[8-K] Enovix Corporation Reports Material Event
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc. (symbol C), is marketing Dual Directional Barrier Securities linked to the S&P 500庐 Index ("SPX") that mature in July 2026. The notes are zero-coupon, unsecured senior obligations and will not be listed on any exchange.
Pay-off profile: for each $1,000 face value note, investors receive:
- Upside: 1-to-1 participation in SPX gains, capped at a maximum upside return of $100 (10%).
- Moderate downside (SPX decline 鈮� 18.20% barrier): positive return equal to the absolute index decline (e.g., 鈥�5% index 鈫� +5% note return).
- Severe downside (SPX decline > 18.20%): full negative exposure; payment equals $1,000 脳 (1 + index return), down to zero at 鈥�100%.
Key terms: strike date 15-Jul-2025; maturity 31-Jul-2026 (t+3 settlement); barrier 鈮� 81.80% of initial index level; CUSIP 17333LMD4; underwriting fee $10 (1.0%); expected issue price $1,000; estimated value 鈮� $935; secondary market is discretionary and may include a six-month temporary bid premium phased to zero.
Investor considerations: the structure favors range-bound or moderately declining markets but significantly limits upside versus direct SPX exposure and exposes holders to full downside beyond 鈥�18.20%. The note pays no coupons or dividends, and investors forgo SPX dividend yield (~1.4% historically). Credit exposure rests on both Citigroup Global Markets Holdings Inc. and Citigroup Inc.
Risk highlights: potential loss of entire principal; illiquidity; valuation and bid-ask spread headwind; initial value < issue price; exposure to discretionary determinations by the affiliated calculation agent; uncertain U.S. tax treatment (pre-paid forward assumption, Section 871(m) review).
The offer targets investors seeking a short-dated, credit-risk-bearing instrument that can deliver modest positive returns in flat to mildly negative equity scenarios, but who are comfortable sacrificing upside and assuming tail-risk to principal.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc. (simbolo C), sta offrendo Dual Directional Barrier Securities collegati all'indice S&P 500庐 ("SPX") con scadenza a luglio 2026. Le note sono obbligazioni senior non garantite a zero-coupon e non saranno quotate su alcun mercato.
Profilo di rendimento: per ogni nota da $1.000 di valore nominale, gli investitori ricevono:
- Rendimento positivo: partecipazione 1 a 1 ai guadagni dell'SPX, con un massimo rendimento positivo di $100 (10%).
- Perdita moderata (calo SPX 鈮� 18,20% barriera): rendimento positivo pari al calo assoluto dell'indice (es. 鈥�5% indice 鈫� +5% rendimento della nota).
- Perdita severa (calo SPX > 18,20%): esposizione negativa totale; il pagamento equivale a $1.000 脳 (1 + rendimento indice), fino a zero in caso di 鈥�100%.
Termini chiave: data di strike 15-lug-2025; scadenza 31-lug-2026 (regolamento t+3); barriera 鈮� 81,80% del livello iniziale dell'indice; CUSIP 17333LMD4; commissione di sottoscrizione $10 (1,0%); prezzo di emissione previsto $1.000; valore stimato 鈮� $935; mercato secondario discrezionale con possibile premio temporaneo al bid di sei mesi decrescente a zero.
Considerazioni per gli investitori: la struttura favorisce mercati laterali o in lieve calo ma limita significativamente il potenziale di rialzo rispetto all'esposizione diretta all'SPX e espone gli investitori al rischio pieno in caso di cali superiori al 鈥�18,20%. La nota non paga cedole o dividendi, rinunciando al rendimento da dividendi dell'SPX (~1,4% storicamente). L'esposizione creditizia riguarda sia Citigroup Global Markets Holdings Inc. che Citigroup Inc.
Rischi principali: possibile perdita totale del capitale; scarsa liquidit脿; difficolt脿 di valutazione e ampi spread denaro-lettera; valore iniziale inferiore al prezzo di emissione; dipendenza da decisioni discrezionali dell'agente di calcolo affiliato; trattamento fiscale USA incerto (assunzione pre-paid forward, revisione Sezione 871(m)).
L'offerta 猫 rivolta a investitori che cercano uno strumento a breve termine con rischio di credito, in grado di generare rendimenti positivi modesti in scenari azionari stabili o lievemente negativi, ma disposti a rinunciare al rialzo e ad assumere rischi estremi sul capitale investito.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc. (s铆mbolo C), est谩 ofreciendo Dual Directional Barrier Securities vinculados al 铆ndice S&P 500庐 ("SPX") que vencen en julio 2026. Los bonos son obligaciones senior no garantizadas y sin cup贸n y no estar谩n listados en ninguna bolsa.
Perfil de pago: por cada bono con valor nominal de $1,000, los inversionistas reciben:
- Rendimiento alcista: participaci贸n 1 a 1 en las ganancias del SPX, con un retorno m谩ximo al alza de $100 (10%).
- Ca铆da moderada (declive del SPX 鈮� 18.20% barrera): rendimiento positivo igual a la ca铆da absoluta del 铆ndice (ej. 鈥�5% 铆ndice 鈫� +5% retorno del bono).
- Ca铆da severa (declive del SPX > 18.20%): exposici贸n negativa total; el pago es $1,000 脳 (1 + retorno del 铆ndice), hasta cero en 鈥�100%.
T茅rminos clave: fecha de strike 15-jul-2025; vencimiento 31-jul-2026 (liquidaci贸n t+3); barrera 鈮� 81.80% del nivel inicial del 铆ndice; CUSIP 17333LMD4; comisi贸n de suscripci贸n $10 (1.0%); precio esperado de emisi贸n $1,000; valor estimado 鈮� $935; mercado secundario discrecional con posible prima temporal de oferta de seis meses que se reduce a cero.
Consideraciones para inversionistas: la estructura favorece mercados laterales o con ca铆das moderadas pero limita significativamente el potencial alcista frente a la exposici贸n directa al SPX y expone a los tenedores a la ca铆da total m谩s all谩 del 鈥�18.20%. El bono no paga cupones ni dividendos, renunciando al rendimiento por dividendos del SPX (~1.4% hist贸ricamente). La exposici贸n crediticia recae en Citigroup Global Markets Holdings Inc. y Citigroup Inc.
Aspectos de riesgo: posible p茅rdida total del principal; iliquidez; dificultades de valoraci贸n y amplios spreads de compra-venta; valor inicial menor que el precio de emisi贸n; dependencia de decisiones discrecionales del agente de c谩lculo afiliado; tratamiento fiscal estadounidense incierto (suposici贸n de pre-paid forward, revisi贸n Secci贸n 871(m)).
La oferta est谩 dirigida a inversionistas que buscan un instrumento de corto plazo con riesgo crediticio, capaz de ofrecer rendimientos positivos modestos en escenarios de mercado planos o ligeramente negativos, pero que est茅n dispuestos a renunciar al alza y asumir riesgos extremos sobre el capital.
Citigroup Global Markets Holdings Inc.電� Citigroup Inc.(鞁臣 C)臧� 氤挫頃橂┌, 2026雲� 7鞗� 毵岅赴鞚� S&P 500庐 歆�靾�("SPX") 鞐瓣硠 鞚挫 氚╉枼 氚半Μ鞏� 歃濌秾鞚� 韺愲Г頃橁碃 鞛堨姷雼堧嫟. 頃措嫻 雲疙姼電� 鞝滊 炜犿彴, 氍措嫶氤� 靹犾垳鞙� 毂勲鞚措┌, 鞏措枻 瓯半灅靻岇棎霃� 靸侅灔霅橃 鞎婌姷雼堧嫟.
靾橃澋 甑“: 鞎‰┐臧� $1,000雼� 韴瀽鞛愲姅 雼れ潓瓿� 臧欖潃 靾橃澋鞚� 氚涭姷雼堧嫟:
- 靸侅姽 鞁�: SPX 靸侅姽鞐� 1雽�1搿� 彀胳棳頃橂┌, 斓滊寑 靸侅姽 靾橃澋鞚� $100 (10%)搿� 鞝滍暅霅╇媹雼�.
- 欷戧皠 頃橂澖 (SPX 頃橂澖 鈮� 18.20% 氚半Μ鞏�): 歆�靾� 頃橂澖韽韥� 鞏戩潣 靾橃澋鞚� 氚涭姷雼堧嫟 (鞓�: 歆�靾� 鈥�5% 鈫� 雲疙姼 +5% 靾橃澋).
- 鞁皝頃� 頃橂澖 (SPX 頃橂澖 > 18.20%): 鞝勲┐鞝� 頃橂澖 雲胳稖; 歆�旮夓暋鞚� $1,000 脳 (1 + 歆�靾� 靾橃澋毳�)鞚措┌, 鈥�100%旯岇 頃橂澖 臧�電�.
欤检殧 臁瓣贝: 頄夓偓臧� 2025雲� 7鞗� 15鞚�; 毵岅赴 2026雲� 7鞗� 31鞚� (t+3 瓴办牅); 氚半Μ鞏� 鈮� 齑堦赴 歆�靾� 靾橃鞚� 81.80%; CUSIP 17333LMD4; 鞚胳垬 靾橃垬耄� $10 (1.0%); 鞓堨儊 氚滍枆臧� $1,000; 於旍爼 臧�旃� 鈮� $935; 2彀� 鞁滌灔鞚� 鞛焿鞝侅澊氅� 6臧滌洈臧� 鞝愳皑 靷澕歆�電� 鞛勳嫓 毵る弰 頂勲Μ氙胳梽 韽暔 臧�電�.
韴瀽鞛� 鞙犾潣靷暛: 鞚� 甑“電� 氚曥姢甓� 霕愲姅 鞕勲頃� 頃橂澖鞛レ棎 鞙犽Μ頃橃毵�, 歆侅爲 SPX 韴瀽 雽�牍� 靸侅姽 鞛犾灛霠レ潉 韥矊 鞝滍暅頃橂┌, 鈥�18.20% 鞚挫儊鞚� 頃橂澖鞐愲姅 鞝勲┐鞝侅溂搿� 雲胳稖霅╇媹雼�. 雲疙姼電� 炜犿彴鞚措倶 氚半嫻旮堨潉 歆�旮夗晿歆� 鞎婌溂氅�, SPX 氚半嫻 靾橃澋毳�(~1.4% 鞐偓鞝� 靾橃箻)鞚� 韽赴頃橁矊 霅╇媹雼�. 鞁犾毄 雲胳稖鞚� Citigroup Global Markets Holdings Inc.鞕� Citigroup Inc.鞐� 鞛堨姷雼堧嫟.
欤检殧 鞙勴棙: 鞗愱笀 鞝勳暋 靻愳嫟 臧�電レ劚; 鞙犽彊靹� 攵�臁�; 韽夑皜 氚� 毵れ垬-毵る弰 鞀ろ攧霠堧摐 攵�雼�; 齑堦赴 臧�旃橁皜 氚滍枆臧� 氙鸽; 鞝滍湸 瓿勳偘 雽�毽澑鞚� 鞛焿鞝� 瓴办爼鞐� 鞚橃〈; 氙戈淡 靹戈笀 觳橂Μ 攵堩檿鞁れ劚(靹犽秷 靹犽弰 臧�鞝�, 靹轨厴 871(m) 瓴�韱�).
氤� 鞝滌晥鞚� 雼赴 鞁犾毄 鞙勴棙鞚� 臧愳垬頃橂┐靹� 韽夗儎頃橁卑雮� 鞎疥皠 頃橂澖頃橂姅 欤检嫕 鞁滌灔 靸來櫓鞐愳劀 靻岉彮鞚� 旮嶌爼鞝� 靾橃澋鞚� 於旉惮頃橂悩, 靸侅姽 旮绊殞毳� 頋儩頃橁碃 鞗愱笀鞐� 雽�頃� 攴闺嫧鞝� 鞙勴棙鞚� 臧愳垬頃� 韴瀽鞛�毳� 雽�靸侅溂搿� 頃╇媹雼�.
Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc. (symbole C), propose des Dual Directional Barrier Securities li茅s 脿 l'indice S&P 500庐 ("SPX") arrivant 脿 茅ch茅ance en juillet 2026. Les titres sont des obligations senior non garanties 脿 coupon z茅ro et ne seront pas cot茅s en bourse.
Profil de remboursement : pour chaque titre d'une valeur nominale de 1 000 $, les investisseurs re莽oivent :
- Potentiel haussier : participation 1 pour 1 aux gains du SPX, plafonn茅e 脿 un rendement maximal de 100 $ (10%).
- Repli mod茅r茅 (baisse du SPX 鈮� 18,20% barri猫re) : rendement positif 茅gal 脿 la baisse absolue de l'indice (ex. 鈥�5% indice 鈫� +5% rendement du titre).
- Repli s茅v猫re (baisse du SPX > 18,20%) : exposition n茅gative compl猫te ; paiement 茅gal 脿 1 000 $ 脳 (1 + rendement de l'indice), pouvant aller jusqu'脿 z茅ro en cas de 鈥�100%.
Termes cl茅s : date de strike 15-juil-2025 ; 茅ch茅ance 31-juil-2026 (r猫glement t+3) ; barri猫re 鈮� 81,80% du niveau initial de l'indice ; CUSIP 17333LMD4 ; frais de souscription 10 $ (1,0%) ; prix d'茅mission attendu 1 000 $ ; valeur estim茅e 鈮� 935 $ ; march茅 secondaire discr茅tionnaire avec prime temporaire sur le prix acheteur de six mois d茅gressive jusqu'脿 z茅ro.
Consid茅rations pour les investisseurs : la structure favorise les march茅s stables ou en l茅g猫re baisse mais limite significativement le potentiel haussier par rapport 脿 une exposition directe au SPX et expose les d茅tenteurs 脿 une baisse totale au-del脿 de 鈥�18,20%. Le titre ne verse ni coupons ni dividendes, renon莽ant ainsi au rendement de dividendes du SPX (~1,4% historiquement). L'exposition au risque de cr茅dit repose sur Citigroup Global Markets Holdings Inc. et Citigroup Inc.
Points cl茅s de risque : risque de perte totale du capital ; illiquidit茅 ; difficult茅 d'茅valuation et large 茅cart acheteur-vendeur ; valeur initiale inf茅rieure au prix d'茅mission ; d茅pendance aux d茅cisions discr茅tionnaires de l'agent de calcul affili茅 ; traitement fiscal am茅ricain incertain (hypoth猫se de contrat 脿 terme pr茅pay茅, r茅vision de la section 871(m)).
L'offre s'adresse aux investisseurs recherchant un instrument 脿 court terme avec risque de cr茅dit, capable de g茅n茅rer des rendements positifs modestes dans des sc茅narios de march茅 stables ou l茅g猫rement baissiers, mais pr锚ts 脿 renoncer au potentiel de hausse et 脿 assumer un risque extr锚me sur le capital.
Citigroup Global Markets Holdings Inc., garantiert von Citigroup Inc. (Symbol C), bietet Dual Directional Barrier Securities an, die mit dem S&P 500庐 Index ("SPX") verbunden sind und im Juli 2026 f盲llig werden. Die Notes sind Nullkupon, ungesicherte Seniorverbindlichkeiten und werden an keiner B枚rse notiert.
Auszahlungsprofil: F眉r jede Note mit einem Nennwert von 1.000 $ erhalten Anleger:
- 础耻蹿飞盲谤迟蝉辫辞迟别苍锄颈补濒: 1:1 Teilnahme an SPX-Gewinnen, begrenzt auf eine maximale Rendite von 100 $ (10%).
- Moderater Abw盲rtsschutz (SPX-R眉ckgang 鈮� 18,20% Barriere): positive Rendite entsprechend dem absoluten Indexr眉ckgang (z.B. 鈥�5% Index 鈫� +5% Rendite auf die Note).
- Starker Abw盲rtsschutz (SPX-R眉ckgang > 18,20%): volle negative Exponierung; Auszahlung entspricht 1.000 $ 脳 (1 + Indexrendite), bis zu null bei 鈥�100%.
Wesentliche Bedingungen: Strike-Datum 15.07.2025; F盲lligkeit 31.07.2026 (t+3 Abwicklung); Barriere 鈮� 81,80% des Anfangsindex; CUSIP 17333LMD4; Zeichnungsgeb眉hr 10 $ (1,0%); erwarteter Ausgabepreis 1.000 $; gesch盲tzter Wert 鈮� 935 $; Sekund盲rmarkt ist diskretion盲r und kann eine sechsmonatige tempor盲re Geld-Brief-Spanne mit abnehmender Pr盲mie beinhalten.
Investorenhinweise: Die Struktur beg眉nstigt seitw盲rts oder moderat fallende M盲rkte, begrenzt jedoch das 础耻蹿飞盲谤迟蝉辫辞迟别苍锄颈补濒 deutlich im Vergleich zum direkten SPX-Engagement und setzt Inhaber bei einem R眉ckgang 眉ber 鈥�18,20% vollem Risiko aus. Die Note zahlt keine Kupons oder Dividenden und verzichtet auf die SPX-Dividendenrendite (~1,4% historisch). Das Kreditrisiko liegt bei Citigroup Global Markets Holdings Inc. und Citigroup Inc.
Risikohinweise: Verlust des gesamten Kapitals m枚glich; Illiquidit盲t; Bewertungs- und Geld-Brief-Spannenrisiko; Anfangswert unter Ausgabepreis; Abh盲ngigkeit von diskretion盲ren Entscheidungen des verbundenen Berechnungsagenten; unsichere US-Steuerbehandlung (Annahme Pre-paid Forward, 脺berpr眉fung Abschnitt 871(m)).
Das Angebot richtet sich an Anleger, die ein kurzfristiges, kreditrisikobehaftetes Instrument suchen, das in seitw盲rts oder leicht negativen Aktienm盲rkten moderate positive Ertr盲ge liefern kann, aber bereit sind, auf 础耻蹿飞盲谤迟蝉辫辞迟别苍锄颈补濒 zu verzichten und Tail-Risiken am Kapital zu tragen.
- Dual directional feature allows positive returns on both modest gains and declines up to 18.2%.
- Citi guarantee provides large-cap investment-grade credit backing.
- Short 1-year tenor limits duration and interest-rate exposure.
- Upside capped at 10%, far below historical SPX upside potential.
- Full downside beyond 鈥�18.2% may result in 100% capital loss.
- No coupons or dividends and forfeiture of SPX dividend yield.
- Estimated value only 93.5% of issue price, indicating high embedded costs.
- Secondary market illiquidity and dealer bid-ask spreads can erode exit value.
Insights
TL;DR Limited-upside note rewards small moves but carries full tail risk; neutral to slightly negative for most investors.
The design provides an 18.2% 鈥榗omfort zone鈥� where declines convert into gains, attractive for range-bound outlooks. However, the 10% upside cap drastically underperforms a simple SPX ETF if the market rallies鈥攁 plausible outcome given the historical 12-month median SPX return is ~11%. The credit component (Citigroup senior unsecured) is investment-grade, yet adds spread risk that equity holders avoid. Estimated value at 93.5% shows a 6.5-point cost to enter, and secondary liquidity is dealer-driven. Overall impact is neutral: innovative payoff but high embedded costs and asymmetric risk.
TL;DR Attractive hedge for modest pullbacks but downside gap risk beyond 鈥�18.2% makes it defensive only until it is not.
From a portfolio perspective, the note can substitute for part of cash holdings to pick up potential single-digit returns if equities stall, but sizing must be small. The 鈥�18.2% cliff triggers linear losses, effectively re-leveraging equity downside while stripping dividends and capping upside鈥攁n unattractive risk-reward for long-term investors. Given the 12-month SPX drawdown exceeds 18% roughly 20% of the time, tail probability is non-trivial. I would mark impact as slightly negative due to skewed payoff and illiquidity.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc. (simbolo C), sta offrendo Dual Directional Barrier Securities collegati all'indice S&P 500庐 ("SPX") con scadenza a luglio 2026. Le note sono obbligazioni senior non garantite a zero-coupon e non saranno quotate su alcun mercato.
Profilo di rendimento: per ogni nota da $1.000 di valore nominale, gli investitori ricevono:
- Rendimento positivo: partecipazione 1 a 1 ai guadagni dell'SPX, con un massimo rendimento positivo di $100 (10%).
- Perdita moderata (calo SPX 鈮� 18,20% barriera): rendimento positivo pari al calo assoluto dell'indice (es. 鈥�5% indice 鈫� +5% rendimento della nota).
- Perdita severa (calo SPX > 18,20%): esposizione negativa totale; il pagamento equivale a $1.000 脳 (1 + rendimento indice), fino a zero in caso di 鈥�100%.
Termini chiave: data di strike 15-lug-2025; scadenza 31-lug-2026 (regolamento t+3); barriera 鈮� 81,80% del livello iniziale dell'indice; CUSIP 17333LMD4; commissione di sottoscrizione $10 (1,0%); prezzo di emissione previsto $1.000; valore stimato 鈮� $935; mercato secondario discrezionale con possibile premio temporaneo al bid di sei mesi decrescente a zero.
Considerazioni per gli investitori: la struttura favorisce mercati laterali o in lieve calo ma limita significativamente il potenziale di rialzo rispetto all'esposizione diretta all'SPX e espone gli investitori al rischio pieno in caso di cali superiori al 鈥�18,20%. La nota non paga cedole o dividendi, rinunciando al rendimento da dividendi dell'SPX (~1,4% storicamente). L'esposizione creditizia riguarda sia Citigroup Global Markets Holdings Inc. che Citigroup Inc.
Rischi principali: possibile perdita totale del capitale; scarsa liquidit脿; difficolt脿 di valutazione e ampi spread denaro-lettera; valore iniziale inferiore al prezzo di emissione; dipendenza da decisioni discrezionali dell'agente di calcolo affiliato; trattamento fiscale USA incerto (assunzione pre-paid forward, revisione Sezione 871(m)).
L'offerta 猫 rivolta a investitori che cercano uno strumento a breve termine con rischio di credito, in grado di generare rendimenti positivi modesti in scenari azionari stabili o lievemente negativi, ma disposti a rinunciare al rialzo e ad assumere rischi estremi sul capitale investito.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc. (s铆mbolo C), est谩 ofreciendo Dual Directional Barrier Securities vinculados al 铆ndice S&P 500庐 ("SPX") que vencen en julio 2026. Los bonos son obligaciones senior no garantizadas y sin cup贸n y no estar谩n listados en ninguna bolsa.
Perfil de pago: por cada bono con valor nominal de $1,000, los inversionistas reciben:
- Rendimiento alcista: participaci贸n 1 a 1 en las ganancias del SPX, con un retorno m谩ximo al alza de $100 (10%).
- Ca铆da moderada (declive del SPX 鈮� 18.20% barrera): rendimiento positivo igual a la ca铆da absoluta del 铆ndice (ej. 鈥�5% 铆ndice 鈫� +5% retorno del bono).
- Ca铆da severa (declive del SPX > 18.20%): exposici贸n negativa total; el pago es $1,000 脳 (1 + retorno del 铆ndice), hasta cero en 鈥�100%.
T茅rminos clave: fecha de strike 15-jul-2025; vencimiento 31-jul-2026 (liquidaci贸n t+3); barrera 鈮� 81.80% del nivel inicial del 铆ndice; CUSIP 17333LMD4; comisi贸n de suscripci贸n $10 (1.0%); precio esperado de emisi贸n $1,000; valor estimado 鈮� $935; mercado secundario discrecional con posible prima temporal de oferta de seis meses que se reduce a cero.
Consideraciones para inversionistas: la estructura favorece mercados laterales o con ca铆das moderadas pero limita significativamente el potencial alcista frente a la exposici贸n directa al SPX y expone a los tenedores a la ca铆da total m谩s all谩 del 鈥�18.20%. El bono no paga cupones ni dividendos, renunciando al rendimiento por dividendos del SPX (~1.4% hist贸ricamente). La exposici贸n crediticia recae en Citigroup Global Markets Holdings Inc. y Citigroup Inc.
Aspectos de riesgo: posible p茅rdida total del principal; iliquidez; dificultades de valoraci贸n y amplios spreads de compra-venta; valor inicial menor que el precio de emisi贸n; dependencia de decisiones discrecionales del agente de c谩lculo afiliado; tratamiento fiscal estadounidense incierto (suposici贸n de pre-paid forward, revisi贸n Secci贸n 871(m)).
La oferta est谩 dirigida a inversionistas que buscan un instrumento de corto plazo con riesgo crediticio, capaz de ofrecer rendimientos positivos modestos en escenarios de mercado planos o ligeramente negativos, pero que est茅n dispuestos a renunciar al alza y asumir riesgos extremos sobre el capital.
Citigroup Global Markets Holdings Inc.電� Citigroup Inc.(鞁臣 C)臧� 氤挫頃橂┌, 2026雲� 7鞗� 毵岅赴鞚� S&P 500庐 歆�靾�("SPX") 鞐瓣硠 鞚挫 氚╉枼 氚半Μ鞏� 歃濌秾鞚� 韺愲Г頃橁碃 鞛堨姷雼堧嫟. 頃措嫻 雲疙姼電� 鞝滊 炜犿彴, 氍措嫶氤� 靹犾垳鞙� 毂勲鞚措┌, 鞏措枻 瓯半灅靻岇棎霃� 靸侅灔霅橃 鞎婌姷雼堧嫟.
靾橃澋 甑“: 鞎‰┐臧� $1,000雼� 韴瀽鞛愲姅 雼れ潓瓿� 臧欖潃 靾橃澋鞚� 氚涭姷雼堧嫟:
- 靸侅姽 鞁�: SPX 靸侅姽鞐� 1雽�1搿� 彀胳棳頃橂┌, 斓滊寑 靸侅姽 靾橃澋鞚� $100 (10%)搿� 鞝滍暅霅╇媹雼�.
- 欷戧皠 頃橂澖 (SPX 頃橂澖 鈮� 18.20% 氚半Μ鞏�): 歆�靾� 頃橂澖韽韥� 鞏戩潣 靾橃澋鞚� 氚涭姷雼堧嫟 (鞓�: 歆�靾� 鈥�5% 鈫� 雲疙姼 +5% 靾橃澋).
- 鞁皝頃� 頃橂澖 (SPX 頃橂澖 > 18.20%): 鞝勲┐鞝� 頃橂澖 雲胳稖; 歆�旮夓暋鞚� $1,000 脳 (1 + 歆�靾� 靾橃澋毳�)鞚措┌, 鈥�100%旯岇 頃橂澖 臧�電�.
欤检殧 臁瓣贝: 頄夓偓臧� 2025雲� 7鞗� 15鞚�; 毵岅赴 2026雲� 7鞗� 31鞚� (t+3 瓴办牅); 氚半Μ鞏� 鈮� 齑堦赴 歆�靾� 靾橃鞚� 81.80%; CUSIP 17333LMD4; 鞚胳垬 靾橃垬耄� $10 (1.0%); 鞓堨儊 氚滍枆臧� $1,000; 於旍爼 臧�旃� 鈮� $935; 2彀� 鞁滌灔鞚� 鞛焿鞝侅澊氅� 6臧滌洈臧� 鞝愳皑 靷澕歆�電� 鞛勳嫓 毵る弰 頂勲Μ氙胳梽 韽暔 臧�電�.
韴瀽鞛� 鞙犾潣靷暛: 鞚� 甑“電� 氚曥姢甓� 霕愲姅 鞕勲頃� 頃橂澖鞛レ棎 鞙犽Μ頃橃毵�, 歆侅爲 SPX 韴瀽 雽�牍� 靸侅姽 鞛犾灛霠レ潉 韥矊 鞝滍暅頃橂┌, 鈥�18.20% 鞚挫儊鞚� 頃橂澖鞐愲姅 鞝勲┐鞝侅溂搿� 雲胳稖霅╇媹雼�. 雲疙姼電� 炜犿彴鞚措倶 氚半嫻旮堨潉 歆�旮夗晿歆� 鞎婌溂氅�, SPX 氚半嫻 靾橃澋毳�(~1.4% 鞐偓鞝� 靾橃箻)鞚� 韽赴頃橁矊 霅╇媹雼�. 鞁犾毄 雲胳稖鞚� Citigroup Global Markets Holdings Inc.鞕� Citigroup Inc.鞐� 鞛堨姷雼堧嫟.
欤检殧 鞙勴棙: 鞗愱笀 鞝勳暋 靻愳嫟 臧�電レ劚; 鞙犽彊靹� 攵�臁�; 韽夑皜 氚� 毵れ垬-毵る弰 鞀ろ攧霠堧摐 攵�雼�; 齑堦赴 臧�旃橁皜 氚滍枆臧� 氙鸽; 鞝滍湸 瓿勳偘 雽�毽澑鞚� 鞛焿鞝� 瓴办爼鞐� 鞚橃〈; 氙戈淡 靹戈笀 觳橂Μ 攵堩檿鞁れ劚(靹犽秷 靹犽弰 臧�鞝�, 靹轨厴 871(m) 瓴�韱�).
氤� 鞝滌晥鞚� 雼赴 鞁犾毄 鞙勴棙鞚� 臧愳垬頃橂┐靹� 韽夗儎頃橁卑雮� 鞎疥皠 頃橂澖頃橂姅 欤检嫕 鞁滌灔 靸來櫓鞐愳劀 靻岉彮鞚� 旮嶌爼鞝� 靾橃澋鞚� 於旉惮頃橂悩, 靸侅姽 旮绊殞毳� 頋儩頃橁碃 鞗愱笀鞐� 雽�頃� 攴闺嫧鞝� 鞙勴棙鞚� 臧愳垬頃� 韴瀽鞛�毳� 雽�靸侅溂搿� 頃╇媹雼�.
Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc. (symbole C), propose des Dual Directional Barrier Securities li茅s 脿 l'indice S&P 500庐 ("SPX") arrivant 脿 茅ch茅ance en juillet 2026. Les titres sont des obligations senior non garanties 脿 coupon z茅ro et ne seront pas cot茅s en bourse.
Profil de remboursement : pour chaque titre d'une valeur nominale de 1 000 $, les investisseurs re莽oivent :
- Potentiel haussier : participation 1 pour 1 aux gains du SPX, plafonn茅e 脿 un rendement maximal de 100 $ (10%).
- Repli mod茅r茅 (baisse du SPX 鈮� 18,20% barri猫re) : rendement positif 茅gal 脿 la baisse absolue de l'indice (ex. 鈥�5% indice 鈫� +5% rendement du titre).
- Repli s茅v猫re (baisse du SPX > 18,20%) : exposition n茅gative compl猫te ; paiement 茅gal 脿 1 000 $ 脳 (1 + rendement de l'indice), pouvant aller jusqu'脿 z茅ro en cas de 鈥�100%.
Termes cl茅s : date de strike 15-juil-2025 ; 茅ch茅ance 31-juil-2026 (r猫glement t+3) ; barri猫re 鈮� 81,80% du niveau initial de l'indice ; CUSIP 17333LMD4 ; frais de souscription 10 $ (1,0%) ; prix d'茅mission attendu 1 000 $ ; valeur estim茅e 鈮� 935 $ ; march茅 secondaire discr茅tionnaire avec prime temporaire sur le prix acheteur de six mois d茅gressive jusqu'脿 z茅ro.
Consid茅rations pour les investisseurs : la structure favorise les march茅s stables ou en l茅g猫re baisse mais limite significativement le potentiel haussier par rapport 脿 une exposition directe au SPX et expose les d茅tenteurs 脿 une baisse totale au-del脿 de 鈥�18,20%. Le titre ne verse ni coupons ni dividendes, renon莽ant ainsi au rendement de dividendes du SPX (~1,4% historiquement). L'exposition au risque de cr茅dit repose sur Citigroup Global Markets Holdings Inc. et Citigroup Inc.
Points cl茅s de risque : risque de perte totale du capital ; illiquidit茅 ; difficult茅 d'茅valuation et large 茅cart acheteur-vendeur ; valeur initiale inf茅rieure au prix d'茅mission ; d茅pendance aux d茅cisions discr茅tionnaires de l'agent de calcul affili茅 ; traitement fiscal am茅ricain incertain (hypoth猫se de contrat 脿 terme pr茅pay茅, r茅vision de la section 871(m)).
L'offre s'adresse aux investisseurs recherchant un instrument 脿 court terme avec risque de cr茅dit, capable de g茅n茅rer des rendements positifs modestes dans des sc茅narios de march茅 stables ou l茅g猫rement baissiers, mais pr锚ts 脿 renoncer au potentiel de hausse et 脿 assumer un risque extr锚me sur le capital.
Citigroup Global Markets Holdings Inc., garantiert von Citigroup Inc. (Symbol C), bietet Dual Directional Barrier Securities an, die mit dem S&P 500庐 Index ("SPX") verbunden sind und im Juli 2026 f盲llig werden. Die Notes sind Nullkupon, ungesicherte Seniorverbindlichkeiten und werden an keiner B枚rse notiert.
Auszahlungsprofil: F眉r jede Note mit einem Nennwert von 1.000 $ erhalten Anleger:
- 础耻蹿飞盲谤迟蝉辫辞迟别苍锄颈补濒: 1:1 Teilnahme an SPX-Gewinnen, begrenzt auf eine maximale Rendite von 100 $ (10%).
- Moderater Abw盲rtsschutz (SPX-R眉ckgang 鈮� 18,20% Barriere): positive Rendite entsprechend dem absoluten Indexr眉ckgang (z.B. 鈥�5% Index 鈫� +5% Rendite auf die Note).
- Starker Abw盲rtsschutz (SPX-R眉ckgang > 18,20%): volle negative Exponierung; Auszahlung entspricht 1.000 $ 脳 (1 + Indexrendite), bis zu null bei 鈥�100%.
Wesentliche Bedingungen: Strike-Datum 15.07.2025; F盲lligkeit 31.07.2026 (t+3 Abwicklung); Barriere 鈮� 81,80% des Anfangsindex; CUSIP 17333LMD4; Zeichnungsgeb眉hr 10 $ (1,0%); erwarteter Ausgabepreis 1.000 $; gesch盲tzter Wert 鈮� 935 $; Sekund盲rmarkt ist diskretion盲r und kann eine sechsmonatige tempor盲re Geld-Brief-Spanne mit abnehmender Pr盲mie beinhalten.
Investorenhinweise: Die Struktur beg眉nstigt seitw盲rts oder moderat fallende M盲rkte, begrenzt jedoch das 础耻蹿飞盲谤迟蝉辫辞迟别苍锄颈补濒 deutlich im Vergleich zum direkten SPX-Engagement und setzt Inhaber bei einem R眉ckgang 眉ber 鈥�18,20% vollem Risiko aus. Die Note zahlt keine Kupons oder Dividenden und verzichtet auf die SPX-Dividendenrendite (~1,4% historisch). Das Kreditrisiko liegt bei Citigroup Global Markets Holdings Inc. und Citigroup Inc.
Risikohinweise: Verlust des gesamten Kapitals m枚glich; Illiquidit盲t; Bewertungs- und Geld-Brief-Spannenrisiko; Anfangswert unter Ausgabepreis; Abh盲ngigkeit von diskretion盲ren Entscheidungen des verbundenen Berechnungsagenten; unsichere US-Steuerbehandlung (Annahme Pre-paid Forward, 脺berpr眉fung Abschnitt 871(m)).
Das Angebot richtet sich an Anleger, die ein kurzfristiges, kreditrisikobehaftetes Instrument suchen, das in seitw盲rts oder leicht negativen Aktienm盲rkten moderate positive Ertr盲ge liefern kann, aber bereit sind, auf 础耻蹿飞盲谤迟蝉辫辞迟别苍锄颈补濒 zu verzichten und Tail-Risiken am Kapital zu tragen.
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit Number | Description | |||||||
| 99.1 | Press Release dated July 15, 2025 | |||||||
| 99.2 | Warrant Dividend Distribution Supplemental FAQ dated July 15, 2025 | |||||||
| 99.3 | Warrant Dividend Distribution FAQ dated July 7, 2025 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
| Enovix Corporation | |||||||||||
| Date: | July 15, 2025 | By: | /s/ Arthi Chakravarthy | ||||||||
Arthi Chakravarthy Chief Legal Officer and Head of Corporate Development | |||||||||||
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FAQ
What is the maximum return investors can earn on Citigroup's Dual Directional Barrier Securities (C)?
How much protection does the 18.2% barrier provide on these Citigroup notes?
Do the securities pay interest or dividends before maturity?
What credit risk do holders face with the 424B2 notes from Citigroup?
Will the notes be listed or easy to trade before July 2026?
How is the initial estimated value ($935) relevant to investors?
