STOCK TITAN

[Form 3] Resources Connection Initial Statement of Beneficial Ownership

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
3
Rhea-AI Filing Summary

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering $9.193 million of Contingent Income Auto-Callable Securities linked to the common stock of Amgen Inc. (AMGN). The notes are senior, unsecured obligations that mature on 29-Dec-2028 unless redeemed earlier. Each $1,000 security pays a quarterly contingent coupon of 2.625% (10.50% p.a.) when the closing price of AMGN on the relevant valuation date is at least 70 % of the initial share price ($279.11). Missed coupons may be fully ‘caught-up’ if the share price subsequently meets the threshold.

The notes may be automatically redeemed on any quarterly valuation date starting 26-Sep-2025 if AMGN closes at or above the initial share price. Holders then receive par plus the due coupon (including any unpaid coupons). If not redeemed, the principal repayment depends on AMGN’s final price:

  • ≥ 70 % of initial: return of principal plus final coupon (and unpaid coupons).
  • < 70 % of initial: principal is reduced 1-for-1 with the share decline, exposing investors to losses of up to 100 %.

Key economic terms include a downside threshold of $195.377, no exchange listing, CUSIP 17333LBW4, and a guaranteed but unsecured payment structure. The issue price is $1,000, while the estimated value is $971.50, reflecting structuring and distribution costs: an underwriting fee of $25, a $20 selling concession, and a $5 structuring fee to Morgan Stanley Wealth Management. Secondary market liquidity is expected to be limited and solely at Citigroup Global Markets Inc.’s discretion.

Risk highlights disclosed span full principal loss below threshold, contingent and non-cumulative coupons, early redemption limiting yield, issuer and guarantor credit risk, model-based valuation, potential conflicts in hedging, and complex U.S. tax treatment. The securities do not offer any participation in AMGN price appreciation or dividends. They are intended for sophisticated investors who can tolerate equity downside, credit exposure to Citigroup, and possible illiquidity.

Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., offre 9,193 milioni di dollari in Contingent Income Auto-Callable Securities collegati alle azioni ordinarie di Amgen Inc. (AMGN). I titoli sono obbligazioni senior, non garantite, con scadenza al 29 dicembre 2028, salvo rimborso anticipato. Ogni titolo da 1.000 dollari paga un coupon trimestrale condizionale del 2,625% (10,50% annuo) se il prezzo di chiusura di AMGN alla data di valutazione rilevante è almeno il 70% del prezzo iniziale delle azioni ($279,11). I coupon non pagati possono essere integralmente recuperati se il prezzo delle azioni raggiunge successivamente la soglia.

I titoli possono essere rimborsati automaticamente in qualsiasi data di valutazione trimestrale a partire dal 26 settembre 2025, se AMGN chiude al prezzo iniziale o superiore. In tal caso, gli investitori ricevono il valore nominale più il coupon dovuto (inclusi eventuali coupon non pagati). In caso contrario, il rimborso del capitale dipende dal prezzo finale di AMGN:

  • ≥ 70% del prezzo iniziale: restituzione del capitale più coupon finale (e coupon non pagati).
  • < 70% del prezzo iniziale: il capitale viene ridotto proporzionalmente alla diminuzione del prezzo, esponendo gli investitori a perdite fino al 100%.

I termini economici principali includono una soglia di ribasso di $195,377, nessuna quotazione in borsa, CUSIP 17333LBW4 e una struttura di pagamento garantita ma non garantita da garanzie reali. Il prezzo di emissione è di 1.000 dollari, mentre il valore stimato è di 971,50 dollari, che riflette i costi di strutturazione e distribuzione: una commissione di sottoscrizione di 25 dollari, una concessione di vendita di 20 dollari e una commissione di strutturazione di 5 dollari a Morgan Stanley Wealth Management. La liquidità nel mercato secondario sarà limitata e soggetta esclusivamente alla discrezione di Citigroup Global Markets Inc.

Rischi principali evidenziati includono la possibile perdita totale del capitale sotto la soglia, coupon condizionali e non cumulativi, rimborso anticipato che limita il rendimento, rischio di credito dell’emittente e del garante, valutazione basata su modelli, potenziali conflitti nell’hedging e complessa tassazione negli Stati Uniti. I titoli non offrono partecipazione all’apprezzamento del prezzo di AMGN né ai dividendi. Sono destinati a investitori sofisticati in grado di tollerare il rischio di ribasso azionario, l’esposizione creditizia a Citigroup e la possibile illiquidità.

Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., está ofreciendo 9.193 millones de dólares en Valores Contingentes de Ingresos Auto-Canjeables vinculados a las acciones ordinarias de Amgen Inc. (AMGN). Los bonos son obligaciones senior no garantizadas que vencen el 29 de diciembre de 2028, salvo redención anticipada. Cada título de $1,000 paga un cupón trimestral contingente del 2.625% (10.50% anual) si el precio de cierre de AMGN en la fecha de valoración correspondiente es al menos el 70% del precio inicial de la acción ($279.11). Los cupones no pagados pueden recuperarse completamente si el precio de la acción alcanza posteriormente el umbral.

Los bonos pueden ser redimidos automáticamente en cualquier fecha de valoración trimestral a partir del 26 de septiembre de 2025 si AMGN cierra en o por encima del precio inicial. En ese caso, los tenedores reciben el valor nominal más el cupón adeudado (incluidos los cupones impagos). Si no se redimen, el reembolso del principal depende del precio final de AMGN:

  • ≥ 70% del inicial: devolución del principal más el cupón final (y cupones no pagados).
  • < 70% del inicial: el principal se reduce 1 a 1 con la caída de la acción, exponiendo a los inversores a pérdidas de hasta el 100%.

Los términos económicos clave incluyen un umbral a la baja de $195.377, sin cotización en bolsa, CUSIP 17333LBW4 y una estructura de pago garantizada pero no asegurada. El precio de emisión es $1,000, mientras que el valor estimado es $971.50, reflejando costos de estructuración y distribución: una comisión de suscripción de $25, una concesión de venta de $20 y una tarifa de estructuración de $5 para Morgan Stanley Wealth Management. Se espera que la liquidez en el mercado secundario sea limitada y esté a discreción exclusiva de Citigroup Global Markets Inc.

Aspectos destacados de riesgo incluyen pérdida total del principal bajo el umbral, cupones contingentes y no acumulativos, redención anticipada que limita el rendimiento, riesgo crediticio del emisor y garante, valoración basada en modelos, posibles conflictos en la cobertura y tratamiento fiscal complejo en EE.UU. Los valores no ofrecen participación en la apreciación del precio de AMGN ni en dividendos. Están destinados a inversores sofisticados que puedan tolerar la caída del capital accionario, la exposición crediticia a Citigroup y posible iliquidez.

Citigroup Global Markets Holdings Inc.는 Citigroup Inc.의 보증을 받아 Amgen Inc.(AMGN) 보통주와 연계된 9,193만 달러조건부 소득 자동 상환 증권을 발행합니다. 이 증권은 선순위 무담보 채무로, 2028년 12월 29일에 만기되며 조기 상환될 수 있습니다. 각 $1,000 증권은 AMGN의 해당 평가일 종가가 초기 주가($279.11)의 70% 이상일 경우 분기별 조건부 쿠폰 2.625%(연 10.50%)를 지급합니다. 쿠폰 미지급 시 주가가 이후 임계값을 충족하면 미지급 쿠폰을 전액 지급받을 수 있습니다.

증권은 2025년 9월 26일부터 시작하는 분기 평가일에 AMGN이 초기 주가 이상으로 마감하면 자동 상환될 수 있습니다. 이 경우 투자자는 액면가와 미지급 쿠폰을 포함한 해당 쿠폰을 받게 됩니다. 상환되지 않을 경우 원금 상환은 AMGN의 최종 가격에 따라 결정됩니다:

  • 초기 가격의 70% 이상: 원금과 최종 쿠폰(미지급 쿠폰 포함) 지급.
  • 초기 가격의 70% 미만: 주가 하락에 따라 1대1로 원금이 감소하며 최대 100% 손실 위험이 있습니다.

주요 경제 조건으로는 하락 임계값 $195.377, 상장 없음, CUSIP 17333LBW4, 보증은 있으나 담보는 없는 지급 구조가 포함됩니다. 발행 가격은 $1,000이며, 예상 가치는 $971.50로, 구조화 및 유통 비용(인수 수수료 $25, 판매 수수료 $20, Morgan Stanley Wealth Management에 지급되는 구조화 수수료 $5)이 반영되어 있습니다. 2차 시장 유동성은 제한적이며 전적으로 Citigroup Global Markets Inc.의 재량에 따릅니다.

주요 위험 사항으로는 임계값 이하 시 원금 전액 손실 가능성, 조건부 비누적 쿠폰, 조기 상환으로 인한 수익 제한, 발행자 및 보증인 신용 위험, 모델 기반 평가, 헤징 관련 잠재적 충돌, 복잡한 미국 세금 처리 등이 있습니다. 증권은 AMGN 주가 상승이나 배당 참여 권리가 없으며, 주식 하락 위험, Citigroup 신용 노출, 잠재적 유동성 부족을 감수할 수 있는 숙련된 투자자를 대상으로 합니다.

Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., propose 9,193 millions de dollars de Titres à Revenu Conditionnel Auto-Rappelables liés aux actions ordinaires de Amgen Inc. (AMGN). Les billets sont des obligations senior non garanties arrivant à échéance le 29 décembre 2028, sauf remboursement anticipé. Chaque titre de 1 000 $ verse un coupon trimestriel conditionnel de 2,625 % (10,50 % par an) lorsque le cours de clôture d’AMGN à la date d’évaluation pertinente est au moins égal à 70 % du prix initial de l’action (279,11 $). Les coupons non versés peuvent être entièrement récupérés si le cours de l’action atteint ultérieurement ce seuil.

Les titres peuvent être remboursés automatiquement à toute date d’évaluation trimestrielle à partir du 26 septembre 2025 si AMGN clôture au prix initial ou au-dessus. Les détenteurs reçoivent alors la valeur nominale plus le coupon dû (y compris les coupons impayés). En cas de non-remboursement, le remboursement du principal dépend du prix final d’AMGN :

  • ≥ 70 % du prix initial : remboursement du principal plus coupon final (et coupons impayés).
  • < 70 % du prix initial : le principal est réduit à hauteur de la baisse du cours, exposant les investisseurs à une perte pouvant atteindre 100 %.

Les principales conditions économiques incluent un seuil de baisse de 195,377 $, aucune cotation en bourse, CUSIP 17333LBW4 et une structure de paiement garantie mais non sécurisée. Le prix d’émission est de 1 000 $, tandis que la valeur estimée est de 971,50 $, reflétant les coûts de structuration et de distribution : une commission de souscription de 25 $, une concession de vente de 20 $ et une commission de structuration de 5 $ versées à Morgan Stanley Wealth Management. La liquidité sur le marché secondaire devrait être limitée et soumise uniquement à la discrétion de Citigroup Global Markets Inc.

Points clés de risque divulgués englobent la perte totale du principal sous le seuil, des coupons conditionnels et non cumulatifs, un remboursement anticipé limitant le rendement, le risque de crédit de l’émetteur et du garant, une valorisation basée sur un modèle, des conflits potentiels dans la couverture et un traitement fiscal complexe aux États-Unis. Les titres n’offrent aucune participation à l’appréciation du prix d’AMGN ni aux dividendes. Ils sont destinés à des investisseurs avertis capables de tolérer une baisse du capital actions, une exposition au crédit de Citigroup et une possible illiquidité.

Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet 9,193 Millionen US-Dollar an Contingent Income Auto-Callable Securities an, die an die Stammaktien von Amgen Inc. (AMGN) gekoppelt sind. Die Schuldverschreibungen sind vorrangige, unbesicherte Verbindlichkeiten mit Fälligkeit am 29. Dezember 2028, sofern sie nicht früher zurückgezahlt werden. Jede 1.000-Dollar-Anleihe zahlt einen vierteljährlichen bedingten Kupon von 2,625 % (10,50 % p.a.), wenn der Schlusskurs von AMGN am jeweiligen Bewertungstag mindestens 70 % des Anfangskurses ($279,11) beträgt. Verpasste Kupons können vollständig nachgezahlt werden, wenn der Aktienkurs später die Schwelle erreicht.

Die Anleihen können an jedem vierteljährlichen Bewertungstag ab dem 26. September 2025 automatisch zurückgezahlt werden, wenn AMGN zum oder über dem Anfangskurs schließt. Die Inhaber erhalten dann den Nennwert zuzüglich des fälligen Kupons (einschließlich etwaiger nicht gezahlter Kupons). Wird nicht zurückgezahlt, hängt die Rückzahlung des Kapitals vom Endpreis von AMGN ab:

  • ≥ 70 % des Anfangskurses: Rückzahlung des Kapitals plus finaler Kupon (und nicht gezahlte Kupons).
  • < 70 % des Anfangskurses: Das Kapital wird 1:1 mit dem Kursrückgang reduziert, was Investoren einem Verlust von bis zu 100 % aussetzt.

Wichtige wirtschaftliche Bedingungen umfassen eine Abschwächungsschwelle von $195,377, keine Börsennotierung, CUSIP 17333LBW4 und eine garantierte, aber unbesicherte Zahlungsstruktur. Der Ausgabepreis beträgt 1.000 USD, während der geschätzte Wert bei 971,50 USD liegt, was Strukturierungs- und Vertriebskosten widerspiegelt: eine Zeichnungsgebühr von 25 USD, eine Verkaufskonzession von 20 USD und eine Strukturierungsgebühr von 5 USD an Morgan Stanley Wealth Management. Die Liquidität am Sekundärmarkt wird voraussichtlich begrenzt sein und liegt ausschließlich im Ermessen von Citigroup Global Markets Inc.

Risikohighlights umfassen den vollständigen Kapitalverlust unterhalb der Schwelle, bedingte und nicht kumulative Kupons, vorzeitige Rückzahlung, die die Rendite begrenzt, Emittenten- und Garantiegeber-Kreditrisiko, modellbasierte Bewertung, potenzielle Interessenkonflikte beim Hedging und komplexe US-Steuerbehandlung. Die Wertpapiere bieten keine Teilnahme an der Kurssteigerung oder Dividenden von AMGN. Sie richten sich an erfahrene Anleger, die Kursverluste, Kreditrisiken von Citigroup und mögliche Illiquidität tolerieren können.

Positive
  • High contingent coupon: 10.50% annual rate, with missed coupons recoverable if AMGN subsequently meets the threshold.
  • 30% downside buffer: Principal is protected unless AMGN falls more than 30% from the initial price.
  • Early autocall feature: Potential for rapid return of capital plus coupon if AMGN stays flat or appreciates.
  • Citigroup guarantee: Payments are fully and unconditionally guaranteed by Citigroup Inc.
Negative
  • Principal at risk: Investors may lose up to 100% of principal if AMGN closes below the 70% threshold at maturity.
  • No upside participation: Returns capped at coupon income; stock appreciation beyond 0% triggers early call.
  • Limited liquidity: Unlisted security; secondary market making is discretionary and may cease.
  • Credit exposure: Depends on the unsecured credit of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
  • Issue price premium: Estimated value of $971.50 is 2.85% below the $1,000 offer, reflecting fees and structuring costs.
  • Complex, uncertain tax treatment: Prepaid-forward classification and possible 30% withholding for non-U.S. holders.

Insights

TL;DR: High 10.5% coupon and 30% buffer attractive, but value erosion, early call and full downside make the note suitable only for yield-seeking risk-takers.

The note packages a rich headline yield with a standard 70% barrier and quarterly autocall. Investors gain a catch-up feature that restores skipped coupons, enhancing effective yield if AMGN oscillates around the barrier. However, the $971.50 estimated value versus the $1,000 offer price signals an immediate 2.85% mark-to-market drag, and secondary liquidity rests solely with the underwriter. Economic upside caps at coupon receipts; any AMGN rally beyond 0% triggers an early call, truncating income potential. On the downside, exposure is linear once the 30% buffer is breached, identical to holding the stock below that level yet without dividend rights. Position sizing should reflect the double-layer credit risk (CGMHI & Citigroup Inc.) and the possibility of zero recovery in a severe AMGN drawdown.

TL;DR: Principal-at-risk note adds Citigroup credit exposure and model risk; limited liquidity and sub-par fair value skew risk-reward negatively.

From a risk perspective, buyers exchange unsecured credit exposure for above-market coupons. The documentation underscores that payments depend on Citigroup’s solvency; a downgrade or spread widening could impair secondary prices even with AMGN stable. The lack of exchange listing, discretionary market-making and a three-month temporary price premium imply potential exit discounts well below intrinsic value. Furthermore, valuation relies on proprietary models calibrated with an internal funding rate, creating opacity for investors. Tax treatment is uncertain—coupon income is ordinary, and non-U.S. holders face 30% withholding. Combining equity tail risk, credit risk and liquidity risk for a gross yield of 10.5% appears uncompelling for conservative portfolios.

Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., offre 9,193 milioni di dollari in Contingent Income Auto-Callable Securities collegati alle azioni ordinarie di Amgen Inc. (AMGN). I titoli sono obbligazioni senior, non garantite, con scadenza al 29 dicembre 2028, salvo rimborso anticipato. Ogni titolo da 1.000 dollari paga un coupon trimestrale condizionale del 2,625% (10,50% annuo) se il prezzo di chiusura di AMGN alla data di valutazione rilevante è almeno il 70% del prezzo iniziale delle azioni ($279,11). I coupon non pagati possono essere integralmente recuperati se il prezzo delle azioni raggiunge successivamente la soglia.

I titoli possono essere rimborsati automaticamente in qualsiasi data di valutazione trimestrale a partire dal 26 settembre 2025, se AMGN chiude al prezzo iniziale o superiore. In tal caso, gli investitori ricevono il valore nominale più il coupon dovuto (inclusi eventuali coupon non pagati). In caso contrario, il rimborso del capitale dipende dal prezzo finale di AMGN:

  • ≥ 70% del prezzo iniziale: restituzione del capitale più coupon finale (e coupon non pagati).
  • < 70% del prezzo iniziale: il capitale viene ridotto proporzionalmente alla diminuzione del prezzo, esponendo gli investitori a perdite fino al 100%.

I termini economici principali includono una soglia di ribasso di $195,377, nessuna quotazione in borsa, CUSIP 17333LBW4 e una struttura di pagamento garantita ma non garantita da garanzie reali. Il prezzo di emissione è di 1.000 dollari, mentre il valore stimato è di 971,50 dollari, che riflette i costi di strutturazione e distribuzione: una commissione di sottoscrizione di 25 dollari, una concessione di vendita di 20 dollari e una commissione di strutturazione di 5 dollari a Morgan Stanley Wealth Management. La liquidità nel mercato secondario sarà limitata e soggetta esclusivamente alla discrezione di Citigroup Global Markets Inc.

Rischi principali evidenziati includono la possibile perdita totale del capitale sotto la soglia, coupon condizionali e non cumulativi, rimborso anticipato che limita il rendimento, rischio di credito dell’emittente e del garante, valutazione basata su modelli, potenziali conflitti nell’hedging e complessa tassazione negli Stati Uniti. I titoli non offrono partecipazione all’apprezzamento del prezzo di AMGN né ai dividendi. Sono destinati a investitori sofisticati in grado di tollerare il rischio di ribasso azionario, l’esposizione creditizia a Citigroup e la possibile illiquidità.

Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., está ofreciendo 9.193 millones de dólares en Valores Contingentes de Ingresos Auto-Canjeables vinculados a las acciones ordinarias de Amgen Inc. (AMGN). Los bonos son obligaciones senior no garantizadas que vencen el 29 de diciembre de 2028, salvo redención anticipada. Cada título de $1,000 paga un cupón trimestral contingente del 2.625% (10.50% anual) si el precio de cierre de AMGN en la fecha de valoración correspondiente es al menos el 70% del precio inicial de la acción ($279.11). Los cupones no pagados pueden recuperarse completamente si el precio de la acción alcanza posteriormente el umbral.

Los bonos pueden ser redimidos automáticamente en cualquier fecha de valoración trimestral a partir del 26 de septiembre de 2025 si AMGN cierra en o por encima del precio inicial. En ese caso, los tenedores reciben el valor nominal más el cupón adeudado (incluidos los cupones impagos). Si no se redimen, el reembolso del principal depende del precio final de AMGN:

  • ≥ 70% del inicial: devolución del principal más el cupón final (y cupones no pagados).
  • < 70% del inicial: el principal se reduce 1 a 1 con la caída de la acción, exponiendo a los inversores a pérdidas de hasta el 100%.

Los términos económicos clave incluyen un umbral a la baja de $195.377, sin cotización en bolsa, CUSIP 17333LBW4 y una estructura de pago garantizada pero no asegurada. El precio de emisión es $1,000, mientras que el valor estimado es $971.50, reflejando costos de estructuración y distribución: una comisión de suscripción de $25, una concesión de venta de $20 y una tarifa de estructuración de $5 para Morgan Stanley Wealth Management. Se espera que la liquidez en el mercado secundario sea limitada y esté a discreción exclusiva de Citigroup Global Markets Inc.

Aspectos destacados de riesgo incluyen pérdida total del principal bajo el umbral, cupones contingentes y no acumulativos, redención anticipada que limita el rendimiento, riesgo crediticio del emisor y garante, valoración basada en modelos, posibles conflictos en la cobertura y tratamiento fiscal complejo en EE.UU. Los valores no ofrecen participación en la apreciación del precio de AMGN ni en dividendos. Están destinados a inversores sofisticados que puedan tolerar la caída del capital accionario, la exposición crediticia a Citigroup y posible iliquidez.

Citigroup Global Markets Holdings Inc.는 Citigroup Inc.의 보증을 받아 Amgen Inc.(AMGN) 보통주와 연계된 9,193만 달러조건부 소득 자동 상환 증권을 발행합니다. 이 증권은 선순위 무담보 채무로, 2028년 12월 29일에 만기되며 조기 상환될 수 있습니다. 각 $1,000 증권은 AMGN의 해당 평가일 종가가 초기 주가($279.11)의 70% 이상일 경우 분기별 조건부 쿠폰 2.625%(연 10.50%)를 지급합니다. 쿠폰 미지급 시 주가가 이후 임계값을 충족하면 미지급 쿠폰을 전액 지급받을 수 있습니다.

증권은 2025년 9월 26일부터 시작하는 분기 평가일에 AMGN이 초기 주가 이상으로 마감하면 자동 상환될 수 있습니다. 이 경우 투자자는 액면가와 미지급 쿠폰을 포함한 해당 쿠폰을 받게 됩니다. 상환되지 않을 경우 원금 상환은 AMGN의 최종 가격에 따라 결정됩니다:

  • 초기 가격의 70% 이상: 원금과 최종 쿠폰(미지급 쿠폰 포함) 지급.
  • 초기 가격의 70% 미만: 주가 하락에 따라 1대1로 원금이 감소하며 최대 100% 손실 위험이 있습니다.

주요 경제 조건으로는 하락 임계값 $195.377, 상장 없음, CUSIP 17333LBW4, 보증은 있으나 담보는 없는 지급 구조가 포함됩니다. 발행 가격은 $1,000이며, 예상 가치는 $971.50로, 구조화 및 유통 비용(인수 수수료 $25, 판매 수수료 $20, Morgan Stanley Wealth Management에 지급되는 구조화 수수료 $5)이 반영되어 있습니다. 2차 시장 유동성은 제한적이며 전적으로 Citigroup Global Markets Inc.의 재량에 따릅니다.

주요 위험 사항으로는 임계값 이하 시 원금 전액 손실 가능성, 조건부 비누적 쿠폰, 조기 상환으로 인한 수익 제한, 발행자 및 보증인 신용 위험, 모델 기반 평가, 헤징 관련 잠재적 충돌, 복잡한 미국 세금 처리 등이 있습니다. 증권은 AMGN 주가 상승이나 배당 참여 권리가 없으며, 주식 하락 위험, Citigroup 신용 노출, 잠재적 유동성 부족을 감수할 수 있는 숙련된 투자자를 대상으로 합니다.

Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., propose 9,193 millions de dollars de Titres à Revenu Conditionnel Auto-Rappelables liés aux actions ordinaires de Amgen Inc. (AMGN). Les billets sont des obligations senior non garanties arrivant à échéance le 29 décembre 2028, sauf remboursement anticipé. Chaque titre de 1 000 $ verse un coupon trimestriel conditionnel de 2,625 % (10,50 % par an) lorsque le cours de clôture d’AMGN à la date d’évaluation pertinente est au moins égal à 70 % du prix initial de l’action (279,11 $). Les coupons non versés peuvent être entièrement récupérés si le cours de l’action atteint ultérieurement ce seuil.

Les titres peuvent être remboursés automatiquement à toute date d’évaluation trimestrielle à partir du 26 septembre 2025 si AMGN clôture au prix initial ou au-dessus. Les détenteurs reçoivent alors la valeur nominale plus le coupon dû (y compris les coupons impayés). En cas de non-remboursement, le remboursement du principal dépend du prix final d’AMGN :

  • ≥ 70 % du prix initial : remboursement du principal plus coupon final (et coupons impayés).
  • < 70 % du prix initial : le principal est réduit à hauteur de la baisse du cours, exposant les investisseurs à une perte pouvant atteindre 100 %.

Les principales conditions économiques incluent un seuil de baisse de 195,377 $, aucune cotation en bourse, CUSIP 17333LBW4 et une structure de paiement garantie mais non sécurisée. Le prix d’émission est de 1 000 $, tandis que la valeur estimée est de 971,50 $, reflétant les coûts de structuration et de distribution : une commission de souscription de 25 $, une concession de vente de 20 $ et une commission de structuration de 5 $ versées à Morgan Stanley Wealth Management. La liquidité sur le marché secondaire devrait être limitée et soumise uniquement à la discrétion de Citigroup Global Markets Inc.

Points clés de risque divulgués englobent la perte totale du principal sous le seuil, des coupons conditionnels et non cumulatifs, un remboursement anticipé limitant le rendement, le risque de crédit de l’émetteur et du garant, une valorisation basée sur un modèle, des conflits potentiels dans la couverture et un traitement fiscal complexe aux États-Unis. Les titres n’offrent aucune participation à l’appréciation du prix d’AMGN ni aux dividendes. Ils sont destinés à des investisseurs avertis capables de tolérer une baisse du capital actions, une exposition au crédit de Citigroup et une possible illiquidité.

Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet 9,193 Millionen US-Dollar an Contingent Income Auto-Callable Securities an, die an die Stammaktien von Amgen Inc. (AMGN) gekoppelt sind. Die Schuldverschreibungen sind vorrangige, unbesicherte Verbindlichkeiten mit Fälligkeit am 29. Dezember 2028, sofern sie nicht früher zurückgezahlt werden. Jede 1.000-Dollar-Anleihe zahlt einen vierteljährlichen bedingten Kupon von 2,625 % (10,50 % p.a.), wenn der Schlusskurs von AMGN am jeweiligen Bewertungstag mindestens 70 % des Anfangskurses ($279,11) beträgt. Verpasste Kupons können vollständig nachgezahlt werden, wenn der Aktienkurs später die Schwelle erreicht.

Die Anleihen können an jedem vierteljährlichen Bewertungstag ab dem 26. September 2025 automatisch zurückgezahlt werden, wenn AMGN zum oder über dem Anfangskurs schließt. Die Inhaber erhalten dann den Nennwert zuzüglich des fälligen Kupons (einschließlich etwaiger nicht gezahlter Kupons). Wird nicht zurückgezahlt, hängt die Rückzahlung des Kapitals vom Endpreis von AMGN ab:

  • ≥ 70 % des Anfangskurses: Rückzahlung des Kapitals plus finaler Kupon (und nicht gezahlte Kupons).
  • < 70 % des Anfangskurses: Das Kapital wird 1:1 mit dem Kursrückgang reduziert, was Investoren einem Verlust von bis zu 100 % aussetzt.

Wichtige wirtschaftliche Bedingungen umfassen eine Abschwächungsschwelle von $195,377, keine Börsennotierung, CUSIP 17333LBW4 und eine garantierte, aber unbesicherte Zahlungsstruktur. Der Ausgabepreis beträgt 1.000 USD, während der geschätzte Wert bei 971,50 USD liegt, was Strukturierungs- und Vertriebskosten widerspiegelt: eine Zeichnungsgebühr von 25 USD, eine Verkaufskonzession von 20 USD und eine Strukturierungsgebühr von 5 USD an Morgan Stanley Wealth Management. Die Liquidität am Sekundärmarkt wird voraussichtlich begrenzt sein und liegt ausschließlich im Ermessen von Citigroup Global Markets Inc.

Risikohighlights umfassen den vollständigen Kapitalverlust unterhalb der Schwelle, bedingte und nicht kumulative Kupons, vorzeitige Rückzahlung, die die Rendite begrenzt, Emittenten- und Garantiegeber-Kreditrisiko, modellbasierte Bewertung, potenzielle Interessenkonflikte beim Hedging und komplexe US-Steuerbehandlung. Die Wertpapiere bieten keine Teilnahme an der Kurssteigerung oder Dividenden von AMGN. Sie richten sich an erfahrene Anleger, die Kursverluste, Kreditrisiken von Citigroup und mögliche Illiquidität tolerieren können.

SEC Form 3
FORM 3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0104
Estimated average burden
hours per response: 0.5
1. Name and Address of Reporting Person*
FOX JEFFREY H

(Last) (First) (Middle)
15950 NORTH DALLAS PARKWAY
SUITE 330

(Street)
DALLAS TX 75248

(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
06/26/2025
3. Issuer Name and Ticker or Trading Symbol
RESOURCES CONNECTION, INC. [ RGP ]
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
5. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock 1,289,243 I CG Core Value Fund(1)
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year) 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. The Reporting Person is filing this Form 3 to report his pecuniary interest in the shares of the Issuer directly held by CG Core Value Fund LP (the "Fund"), which interest he possesses indirectly through Circumference Group Holdings LLC ("Holdings LLC"), Circumference Core Value GP LLC ("GP LLC"), and Circumference Group LLC ("Group LLC"). GP LLC is the general partner of the Fund, Group LLC provides investment advisory services to the Fund, Holdings LLC is the managing member of Group LLC and the sole owner of the GP, and the Reporting Person is the owner of Holdings LLC. The Reporting Person disclaims beneficial ownership of the securities reported hereon, except to the extent of his pecuniary interest therein.
Remarks:
The Fund, Holdings LLC, Group LLC and GP LLC have filed a separate Form 3 reporting their pecuniary interest in the 1,289,243 shares of the Issuer's common stock directly held by the Fund.
By: /s/ Rebecca Cottrell as attorney-in-fact For: Jeffrey H. Fox 06/30/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What is the coupon rate on Citigroup’s 2025 AMGN-linked contingent income securities (CUSIP 17333LBW4)?

The notes pay a 2.625% quarterly coupon, equivalent to 10.50% per annum, when AMGN closes at or above 70% of its initial price.

When can the securities be automatically redeemed by Citigroup (symbol C)?

Starting 26-Sep-2025 and on each subsequent valuation date, the notes are redeemed if AMGN’s closing price is at least the $279.11 initial price.

What happens at maturity if Amgen stock falls below 70% of the initial price?

Holders receive $1,000 plus $1,000 × (Final Price − Initial Price) / Initial Price, potentially less than $700 or even zero, and no coupon.

How does the estimated value compare with the $1,000 issue price?

Citigroup’s model-based estimated value is $971.50, reflecting underwriting, hedging and structuring costs embedded in the offer price.

Are the notes listed on an exchange or tradeable in liquid markets?

No. The securities will not be listed; any secondary liquidity is provided solely at Citigroup Global Markets Inc.’s discretion.

Do investors receive Amgen dividends through this product?

No. Holders do not receive dividends or any other shareholder rights associated with Amgen common stock.
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