[FWP] Morgan Stanley Free Writing Prospectus
Citigroup Global Markets Holdings Inc., fully guaranteed by Citigroup Inc., is offering Autocallable Contingent Coupon Equity-Linked Securities (Series N) linked to the worst performing of the Dow Jones Industrial Average (DJIA) and the S&P 500 Index (SPX). Each unlisted note has a $1,000 stated principal, is senior unsecured debt, and will be issued on 2 July 2025 with final maturity on 30 June 2028, unless automatically redeemed earlier.
Coupon mechanics: on each of 12 quarterly valuation dates, investors receive a 2.0625% coupon (8.25% p.a.) only if the closing level of the worst-performing index is at or above its Coupon Barrier (70 % of initial). Missed coupons are not made up.
Autocall feature: beginning 29 Sep 2025, the notes are automatically redeemed at par plus the current coupon if the worst-performing index is at or above its initial level on any valuation date. Early redemption can occur as soon as the first quarter and would cap total return.
Principal repayment: if not called, investors receive at maturity (i) $1,000 if the worst-performing index is 鈮� Final Barrier (70 % of initial) or (ii) $1,000 + $1,000 脳 Index Return if the worst-performing index is below the barrier, exposing holders to a dollar-for-dollar loss beyond a 30 % decline, down to zero.
Key initial values (27 Jun 2025): DJIA 43,819.27; SPX 6,173.07; both barriers set at 70 % of these levels. Issue proceeds total $940,000; no underwriting discount, but selling dealers earn up to $4 per note from hedging profits. The estimated value is $992.90, below the issue price, reflecting internal funding costs and dealer margins.
Risks highlighted: potential total loss of principal, contingent and non-cumulative coupons, equity market volatility, dual-index 鈥榳orst-of鈥� exposure, early call limiting upside, lack of listing/liquidity, and full credit exposure to Citigroup Global Markets Holdings Inc. and Citigroup Inc. Extensive tax and Section 871(m) withholding uncertainties are disclosed. The product targets investors seeking enhanced yield and who understand structured-note risk/reward trade-offs compared with conventional Citigroup debt.
Citigroup Global Markets Holdings Inc., garantita integralmente da Citigroup Inc., offre titoli azionari collegati a cedole condizionate autocallable (Serie N) legati al peggior indice tra il Dow Jones Industrial Average (DJIA) e l'S&P 500 Index (SPX). Ogni nota non quotata ha un valore nominale di 1.000 $, 猫 un debito senior non garantito e sar脿 emessa il 2 luglio 2025 con scadenza finale il 30 giugno 2028, salvo rimborso automatico anticipato.
Meccanica della cedola: in ognuna delle 12 date di valutazione trimestrali, gli investitori ricevono una cedola del 2,0625% (8,25% annuo) solo se il livello di chiusura dell鈥檌ndice peggiore 猫 pari o superiore alla sua barriera di cedola (70% del valore iniziale). Le cedole perse non vengono recuperate.
Caratteristica autocall: a partire dal 29 settembre 2025, le note vengono rimborsate automaticamente a valore nominale pi霉 la cedola corrente se l鈥檌ndice peggiore 猫 pari o superiore al livello iniziale in una qualsiasi data di valutazione. Il rimborso anticipato pu貌 avvenire gi脿 dal primo trimestre e limita il rendimento totale.
Rimborso del capitale: se non richiamate, a scadenza gli investitori riceveranno (i) 1.000 $ se l鈥檌ndice peggiore 猫 鈮� alla barriera finale (70% del valore iniziale) oppure (ii) 1.000 $ + 1.000 $ 脳 rendimento dell鈥檌ndice se l鈥檌ndice peggiore 猫 sotto la barriera, esponendo gli investitori a una perdita pari al valore dollaro per dollaro oltre un calo del 30%, fino a zero.
Valori iniziali chiave (27 giugno 2025): DJIA 43.819,27; SPX 6.173,07; entrambe le barriere fissate al 70% di questi livelli. L鈥檃mmontare totale dell鈥檈missione 猫 di 940.000 $; nessuno sconto di sottoscrizione, ma i dealer di vendita guadagnano fino a 4 $ per nota dai profitti di copertura. Il valore stimato 猫 di 992,90 $, inferiore al prezzo di emissione, riflettendo i costi interni di finanziamento e i margini dei dealer.
Rischi evidenziati: possibile perdita totale del capitale, cedole condizionate e non cumulative, volatilit脿 del mercato azionario, esposizione a doppio indice 鈥渨orst-of鈥�, richiamo anticipato che limita il potenziale di guadagno, assenza di quotazione/liquidit脿 e piena esposizione creditizia a Citigroup Global Markets Holdings Inc. e Citigroup Inc. Sono inoltre evidenziate incertezze fiscali e di ritenuta alla fonte secondo la Sezione 871(m). Il prodotto 猫 rivolto a investitori che cercano rendimento incrementato e comprendono il rapporto rischio/rendimento delle note strutturate rispetto al debito convenzionale di Citigroup.
Citigroup Global Markets Holdings Inc., garantizado completamente por Citigroup Inc., ofrece Valores vinculados a acciones con cup贸n contingente autocancelable (Serie N) ligados al peor desempe帽o entre el Dow Jones Industrial Average (DJIA) y el 铆ndice S&P 500 (SPX). Cada nota no listada tiene un principal declarado de $1,000, es deuda senior no garantizada, y se emitir谩 el 2 de julio de 2025 con vencimiento final el 30 de junio de 2028, salvo redenci贸n autom谩tica anticipada.
Mec谩nica del cup贸n: en cada una de las 12 fechas de valoraci贸n trimestrales, los inversores reciben un cup贸n del 2.0625% (8.25% anual) solo si el nivel de cierre del 铆ndice con peor desempe帽o est谩 en o por encima de su barrera de cup贸n (70% del inicial). Los cupones no pagados no se recuperan.
Funci贸n autocall: a partir del 29 de septiembre de 2025, las notas se redimen autom谩ticamente al valor nominal m谩s el cup贸n actual si el 铆ndice con peor desempe帽o est谩 en o por encima de su nivel inicial en cualquier fecha de valoraci贸n. La redenci贸n anticipada puede ocurrir tan pronto como el primer trimestre y limitar谩 el rendimiento total.
Reembolso del principal: si no son llamadas, los inversores reciben al vencimiento (i) $1,000 si el 铆ndice con peor desempe帽o es 鈮� la barrera final (70% del inicial) o (ii) $1,000 + $1,000 脳 rendimiento del 铆ndice si el 铆ndice con peor desempe帽o est谩 por debajo de la barrera, exponiendo a los tenedores a una p茅rdida d贸lar por d贸lar por encima de una ca铆da del 30%, hasta cero.
Valores iniciales clave (27 de junio de 2025): DJIA 43,819.27; SPX 6,173.07; ambas barreras establecidas en el 70% de estos niveles. El total de la emisi贸n es de $940,000; sin descuento de suscripci贸n, pero los distribuidores ganan hasta $4 por nota de beneficios de cobertura. El valor estimado es $992.90, inferior al precio de emisi贸n, reflejando costos internos de financiaci贸n y m谩rgenes de los distribuidores.
Riesgos destacados: posible p茅rdida total del principal, cupones contingentes y no acumulativos, volatilidad del mercado de acciones, exposici贸n dual al 铆ndice 鈥渨orst-of鈥�, llamada anticipada que limita el potencial alcista, falta de cotizaci贸n/liquidez y plena exposici贸n crediticia a Citigroup Global Markets Holdings Inc. y Citigroup Inc. Se revelan amplias incertidumbres fiscales y de retenci贸n seg煤n la Secci贸n 871(m). El producto est谩 dirigido a inversores que buscan rendimiento mejorado y que comprenden el equilibrio riesgo/recompensa de las notas estructuradas en comparaci贸n con la deuda convencional de Citigroup.
Citigroup Global Markets Holdings Inc.电� Citigroup Inc.鞚� 鞝勲┐ 氤挫 鞎勲灅 鞛愲彊靸來櫂順� 臁瓣贝攵� 炜犿彴 欤检嫕 鞐瓣硠 歃濌秾 (鞁滊Μ歃� N)鞚� 鞝滉车頃橂┌, 鞚吹鐢 雼れ毎臁挫姢 靷办梾韽夑窢歆�靾�(DJIA)鞕� S&P 500 歆�靾�(SPX) 欷� 靹彪姤鞚� 臧�鞛� 鞝�臁绊暅 歆�靾�鞐� 鞐半彊霅╇媹雼�. 臧� 牍勳儊鞛� 雲疙姼电� 1,000雼煬 氇呺 鞗愱笀鞚措┌, 靹犾垳鞙� 氍措嫶氤� 毂勲搿� 2025雲� 7鞗� 2鞚�鞐� 氚滍枆霅橃柎 2028雲� 6鞗� 30鞚�鞐� 毵岅赴霅╇媹雼�(臁瓣赴 鞛愲彊 靸來櫂鞚� 鞐喌鐢 瓴届毎).
炜犿彴 甑“: 12須� 攵勱赴氤� 韽夑皜鞚茧雼�, 斓滌爛 靹标臣 歆�靾橃潣 膦呹皜臧� 炜犿彴 鞛ル步 (齑堦赴臧掛潣 70%) 鞚挫儊鞚� 瓴届毎鞐愲 2.0625% 炜犿彴(鞐� 8.25%)鞚� 歆�旮夒惄雼堧嫟. 氙胳旮� 炜犿彴鞚� 氤挫爠霅橃 鞎婌姷雼堧嫟.
鞛愲彊靸來櫂 旮半姤: 2025雲� 9鞗� 29鞚茧秬韯�, 韽夑皜鞚� 欷� 斓滌爛 靹标臣 歆�靾橁皜 齑堦赴 靾橃 鞚挫儊鞚� 瓴届毎 頃措嫻 雲疙姼电� 鞎‰┐臧�鞐� 順勳灛 炜犿彴鞚� 雿旐暅 旮堨暋鞙茧 鞛愲彊 靸來櫂霅╇媹雼�. 臁瓣赴 靸來櫂鞚� 觳� 攵勱赴攵�韯� 臧�電ロ晿氅� 齑� 靾橃澋鞚� 鞝滍暅頃╇媹雼�.
鞗愱笀 靸來櫂: 臁瓣赴 靸來櫂霅橃 鞎婌潉 瓴届毎 毵岅赴 鞁� (i) 斓滌爛 靹标臣 歆�靾橁皜 斓滌 鞛ル步(齑堦赴臧掛潣 70%) 鞚挫儊鞚措┐ 1,000雼煬毳� 歆�旮夗晿氅�, (ii) 斓滌爛 靹标臣 歆�靾橁皜 鞛ル步 鞎勲灅鞚措┐ 1,000雼煬 + 1,000雼煬 脳 歆�靾� 靾橃澋毳�鞚� 歆�旮夗晿鞐� 30% 頃橂澖 鞚挫儊 鞁� 雼煬雼� 靻愳嫟鞚� 氚滌儩頃橂┌ 斓滊寑 0旯岇 靻愳嫟鞚� 臧�電ロ暕雼堧嫟.
欤检殧 齑堦赴 臧� (2025雲� 6鞗� 27鞚� 旮办): DJIA 43,819.27; SPX 6,173.07; 霊� 歆�靾� 氇憪 齑堦赴 臧掛潣 70%搿� 鞛ル步 靹れ爼. 氚滍枆 齑濎暋鞚� 940,000雼煬鞚措┌, 鞚胳垬 靾橃垬耄尩鐢 鞐嗢毵� 韺愲Г 霐滊煬电� 項れ 靾橃澋鞙茧 雲疙姼雼� 斓滊寑 4雼煬毳� 氩� 靾� 鞛堨姷雼堧嫟. 於旍爼 臧�旃�电� 992.90雼煬搿� 氚滍枆 臧�瓴╇炒雼� 雮溂氅� 雮措秬 鞛愱笀 臁半嫭 牍勳毄瓿� 霐滊煬 毵堨鞚� 氚橃榿頃╇媹雼�.
欤检殧 鞙勴棙 鞖旍唽: 鞗愱笀 鞝勳暋 靻愳嫟 臧�電レ劚, 臁瓣贝攵� 氚� 牍勲垊鞝� 炜犿彴, 欤检嫕 鞁滌灔 氤�霃欖劚, 鞚挫 歆�靾� 鈥橃禍鞝� 靹标臣鈥� 雲胳稖, 臁瓣赴 靸來櫂鞙茧 鞚疙暅 靸侅姽 鞝滍暅, 靸侅灔/鞙犽彊靹� 攵�鞛�, Citigroup Global Markets Holdings Inc. 氚� Citigroup Inc.鞐� 雽�頃� 鞝勲┐ 鞁犾毄 鞙勴棙. 甏戨矓鞙勴暅 靹戈笀 氚� 靹轨厴 871(m) 鞗愳矞歆曥垬 攵堩檿鞁れ劚霃� 瓿店皽霅╇媹雼�. 鞚� 靸來拡鞚� 雴掛潃 靾橃澋鞚� 於旉惮頃橂┌ 鞝勴喌鞝侅澑 Citigroup 毂勲鞕� 牍勱祼頃� 甑“頇� 雲疙姼鞚� 鞙勴棙/靾橃澋 攴犿槙鞚� 鞚错暣頃樀鐢 韴瀽鞛愲ゼ 雽�靸侅溂搿� 頃╇媹雼�.
Citigroup Global Markets Holdings Inc., enti猫rement garanti par Citigroup Inc., propose des titres li茅s 脿 des actions avec coupon conditionnel autocallable (S茅rie N) li茅s au moins performant entre le Dow Jones Industrial Average (DJIA) et l鈥檌ndice S&P 500 (SPX). Chaque note non cot茅e a un principal d茅clar茅 de 1 000 $, constitue une dette senior non garantie, et sera 茅mise le 2 juillet 2025 avec une 茅ch茅ance finale au 30 juin 2028, sauf remboursement automatique anticip茅.
M茅canique du coupon : 脿 chacune des 12 dates d鈥櫭﹙aluation trimestrielles, les investisseurs re莽oivent un coupon de 2,0625 % (8,25 % par an) uniquement si le niveau de cl么ture de l鈥檌ndice le moins performant est au moins 茅gal 脿 sa barri猫re de coupon (70 % du niveau initial). Les coupons manqu茅s ne sont pas rattrap茅s.
Fonction autocall : 脿 partir du 29 septembre 2025, les notes sont automatiquement rembours茅es 脿 leur valeur nominale plus le coupon courant si l鈥檌ndice le moins performant est au moins 茅gal 脿 son niveau initial 脿 une date d鈥櫭﹙aluation. Le remboursement anticip茅 peut intervenir d猫s le premier trimestre et limite le rendement total.
Remboursement du principal : si non rappel茅es, les investisseurs re莽oivent 脿 l鈥櫭ヽh茅ance (i) 1 000 $ si l鈥檌ndice le moins performant est 鈮� barri猫re finale (70 % du niveau initial) ou (ii) 1 000 $ + 1 000 $ 脳 rendement de l鈥檌ndice si l鈥檌ndice est en dessous de la barri猫re, exposant les d茅tenteurs 脿 une perte dollar pour dollar au-del脿 d鈥檜ne baisse de 30 %, jusqu鈥櫭� z茅ro.
Valeurs initiales cl茅s (27 juin 2025) : DJIA 43 819,27 ; SPX 6 173,07 ; les deux barri猫res fix茅es 脿 70 % de ces niveaux. Le produit de l鈥櫭﹎ission s鈥櫭﹍猫ve 脿 940 000 $ ; aucune d茅cote de souscription, mais les distributeurs gagnent jusqu鈥櫭� 4 $ par note gr芒ce aux profits de couverture. La valeur estim茅e est de 992,90 $, inf茅rieure au prix d鈥櫭﹎ission, refl茅tant les co没ts internes de financement et les marges des distributeurs.
Risques mis en avant : perte totale possible du principal, coupons conditionnels et non cumulatifs, volatilit茅 des march茅s actions, exposition double indice 芦 worst-of 禄, rappel anticip茅 limitant le potentiel haussier, absence de cotation/liquidit茅, et exposition totale au risque de cr茅dit de Citigroup Global Markets Holdings Inc. et Citigroup Inc. De nombreuses incertitudes fiscales et de retenue 脿 la source selon la Section 871(m) sont mentionn茅es. Le produit s鈥檃dresse aux investisseurs recherchant un rendement am茅lior茅 et comprenant les compromis risque/rendement des notes structur茅es par rapport 脿 la dette Citigroup conventionnelle.
Citigroup Global Markets Holdings Inc., vollst盲ndig garantiert von Citigroup Inc., bietet automatisch k眉ndbare, bedingte Kupon-Aktien-Linked-Wertpapiere (Serie N) an, die an den schlechtesten Performer des Dow Jones Industrial Average (DJIA) und des S&P 500 Index (SPX) gekoppelt sind. Jede nicht b枚rsennotierte Note hat einen Nennwert von 1.000 $, ist unbesicherte Senior-Schuld und wird am 2. Juli 2025 mit Endf盲lligkeit am 30. Juni 2028 ausgegeben, sofern sie nicht fr眉her automatisch zur眉ckgezahlt wird.
Kuponmechanik: An jedem der 12 viertelj盲hrlichen Bewertungstermine erhalten Anleger nur dann einen Kupon von 2,0625% (8,25% p.a.), wenn der Schlusskurs des schlechtesten Index auf oder 眉ber seiner Kupon-Barriere (70 % des Anfangswerts) liegt. Verpasste Kupons werden nicht nachgezahlt.
Autocall-Funktion: Ab dem 29. September 2025 werden die Notes automatisch zum Nennwert zuz眉glich des aktuellen Kupons zur眉ckgezahlt, wenn der schlechteste Index an einem Bewertungstermin auf oder 眉ber dem Anfangswert liegt. Eine vorzeitige R眉ckzahlung kann bereits im ersten Quartal erfolgen und begrenzt die Gesamtrendite.
碍补辫颈迟补濒谤眉肠办锄补丑濒耻苍驳: Wenn nicht zur眉ckgerufen, erhalten Anleger bei F盲lligkeit (i) 1.000 $, wenn der schlechteste Index 鈮� der Endbarriere (70 % des Anfangswerts) ist, oder (ii) 1.000 $ + 1.000 $ 脳 Indexrendite, wenn der schlechteste Index unter der Barriere liegt, wodurch die Inhaber einem dollarweisen Verlust 眉ber einen 30%igen R眉ckgang hinaus bis auf null ausgesetzt sind.
Wichtige Anfangswerte (27. Juni 2025): DJIA 43.819,27; SPX 6.173,07; beide Barrieren auf 70 % dieser Werte festgelegt. Das Emissionsvolumen betr盲gt 940.000 $; kein Underwriting-Discount, aber Vertriebsh盲ndler verdienen bis zu 4 $ pro Note aus Hedging-Gewinnen. Der gesch盲tzte Wert liegt bei 992,90 $, unter dem Ausgabepreis, was interne Finanzierungskosten und H盲ndler-Margen widerspiegelt.
Hervorgehobene Risiken: potenzieller Totalverlust des Kapitals, bedingte und nicht kumulative Kupons, Aktienmarktvolatilit盲t, Doppelindex-鈥濿orst-of鈥�-Exposition, vorzeitiger R眉ckruf begrenzt Aufw盲rtspotenzial, fehlende B枚rsennotierung/Liquidit盲t und volle Kreditexposition gegen眉ber Citigroup Global Markets Holdings Inc. und Citigroup Inc. Umfangreiche steuerliche und Abschnitt 871(m)-Quellensteuerunsicherheiten werden offengelegt. Das Produkt richtet sich an Anleger, die eine erh枚hte Rendite suchen und die Risiko-/Ertragsabw盲gungen strukturierter Notes im Vergleich zu herk枚mmlichen Citigroup-Schuldtiteln verstehen.
- High contingent yield: 8.25% annualized coupons exceed conventional Citigroup debt of comparable tenor.
- Early call premium: automatic redemption returns par plus coupon if indices stay at or above initial level, potentially locking in gains within three months.
- Principal repayment threshold: investors retain full principal at maturity provided the worst index remains above a 30 % drawdown.
- Capital at risk: dollar-for-dollar loss below the 70 % final barrier may reduce repayment to zero.
- Coupon uncertainty: payments cease for any quarter the worst index closes below its coupon barrier.
- Worst-of structure: exposure to two indices increases probability of barrier breach compared with single-index notes.
- No market listing: limited or no liquidity; investors rely on Citigroup for possible secondary bids.
- Issue premium: estimated value ($992.90) is below issue price ($1,000), embedding upfront negative yield.
- Credit & tax risk: full reliance on Citigroup credit and unclear U.S. tax treatment, including potential 30 % withholding for non-U.S. holders.
Insights
TL;DR: 8.25% contingent yield attractive, but worst-of dual-index exposure and 30% barrier heighten loss risk.
The note offers above-market coupons thanks to quarterly 8.25% p.a. contingent payments. Automatic call at par plus coupon can deliver a quick, low-volatility return if U.S. large-cap indices remain strong. However, using the worst index amplifies downside: a single index drop below 70 % wipes coupons and can erode principal dollar-for-dollar. At issuance both indices sit near record highs, leaving limited cushion before the barrier is breached. Investors also face early-call reinvestment risk, an unlisted secondary market, and a $7.10 issue premium versus model value. Credit risk rests on Citigroup鈥檚 BBB+/A3 profile. Overall, the structure suits tactical yield-seekers with a constructive short-to-medium-term view on U.S. equities and high risk tolerance.
TL;DR: Significant tail risk; investors can lose all capital if worst index falls >30 % by 2028.
Principal protection is conditional, not absolute. Historical drawdowns for DJIA and SPX exceed 50 %, especially in recessionary periods. Given starting valuations, a normal bear market would put the final barrier in jeopardy. Contingent coupons are not compensatory if several are skipped or the note autocalls early. The unlisted, issuer-driven secondary market adds liquidity risk, while the estimated value discount and dealer structuring fee embed negative carry from day one. Credit exposure to the Citigroup entities compounds market risk. From a downside-risk perspective, the structure is unfavorable relative to owning diversified equity or investment-grade bonds.
Citigroup Global Markets Holdings Inc., garantita integralmente da Citigroup Inc., offre titoli azionari collegati a cedole condizionate autocallable (Serie N) legati al peggior indice tra il Dow Jones Industrial Average (DJIA) e l'S&P 500 Index (SPX). Ogni nota non quotata ha un valore nominale di 1.000 $, 猫 un debito senior non garantito e sar脿 emessa il 2 luglio 2025 con scadenza finale il 30 giugno 2028, salvo rimborso automatico anticipato.
Meccanica della cedola: in ognuna delle 12 date di valutazione trimestrali, gli investitori ricevono una cedola del 2,0625% (8,25% annuo) solo se il livello di chiusura dell鈥檌ndice peggiore 猫 pari o superiore alla sua barriera di cedola (70% del valore iniziale). Le cedole perse non vengono recuperate.
Caratteristica autocall: a partire dal 29 settembre 2025, le note vengono rimborsate automaticamente a valore nominale pi霉 la cedola corrente se l鈥檌ndice peggiore 猫 pari o superiore al livello iniziale in una qualsiasi data di valutazione. Il rimborso anticipato pu貌 avvenire gi脿 dal primo trimestre e limita il rendimento totale.
Rimborso del capitale: se non richiamate, a scadenza gli investitori riceveranno (i) 1.000 $ se l鈥檌ndice peggiore 猫 鈮� alla barriera finale (70% del valore iniziale) oppure (ii) 1.000 $ + 1.000 $ 脳 rendimento dell鈥檌ndice se l鈥檌ndice peggiore 猫 sotto la barriera, esponendo gli investitori a una perdita pari al valore dollaro per dollaro oltre un calo del 30%, fino a zero.
Valori iniziali chiave (27 giugno 2025): DJIA 43.819,27; SPX 6.173,07; entrambe le barriere fissate al 70% di questi livelli. L鈥檃mmontare totale dell鈥檈missione 猫 di 940.000 $; nessuno sconto di sottoscrizione, ma i dealer di vendita guadagnano fino a 4 $ per nota dai profitti di copertura. Il valore stimato 猫 di 992,90 $, inferiore al prezzo di emissione, riflettendo i costi interni di finanziamento e i margini dei dealer.
Rischi evidenziati: possibile perdita totale del capitale, cedole condizionate e non cumulative, volatilit脿 del mercato azionario, esposizione a doppio indice 鈥渨orst-of鈥�, richiamo anticipato che limita il potenziale di guadagno, assenza di quotazione/liquidit脿 e piena esposizione creditizia a Citigroup Global Markets Holdings Inc. e Citigroup Inc. Sono inoltre evidenziate incertezze fiscali e di ritenuta alla fonte secondo la Sezione 871(m). Il prodotto 猫 rivolto a investitori che cercano rendimento incrementato e comprendono il rapporto rischio/rendimento delle note strutturate rispetto al debito convenzionale di Citigroup.
Citigroup Global Markets Holdings Inc., garantizado completamente por Citigroup Inc., ofrece Valores vinculados a acciones con cup贸n contingente autocancelable (Serie N) ligados al peor desempe帽o entre el Dow Jones Industrial Average (DJIA) y el 铆ndice S&P 500 (SPX). Cada nota no listada tiene un principal declarado de $1,000, es deuda senior no garantizada, y se emitir谩 el 2 de julio de 2025 con vencimiento final el 30 de junio de 2028, salvo redenci贸n autom谩tica anticipada.
Mec谩nica del cup贸n: en cada una de las 12 fechas de valoraci贸n trimestrales, los inversores reciben un cup贸n del 2.0625% (8.25% anual) solo si el nivel de cierre del 铆ndice con peor desempe帽o est谩 en o por encima de su barrera de cup贸n (70% del inicial). Los cupones no pagados no se recuperan.
Funci贸n autocall: a partir del 29 de septiembre de 2025, las notas se redimen autom谩ticamente al valor nominal m谩s el cup贸n actual si el 铆ndice con peor desempe帽o est谩 en o por encima de su nivel inicial en cualquier fecha de valoraci贸n. La redenci贸n anticipada puede ocurrir tan pronto como el primer trimestre y limitar谩 el rendimiento total.
Reembolso del principal: si no son llamadas, los inversores reciben al vencimiento (i) $1,000 si el 铆ndice con peor desempe帽o es 鈮� la barrera final (70% del inicial) o (ii) $1,000 + $1,000 脳 rendimiento del 铆ndice si el 铆ndice con peor desempe帽o est谩 por debajo de la barrera, exponiendo a los tenedores a una p茅rdida d贸lar por d贸lar por encima de una ca铆da del 30%, hasta cero.
Valores iniciales clave (27 de junio de 2025): DJIA 43,819.27; SPX 6,173.07; ambas barreras establecidas en el 70% de estos niveles. El total de la emisi贸n es de $940,000; sin descuento de suscripci贸n, pero los distribuidores ganan hasta $4 por nota de beneficios de cobertura. El valor estimado es $992.90, inferior al precio de emisi贸n, reflejando costos internos de financiaci贸n y m谩rgenes de los distribuidores.
Riesgos destacados: posible p茅rdida total del principal, cupones contingentes y no acumulativos, volatilidad del mercado de acciones, exposici贸n dual al 铆ndice 鈥渨orst-of鈥�, llamada anticipada que limita el potencial alcista, falta de cotizaci贸n/liquidez y plena exposici贸n crediticia a Citigroup Global Markets Holdings Inc. y Citigroup Inc. Se revelan amplias incertidumbres fiscales y de retenci贸n seg煤n la Secci贸n 871(m). El producto est谩 dirigido a inversores que buscan rendimiento mejorado y que comprenden el equilibrio riesgo/recompensa de las notas estructuradas en comparaci贸n con la deuda convencional de Citigroup.
Citigroup Global Markets Holdings Inc.电� Citigroup Inc.鞚� 鞝勲┐ 氤挫 鞎勲灅 鞛愲彊靸來櫂順� 臁瓣贝攵� 炜犿彴 欤检嫕 鞐瓣硠 歃濌秾 (鞁滊Μ歃� N)鞚� 鞝滉车頃橂┌, 鞚吹鐢 雼れ毎臁挫姢 靷办梾韽夑窢歆�靾�(DJIA)鞕� S&P 500 歆�靾�(SPX) 欷� 靹彪姤鞚� 臧�鞛� 鞝�臁绊暅 歆�靾�鞐� 鞐半彊霅╇媹雼�. 臧� 牍勳儊鞛� 雲疙姼电� 1,000雼煬 氇呺 鞗愱笀鞚措┌, 靹犾垳鞙� 氍措嫶氤� 毂勲搿� 2025雲� 7鞗� 2鞚�鞐� 氚滍枆霅橃柎 2028雲� 6鞗� 30鞚�鞐� 毵岅赴霅╇媹雼�(臁瓣赴 鞛愲彊 靸來櫂鞚� 鞐喌鐢 瓴届毎).
炜犿彴 甑“: 12須� 攵勱赴氤� 韽夑皜鞚茧雼�, 斓滌爛 靹标臣 歆�靾橃潣 膦呹皜臧� 炜犿彴 鞛ル步 (齑堦赴臧掛潣 70%) 鞚挫儊鞚� 瓴届毎鞐愲 2.0625% 炜犿彴(鞐� 8.25%)鞚� 歆�旮夒惄雼堧嫟. 氙胳旮� 炜犿彴鞚� 氤挫爠霅橃 鞎婌姷雼堧嫟.
鞛愲彊靸來櫂 旮半姤: 2025雲� 9鞗� 29鞚茧秬韯�, 韽夑皜鞚� 欷� 斓滌爛 靹标臣 歆�靾橁皜 齑堦赴 靾橃 鞚挫儊鞚� 瓴届毎 頃措嫻 雲疙姼电� 鞎‰┐臧�鞐� 順勳灛 炜犿彴鞚� 雿旐暅 旮堨暋鞙茧 鞛愲彊 靸來櫂霅╇媹雼�. 臁瓣赴 靸來櫂鞚� 觳� 攵勱赴攵�韯� 臧�電ロ晿氅� 齑� 靾橃澋鞚� 鞝滍暅頃╇媹雼�.
鞗愱笀 靸來櫂: 臁瓣赴 靸來櫂霅橃 鞎婌潉 瓴届毎 毵岅赴 鞁� (i) 斓滌爛 靹标臣 歆�靾橁皜 斓滌 鞛ル步(齑堦赴臧掛潣 70%) 鞚挫儊鞚措┐ 1,000雼煬毳� 歆�旮夗晿氅�, (ii) 斓滌爛 靹标臣 歆�靾橁皜 鞛ル步 鞎勲灅鞚措┐ 1,000雼煬 + 1,000雼煬 脳 歆�靾� 靾橃澋毳�鞚� 歆�旮夗晿鞐� 30% 頃橂澖 鞚挫儊 鞁� 雼煬雼� 靻愳嫟鞚� 氚滌儩頃橂┌ 斓滊寑 0旯岇 靻愳嫟鞚� 臧�電ロ暕雼堧嫟.
欤检殧 齑堦赴 臧� (2025雲� 6鞗� 27鞚� 旮办): DJIA 43,819.27; SPX 6,173.07; 霊� 歆�靾� 氇憪 齑堦赴 臧掛潣 70%搿� 鞛ル步 靹れ爼. 氚滍枆 齑濎暋鞚� 940,000雼煬鞚措┌, 鞚胳垬 靾橃垬耄尩鐢 鞐嗢毵� 韺愲Г 霐滊煬电� 項れ 靾橃澋鞙茧 雲疙姼雼� 斓滊寑 4雼煬毳� 氩� 靾� 鞛堨姷雼堧嫟. 於旍爼 臧�旃�电� 992.90雼煬搿� 氚滍枆 臧�瓴╇炒雼� 雮溂氅� 雮措秬 鞛愱笀 臁半嫭 牍勳毄瓿� 霐滊煬 毵堨鞚� 氚橃榿頃╇媹雼�.
欤检殧 鞙勴棙 鞖旍唽: 鞗愱笀 鞝勳暋 靻愳嫟 臧�電レ劚, 臁瓣贝攵� 氚� 牍勲垊鞝� 炜犿彴, 欤检嫕 鞁滌灔 氤�霃欖劚, 鞚挫 歆�靾� 鈥橃禍鞝� 靹标臣鈥� 雲胳稖, 臁瓣赴 靸來櫂鞙茧 鞚疙暅 靸侅姽 鞝滍暅, 靸侅灔/鞙犽彊靹� 攵�鞛�, Citigroup Global Markets Holdings Inc. 氚� Citigroup Inc.鞐� 雽�頃� 鞝勲┐ 鞁犾毄 鞙勴棙. 甏戨矓鞙勴暅 靹戈笀 氚� 靹轨厴 871(m) 鞗愳矞歆曥垬 攵堩檿鞁れ劚霃� 瓿店皽霅╇媹雼�. 鞚� 靸來拡鞚� 雴掛潃 靾橃澋鞚� 於旉惮頃橂┌ 鞝勴喌鞝侅澑 Citigroup 毂勲鞕� 牍勱祼頃� 甑“頇� 雲疙姼鞚� 鞙勴棙/靾橃澋 攴犿槙鞚� 鞚错暣頃樀鐢 韴瀽鞛愲ゼ 雽�靸侅溂搿� 頃╇媹雼�.
Citigroup Global Markets Holdings Inc., enti猫rement garanti par Citigroup Inc., propose des titres li茅s 脿 des actions avec coupon conditionnel autocallable (S茅rie N) li茅s au moins performant entre le Dow Jones Industrial Average (DJIA) et l鈥檌ndice S&P 500 (SPX). Chaque note non cot茅e a un principal d茅clar茅 de 1 000 $, constitue une dette senior non garantie, et sera 茅mise le 2 juillet 2025 avec une 茅ch茅ance finale au 30 juin 2028, sauf remboursement automatique anticip茅.
M茅canique du coupon : 脿 chacune des 12 dates d鈥櫭﹙aluation trimestrielles, les investisseurs re莽oivent un coupon de 2,0625 % (8,25 % par an) uniquement si le niveau de cl么ture de l鈥檌ndice le moins performant est au moins 茅gal 脿 sa barri猫re de coupon (70 % du niveau initial). Les coupons manqu茅s ne sont pas rattrap茅s.
Fonction autocall : 脿 partir du 29 septembre 2025, les notes sont automatiquement rembours茅es 脿 leur valeur nominale plus le coupon courant si l鈥檌ndice le moins performant est au moins 茅gal 脿 son niveau initial 脿 une date d鈥櫭﹙aluation. Le remboursement anticip茅 peut intervenir d猫s le premier trimestre et limite le rendement total.
Remboursement du principal : si non rappel茅es, les investisseurs re莽oivent 脿 l鈥櫭ヽh茅ance (i) 1 000 $ si l鈥檌ndice le moins performant est 鈮� barri猫re finale (70 % du niveau initial) ou (ii) 1 000 $ + 1 000 $ 脳 rendement de l鈥檌ndice si l鈥檌ndice est en dessous de la barri猫re, exposant les d茅tenteurs 脿 une perte dollar pour dollar au-del脿 d鈥檜ne baisse de 30 %, jusqu鈥櫭� z茅ro.
Valeurs initiales cl茅s (27 juin 2025) : DJIA 43 819,27 ; SPX 6 173,07 ; les deux barri猫res fix茅es 脿 70 % de ces niveaux. Le produit de l鈥櫭﹎ission s鈥櫭﹍猫ve 脿 940 000 $ ; aucune d茅cote de souscription, mais les distributeurs gagnent jusqu鈥櫭� 4 $ par note gr芒ce aux profits de couverture. La valeur estim茅e est de 992,90 $, inf茅rieure au prix d鈥櫭﹎ission, refl茅tant les co没ts internes de financement et les marges des distributeurs.
Risques mis en avant : perte totale possible du principal, coupons conditionnels et non cumulatifs, volatilit茅 des march茅s actions, exposition double indice 芦 worst-of 禄, rappel anticip茅 limitant le potentiel haussier, absence de cotation/liquidit茅, et exposition totale au risque de cr茅dit de Citigroup Global Markets Holdings Inc. et Citigroup Inc. De nombreuses incertitudes fiscales et de retenue 脿 la source selon la Section 871(m) sont mentionn茅es. Le produit s鈥檃dresse aux investisseurs recherchant un rendement am茅lior茅 et comprenant les compromis risque/rendement des notes structur茅es par rapport 脿 la dette Citigroup conventionnelle.
Citigroup Global Markets Holdings Inc., vollst盲ndig garantiert von Citigroup Inc., bietet automatisch k眉ndbare, bedingte Kupon-Aktien-Linked-Wertpapiere (Serie N) an, die an den schlechtesten Performer des Dow Jones Industrial Average (DJIA) und des S&P 500 Index (SPX) gekoppelt sind. Jede nicht b枚rsennotierte Note hat einen Nennwert von 1.000 $, ist unbesicherte Senior-Schuld und wird am 2. Juli 2025 mit Endf盲lligkeit am 30. Juni 2028 ausgegeben, sofern sie nicht fr眉her automatisch zur眉ckgezahlt wird.
Kuponmechanik: An jedem der 12 viertelj盲hrlichen Bewertungstermine erhalten Anleger nur dann einen Kupon von 2,0625% (8,25% p.a.), wenn der Schlusskurs des schlechtesten Index auf oder 眉ber seiner Kupon-Barriere (70 % des Anfangswerts) liegt. Verpasste Kupons werden nicht nachgezahlt.
Autocall-Funktion: Ab dem 29. September 2025 werden die Notes automatisch zum Nennwert zuz眉glich des aktuellen Kupons zur眉ckgezahlt, wenn der schlechteste Index an einem Bewertungstermin auf oder 眉ber dem Anfangswert liegt. Eine vorzeitige R眉ckzahlung kann bereits im ersten Quartal erfolgen und begrenzt die Gesamtrendite.
碍补辫颈迟补濒谤眉肠办锄补丑濒耻苍驳: Wenn nicht zur眉ckgerufen, erhalten Anleger bei F盲lligkeit (i) 1.000 $, wenn der schlechteste Index 鈮� der Endbarriere (70 % des Anfangswerts) ist, oder (ii) 1.000 $ + 1.000 $ 脳 Indexrendite, wenn der schlechteste Index unter der Barriere liegt, wodurch die Inhaber einem dollarweisen Verlust 眉ber einen 30%igen R眉ckgang hinaus bis auf null ausgesetzt sind.
Wichtige Anfangswerte (27. Juni 2025): DJIA 43.819,27; SPX 6.173,07; beide Barrieren auf 70 % dieser Werte festgelegt. Das Emissionsvolumen betr盲gt 940.000 $; kein Underwriting-Discount, aber Vertriebsh盲ndler verdienen bis zu 4 $ pro Note aus Hedging-Gewinnen. Der gesch盲tzte Wert liegt bei 992,90 $, unter dem Ausgabepreis, was interne Finanzierungskosten und H盲ndler-Margen widerspiegelt.
Hervorgehobene Risiken: potenzieller Totalverlust des Kapitals, bedingte und nicht kumulative Kupons, Aktienmarktvolatilit盲t, Doppelindex-鈥濿orst-of鈥�-Exposition, vorzeitiger R眉ckruf begrenzt Aufw盲rtspotenzial, fehlende B枚rsennotierung/Liquidit盲t und volle Kreditexposition gegen眉ber Citigroup Global Markets Holdings Inc. und Citigroup Inc. Umfangreiche steuerliche und Abschnitt 871(m)-Quellensteuerunsicherheiten werden offengelegt. Das Produkt richtet sich an Anleger, die eine erh枚hte Rendite suchen und die Risiko-/Ertragsabw盲gungen strukturierter Notes im Vergleich zu herk枚mmlichen Citigroup-Schuldtiteln verstehen.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,082
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
SX5E Market-Linked Notes due August 1, 2030
This document provides a summary of the terms of the notes. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, index supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.
|
Terms |
|
|
Issuer: |
Morgan Stanley Finance LLC |
|
Guarantor: |
Morgan Stanley |
|
Underlier: |
EURO STOXX 50® Index (SX5E) |
|
Participation rate: |
112% to 114% |
|
Pricing date: |
July 28, 2025 |
|
Observation date: |
July 29, 2030 |
|
Maturity date: |
August 1, 2030 |
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CUSIP: |
61778NCD1 |
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Estimated value: |
$933.70 per note, or within $55.00 of that estimate |
|
Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225035968/ms9082_424b2-19601.htm |
1All payments are subject to our credit risk
Hypothetical Payment at Maturity1
The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the underlier over the term of the notes.
|
% Change in Closing Level of the Underlier |
Payment at Maturity per Note |
|
+60.00% |
$1,672.00* |
|
+40.00% |
$1,448.00* |
|
+20.00% |
$1,224.00* |
|
0.00% |
$1,000.00 |
|
-20.00% |
$1,000.00 |
|
-40.00% |
$1,000.00 |
|
-60.00% |
$1,000.00 |
|
-80.00% |
$1,000.00 |
|
-100.00% |
$1,000.00 |
|
*Assumes a participation rate of 112% |
|
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.
Underlier(s)
For more information about the underlier(s), including historical performance information, see the accompanying preliminary pricing supplement.
Risk Considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.
Risks Relating to an Investment in the Notes
●The notes may not pay more than the stated principal amount at maturity.
●The notes do not pay interest.
●The amount payable on the notes is not linked to the value of the underlier at any time other than the observation date.
●The market price of the notes may be influenced by many unpredictable factors.
●The notes are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the notes.
●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.
●The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the notes in the original issue price reduce the economic terms of the notes, cause the estimated value of the notes to be less than the original issue price and will adversely affect secondary market prices.
●The estimated value of the notes is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.
●The notes will not be listed on any securities exchange and secondary trading may be limited.
●As discussed in more detail in the accompanying product supplement, investing in the notes is not equivalent to investing in the underlier(s).
●You may be required to recognize taxable income on the notes prior to maturity.
Risks Relating to the Underlier(s)
●Because your return on the notes will depend upon the performance of the underlier(s), the notes are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.
oAdjustments to an underlying index could adversely affect the value of the notes.
oThere are risks associated with investments in securities linked to the value of foreign equity securities.
Risks Relating to Conflicts of Interest
●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the notes.
●Hedging and trading activity by our affiliates could potentially adversely affect the value of the notes.
Tax Considerations
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Additional Information About the Notes–United States federal income tax considerations” concerning the U.S. federal income tax consequences of an investment in the notes, and you should consult your tax adviser.
Source:
FAQ
What is the coupon rate on Citigroup's 8.25% autocallable securities (C)?
When can the Citigroup (C) notes be automatically called?
How much principal protection do the Citigroup worst-of DJIA/SPX notes provide?
What is the estimated value versus issue price of the Citigroup 424B2 notes?
Are the Citigroup Autocallable Equity-Linked Securities listed on an exchange?
What happens if Citigroup defaults on these structured notes?
