenza da una singola data di valutazione, l'assenza di dividendi, il rischio di correlazione degli indici, l'esposizione a small cap tramite RTY, possibili limitazioni di liquidità e il rischio di credito di Citigroup Global Markets Holdings Inc. e Citigroup Inc.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., ofrece Notas Digitales a tres años vinculadas al peor desempeño entre los índices S&P 500 (SPX) y Russell 2000 (RTY). Las notas están programadas para su emisión el 31 de julio de 2025 y vencen el 3 de agosto de 2028. Al vencimiento, los inversores recibirán:
- 1,000$ de capital + un rendimiento digital mínimo de 210$ (≥21%) si el índice con peor desempeño cierra en o por encima de su nivel inicial.
- Solo el capital de 1,000$ si el índice con peor desempeño cierra por debajo de su nivel inicial.
Las notas no pagan intereses periódicos, no están listadas y pueden negociarse a precios inferiores al precio de emisión antes del vencimiento. Los riesgos clave incluyen un potencial de ganancia limitado (máximo establecido por el rendimiento digital), dependencia de una sola fecha de valoración, ausencia de dividendos, riesgo de correlación del índice, exposición a small caps a través de RTY, posibles restricciones de liquidez y el riesgo crediticio de Citigroup Global Markets Holdings Inc. y Citigroup Inc.
Citigroup Global Markets Holdings Inc.(Citigroup Inc. 보증)는 S&P 500(SPX)과 Russell 2000(RTY) 지수 중 성과가 가장 저조한 지수에 연동된 3년 만기 디지털 노트를 제공합니다. 이 노트는 2025년 7월 31일에 가격이 책정되며 2028년 8월 3일에 만기됩니다. 만기 시 투자자는 다음을 받게 됩니다:
- 최저 210달러(≥21%)의 디지털 수익과 함께 1,000달러 원금을, 최저 성과 지수가 초기 수준 이상으로 마감할 경우.
- 원금 1,000달러만을, 최저 성과 지수가 초기 수준 이하로 마감할 경우.
이 노트는 정기 이자를 지급하지 않으며, 상장되어 있지 않고 만기 전 발행가 이하로 거래될 수 있습니다. 주요 위험 요소로는 수익 상한(디지털 수익으로 제한), 단일 평가일 의존, 배당금 부재, 지수 상관 관계 위험, RTY를 통한 소형주 노출, 유동성 제한 가능성, 그리고 Citigroup Global Markets Holdings Inc. 및 Citigroup Inc.의 신용 위험이 포함됩니다.
Citigroup Global Markets Holdings Inc., garantie par Citigroup Inc., propose des Notes Digitales de trois ans liées à la performance la plus faible entre les indices S&P 500 (SPX) et Russell 2000 (RTY). Les notes sont prévues pour être émises le 31 juillet 2025 et arriveront à échéance le 3 août 2028. À l'échéance, les investisseurs recevront :
- 1 000 $ de capital + un rendement digital d'au moins 210 $ (≥21%) si l'indice le moins performant clôture à son niveau initial ou au-dessus.
- Seulement le capital de 1 000 $ si l'indice le moins performant clôture en dessous de son niveau initial.
Les notes ne versent aucun intérêt périodique, ne sont pas cotées et peuvent se négocier à des valeurs inférieures au prix d'émission avant l'échéance. Les principaux risques incluent un potentiel de gain limité (plafonné au rendement digital), la dépendance à une seule date d'évaluation, l'absence de dividendes, le risque de corrélation des indices, l'exposition aux petites capitalisations via RTY, des contraintes potentielles de liquidité et le risque de crédit de Citigroup Global Markets Holdings Inc. et Citigroup Inc.
Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet drei Jahre laufende digitale Schuldverschreibungen, die an den schlechtesten Performer der S&P 500 (SPX) und Russell 2000 (RTY) Indizes gekoppelt sind. Die Notes sollen am 31. Juli 2025 bepreist werden und am 3. August 2028 fällig sein. Bei Fälligkeit erhalten Anleger:
- 1.000$ Kapital + eine digitale Rendite von mindestens 210$ (≥21%), wenn der schlechteste Index auf oder über seinem Anfangsniveau schließt.
- Nur das Kapital von 1.000$, wenn der schlechteste Index unter seinem Anfangsniveau schließt.
Die Notes zahlen keine periodischen Zinsen, sind nicht börsennotiert und können vor Fälligkeit unter dem Ausgabepreis gehandelt werden. Wichtige Risiken umfassen begrenztes Aufwärtspotenzial (begrenzt durch die digitale Rendite), Abhängigkeit von einem einzigen Bewertungsdatum, fehlende Dividenden, Indexkorrelationsrisiken, Small-Cap-Exposition über RTY, mögliche Liquiditätsbeschränkungen und das Kreditrisiko von Citigroup Global Markets Holdings Inc. und Citigroup Inc.
Preliminary Terms This summary of terms is not complete and should be read with the pricing supplement below Citigroup Global Markets Holdings Inc. Issuer: Citigroup Inc. Guarantor: Russell 2000 ® Index (ticker: “ RTY ”) and S&P 500 ® Index (ticker: “SPX”) Underlying indices: July 31, 2025 Pricing date: July 31, 2028 Valuation date: August 3, 2028 Maturity date: 17333LFP5 / US17333LFP58 CUSIP / ISIN: For each underlying index, its closing level on the pricing date Initial index level: For each underlying index, its closing level on the valuation date Final index level : For each underlying index, (final index level - initial index level) / initial index level Index return: At least $210.00 per note (representing a digital return equal to at least 21.00% of the stated principal amount) Digital return amount*: The underlying index with the lowest index return Worst performer: You will receive at maturity for each note you then hold: • If the final index level of the worst performer is greater than or equal to its initial index level: $1,000 + digital return amount • If the final index level of the worst performer is less than its initial index level : $1,000 All payments on the notes are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. Payment at Maturity: $1,000 per note Stated principal amount: Preliminary Pricing Supplement dated June 30, 2025 Pricing Supplement: * to be determined on the pricing date ** assumes that the digital return amount will be set at the lowest value indicated in this offering summary Citigroup Global Markets Holdings Inc. Guaranteed by Citigroup Inc. Digital Notes Linked to Worst of RTY and SPX Hypothetical Payment at Maturity** Hypothetical Payment at Maturity** Hypothetical Note Return Hypothetical Index Return of the Worst Performer $1,210.00 21.00% 100.00% $1,210.00 21.00% 75.00% $1,210.00 21.00% 50.00% $1,210.00 21.00% 10.00% $1,210.00 21.00% 5.00% $1,210.00 21.00% 0.00% $1,000.00 0.00% - 10.00% $1,000.00 0.00% - 20.00% $1,000.00 0.00% - 30.00% $1,000.00 0.00% - 40.00% $1,000.00 0.00% - 50.00% $1,000.00 0.00% - 100.00%
Selected Risk Considerations • You may not receive any return on your investment in the notes. You will receive a positive return on your investment in the notes only if the worst performer remains the same or appreciates from its initial index level to its final index level. If the final index level of the worst performer is less than its initial index level, you will receive only the stated principal amount for each note you hold at maturity. • The notes do not pay interest. • The return on the notes depends solely on the performance of the worst performer. As a result, the notes are subject to the risks of each of the underlying indices and will be negatively affected if any one performs poorly. • Your potential return on the notes is limited. Your potential return on the notes at maturity is limited to the digital return. • Although the notes 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 worst performer declines. • You will be subject to risks relating to the relationship among the underlying indices. The less correlated the underlying indices, the more likely it is that any one of the underlying indices will perform poorly over the term of the notes. All that is necessary for the notes to perform poorly is for one of the underlying indices to perform poorly. • You will not receive dividends or have any other rights with respect to the underlyings. • Your payment at maturity depends on the closing value of the worst performer on a single day. • The notes 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 notes and Citigroup Inc. defaults on its guarantee obligations, you may not receive anything owed to you under the notes. • Sale of the notes prior to maturity may result in a loss of principal. • The notes will not be listed on any securities exchange and you may not be able to sell them prior to maturity. • The estimated val ue of the notes on the pricing date will be less than the issue price. For more information about the estimated value of the notes, see the accompanying preliminary pricing supplement. • The value of the notes prior to maturity will fluctuate based on many unpredictable factors. • The Russell 2000 ® Index is subject to risks associated with small capitalization stocks. • The issuer and its affiliates may have conflicts of interest with you. 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. 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. Citigroup Global Markets Holdings Inc. Guaranteed by Citigroup Inc.
FAQ
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