[424B2] Citigroup Inc. Prospectus Supplement
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc. (ticker C), is offering five-year Barrier Securities linked to the worst performer among the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index. These senior unsecured notes (Series N) carry a $1,000 stated principal amount, price on 18 Jul 2025, settle on 23 Jul 2025 and mature on 23 Jul 2030.
The notes pay no coupons. Your cash flow depends solely on the index performance measured once, on the valuation date:
- Upside: If the worst performing index finishes above its initial level, investors receive principal plus 180 % (minimum) participation in that index鈥檚 gain.
- Par repayment: If the worst performer ends 鈮� initial but 鈮� 70 % of initial (the barrier), only the $1,000 principal is returned.
- Downside: Should the worst performer close below 70 % of its initial level, principal is reduced 1-for-1 with the index loss. A 70 % decline yields $300; complete loss is possible.
Key structural terms: the barrier is fixed at 70 % of each index鈥檚 initial level; upside participation is to be set on pricing (鈮� 180 %). The securities will not be listed; liquidity will rely on Citigroup Global Markets Inc. making a discretionary secondary market. Estimated value on pricing is expected to be 鈮� $949, i.e., at least 5.1 % below issue price, reflecting selling & hedging costs and Citi鈥檚 internal funding rate. Underwriting fee is up to $7.50 per note; net proceeds 鈮� $992.50 per note.
Risk highlights include: full downside exposure below the 70 % barrier; no interim interest; dependence on a single-day observation; multi-underlying structure increases probability of one index breaching the barrier; credit risk of CGMHI/Citigroup; limited or no secondary market; and uncertain U.S. tax treatment (pre-paid forward contract assumption, possible Section 871(m) implications for non-U.S. holders).
The product suits investors seeking leveraged equity exposure with partial contingent protection who can tolerate illiquidity, credit risk and potential full loss of capital, and who are indifferent to dividends foregone on the indices.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc. (ticker C), offre titoli Barrier Securities a cinque anni collegati all鈥檌ndice peggiore tra Dow Jones Industrial Average, Russell 2000 e S&P 500. Questi senior unsecured notes (Serie N) hanno un valore nominale di $1.000, prezzo al 18 lug 2025, regolamento il 23 lug 2025 e scadenza il 23 lug 2030.
I titoli non pagano cedole. Il flusso di cassa dipende esclusivamente dalla performance dell鈥檌ndice misurata una sola volta, alla data di valutazione:
- Rendimento positivo: Se l鈥�indice peggiore chiude sopra il livello iniziale, l鈥檌nvestitore riceve il capitale pi霉 una partecipazione minima del 180% al rialzo su quel guadagno.
- Rimborso a valore nominale: Se l鈥檌ndice peggiore termina 鈮� iniziale ma 鈮� 70% (la barriera), viene restituito solo il capitale di $1.000.
- Perdita in conto capitale: Se l鈥檌ndice peggiore chiude al di sotto del 70% del valore iniziale, il capitale si riduce 1 a 1 con la perdita dell鈥檌ndice. Un calo del 70% porta a $300; 猫 possibile la perdita totale.
Termini chiave: barriera fissata al 70% del livello iniziale di ogni indice; partecipazione al rialzo da definire in fase di pricing (鈮� 180%). I titoli non saranno quotati; la liquidit脿 dipender脿 da Citigroup Global Markets Inc. che potr脿, a sua discrezione, creare un mercato secondario. Il valore stimato al pricing 猫 鈮� $949, cio猫 almeno 5,1% sotto il prezzo di emissione, riflettendo costi di vendita, copertura e il tasso interno di finanziamento di Citi. La commissione di sottoscrizione 猫 fino a $7,50 per titolo; il ricavo netto 猫 circa $992,50 per titolo.
Principali rischi: esposizione totale al ribasso sotto la barriera del 70%; nessun interesse intermedio; dipendenza da un鈥檜nica rilevazione; struttura multi-indice aumenta la probabilit脿 che almeno uno superi la barriera; rischio di credito CGMHI/Citigroup; mercato secondario limitato o assente; trattamento fiscale USA incerto (assunzione di contratto prepagato forward, possibili implicazioni Section 871(m) per investitori non statunitensi).
Il prodotto 猫 adatto a investitori che cercano esposizione azionaria leva con protezione parziale condizionata, tollerano illiquidit脿, rischio di credito e possibile perdita totale del capitale, e che non considerano rilevante la rinuncia ai dividendi degli indici.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc. (ticker C), ofrece valores Barrier Securities a cinco a帽os vinculados al peor desempe帽o entre el Dow Jones Industrial Average, Russell 2000 y el S&P 500. Estas notas senior sin garant铆a (Serie N) tienen un valor nominal de $1,000, precio al 18 jul 2025, liquidaci贸n el 23 jul 2025 y vencimiento el 23 jul 2030.
Las notas no pagan cupones. El flujo de efectivo depende 煤nicamente del desempe帽o del 铆ndice medido una sola vez, en la fecha de valoraci贸n:
- Ganancia: Si el 铆ndice con peor desempe帽o termina por encima de su nivel inicial, los inversionistas reciben el principal m谩s una participaci贸n m铆nima del 180% en la ganancia de ese 铆ndice.
- Reembolso al valor nominal: Si el peor 铆ndice termina 鈮� inicial pero 鈮� 70% (la barrera), solo se devuelve el principal de $1,000.
- 笔茅谤诲颈诲补: Si el peor 铆ndice cierra por debajo del 70% de su nivel inicial, el principal se reduce 1 a 1 con la p茅rdida del 铆ndice. Una ca铆da del 70% implica $300; es posible la p茅rdida total.
T茅rminos clave: la barrera est谩 fija en el 70% del nivel inicial de cada 铆ndice; la participaci贸n al alza se establecer谩 en la fijaci贸n de precio (鈮� 180%). Los valores no estar谩n listados; la liquidez depender谩 de Citigroup Global Markets Inc., que podr谩, a su discreci贸n, facilitar un mercado secundario. El valor estimado en la fijaci贸n de precio es 鈮� $949, es decir, al menos un 5.1% por debajo del precio de emisi贸n, reflejando costos de venta, cobertura y la tasa interna de financiamiento de Citi. La comisi贸n de suscripci贸n es hasta $7.50 por nota; los ingresos netos son aproximadamente $992.50 por nota.
Riesgos principales: exposici贸n completa a la baja bajo la barrera del 70%; sin intereses intermedios; dependencia de una sola observaci贸n; estructura multi-subyacente que aumenta la probabilidad de que un 铆ndice cruce la barrera; riesgo crediticio de CGMHI/Citigroup; mercado secundario limitado o inexistente; tratamiento fiscal de EE.UU. incierto (asunci贸n de contrato prepagado forward, posibles implicaciones de la Secci贸n 871(m) para tenedores no estadounidenses).
El producto es adecuado para inversionistas que buscan exposici贸n apalancada a acciones con protecci贸n contingente parcial, que toleran iliquidez, riesgo crediticio y posible p茅rdida total de capital, y que no valoran los dividendos no recibidos de los 铆ndices.
Citigroup Global Markets Holdings Inc.電� Citigroup Inc.(韹办护 C)臧� 氤挫頃橂姅 5雲� 毵岅赴 Barrier Securities毳� 鞝滉车頃橂┌, 鞚措姅 雼れ毎臁挫姢 靷办梾韽夑窢歆�靾�, 霟厐 2000 歆�靾�, S&P 500 歆�靾� 欷� 臧�鞛� 鞝�臁绊暅 靹标臣毳� 氤挫澑 歆�靾橃棎 鞐半彊霅╇媹雼�. 鞚� 靹犾垳鞙� 氍措嫶氤� 毂勱秾(鞁滊Μ歃� N)鞚赌 $1,000鞚� 氇呺 鞗愱笀, 2025雲� 7鞗� 18鞚� 臧�瓴� 毂呾爼, 2025雲� 7鞗� 23鞚� 瓴办牅, 2030雲� 7鞗� 23鞚� 毵岅赴毳� 臧�歆戨媹雼�.
鞚� 毂勱秾鞚� 鞚挫瀽 炜犿彴鞚� 鞐嗢姷雼堧嫟. 順勱笀 頋愲鞚� 韽夑皜鞚检棎 頃� 氩� 旄§爼霅� 歆�靾� 靹标臣鞐愲 鞚橃〈頃╇媹雼�:
- 靸侅姽 鞁�: 斓滌爛 靹标臣 歆�靾�臧� 齑堦赴 靾橃氤措嫟 雴掙矊 毵堦皭頃橂┐ 韴瀽鞛愲姅 鞗愱笀瓿� 頃措嫻 歆�靾� 靸侅姽攵勳潣 斓滌唽 180% 彀胳棳 靾橃澋鞚� 氚涭姷雼堧嫟.
- 鞗愱笀 靸來櫂: 斓滌爛 靹标臣 歆�靾橁皜 齑堦赴 雽�牍� 鈮れ澊歆�毵� 鈮� 70% (歃�, 鞛ル步)鞚� 瓴届毎, 鞗愱笀 $1,000毵� 氚橅櫂霅╇媹雼�.
- 頃橂澖 鞁�: 斓滌爛 靹标臣 歆�靾橁皜 齑堦赴 靾橃鞚� 70% 鞎勲灅搿� 毵堦皭頃橂┐ 鞗愱笀鞚� 歆�靾� 靻愳嫟瓿� 1雽赌1 牍勳湪搿� 臧愳唽頃╇媹雼�. 70% 頃橂澖 鞁� $300, 鞝勳暋 靻愳嫟 臧�電レ劚霃� 鞛堨姷雼堧嫟.
欤检殧 甑“ 臁瓣贝: 鞛ル步鞚� 臧� 歆�靾� 齑堦赴 靾橃鞚� 70%搿� 瓿犾爼; 靸侅姽 彀胳棳鞙潃 臧�瓴� 毂呾爼 鞁� 瓴办爼(鈮� 180%). 歃濌秾鞚� 靸侅灔霅橃 鞎婌溂氅�, 鞙犽彊靹膘潃 Citigroup Global Markets Inc.臧� 鞛愳潣搿� 2彀� 鞁滌灔鞚� 順曥劚頃� 靾� 鞛堧姅歆�鞐� 雼牑 鞛堨姷雼堧嫟. 臧�瓴� 毂呾爼 鞁� 鞓堨儊 臧�旃橂姅 $949 鞚挫儊鞙茧, 氚滍枆臧� 雽�牍� 斓滌唽 5.1% 雮溂氅� 韺愲Г 氚� 項れ 牍勳毄瓿� Citi 雮措秬 鞛愱笀 臁半嫭 牍勳毄鞚� 氚橃榿頃╇媹雼�. 鞚胳垬 靾橃垬耄岆姅 毂勱秾雼� 斓滊寑 $7.50, 靾滌垬鞚奠潃 鞎� $992.50鞛呺媹雼�.
欤检殧 鞙勴棙 鞖旍唽: 70% 鞛ル步 鞚错晿鞐愳劀電� 鞝勳暋 頃橂澖 鞙勴棙; 欷戧皠 鞚挫瀽 鞐嗢潓; 雼澕 甏�彀办澕 鞚橃〈; 雼れ 旮办磮鞛愳偘 甑“搿� 頃� 歆�靾橁皜 鞛ル步鞚� 雱橃潉 頇曤 歃濌皜; CGMHI/Citigroup 鞁犾毄 鞙勴棙; 鞝滍暅鞝侅澊瓯半倶 鞐嗠姅 2彀� 鞁滌灔; 氙戈淡 靹戈笀 觳橂Μ 攵堩檿鞁れ劚(靹犽秷 靹犽弰瓿勳暯 臧�鞝�, 牍勲甑� 韴瀽鞛� 雽�靸� 靹轨厴 871(m) 鞓來枼 臧�電レ劚).
鞚� 靸來拡鞚� 霠堧矂毽霅� 欤检嫕 雲胳稖瓿� 攵�攵勳爜 臁瓣贝攵� 氤错樃毳� 鞗愴晿電� 韴瀽鞛愳棎瓴� 鞝來暕頃橂┌, 鞙犽彊靹� 攵�臁�, 鞁犾毄 鞙勴棙, 鞝勳暋 靻愳嫟 臧�電レ劚鞚� 臧愳垬頃橁碃 歆�靾� 氚半嫻旮� 韽赴毳� 氍挫嫓頃� 靾� 鞛堧姅 韴瀽鞛愳棎瓴� 甓岇灔霅╇媹雼�.
Citigroup Global Markets Holdings Inc., garantie par Citigroup Inc. (symbole C), propose des Barrier Securities 脿 cinq ans li茅es 脿 la performance la plus faible parmi le Dow Jones Industrial Average, le Russell 2000 et le S&P 500. Ces billets non garantis senior (S茅rie N) ont un montant nominal de 1 000 $, un prix au 18 juillet 2025, un r猫glement au 23 juillet 2025 et une 茅ch茅ance au 23 juillet 2030.
Ces titres ne versent aucun coupon. Le flux de tr茅sorerie d茅pend uniquement de la performance de l鈥檌ndice mesur茅e une seule fois 脿 la date d鈥櫭﹙aluation :
- Potentiel haussier : Si l鈥�indice le moins performant termine au-dessus de son niveau initial, les investisseurs re莽oivent le capital plus une participation minimale de 180% 脿 la hausse sur la performance de cet indice.
- Remboursement au pair : Si l鈥檌ndice le moins performant termine 鈮� initial mais 鈮� 70 % (la 产补谤谤颈猫谤别), seul le capital de 1 000 $ est rembours茅.
- Risque baissier : Si l鈥檌ndice le moins performant cl么ture en dessous de 70 % de son niveau initial, le capital est r茅duit 脿 hauteur de la perte de l鈥檌ndice (1 pour 1). Une baisse de 70 % conduit 脿 300 $ ; une perte totale est possible.
Conditions cl茅s : la 产补谤谤颈猫谤别 est fix茅e 脿 70 % du niveau initial de chaque indice ; la participation 脿 la hausse sera d茅termin茅e lors de la tarification (鈮� 180 %). Les titres ne seront pas cot茅s ; la liquidit茅 d茅pendra de Citigroup Global Markets Inc., qui pourra, 脿 sa discr茅tion, organiser un march茅 secondaire. La valeur estim茅e lors de la tarification est 鈮� 949 $, soit au moins 5,1 % en dessous du prix d鈥櫭﹎ission, refl茅tant les co没ts de vente, de couverture et le taux de financement interne de Citi. La commission de souscription est jusqu鈥櫭� 7,50 $ par titre ; le produit net est d鈥檈nviron 992,50 $ par titre.
Principaux risques : exposition totale 脿 la baisse sous la 产补谤谤颈猫谤别 de 70 % ; absence d鈥檌nt茅r锚t interm茅diaire ; d茅pendance 脿 une seule observation ; structure multi-sous-jacents augmentant la probabilit茅 qu鈥檜n indice franchisse la 产补谤谤颈猫谤别 ; risque de cr茅dit de CGMHI/Citigroup ; march茅 secondaire limit茅 ou inexistant ; traitement fiscal am茅ricain incertain (hypoth猫se de contrat 脿 terme pr茅pay茅, possibles implications de la Section 871(m) pour les d茅tenteurs non am茅ricains).
Ce produit convient aux investisseurs recherchant une exposition actions 脿 effet de levier avec une protection partielle conditionnelle, capables de tol茅rer l鈥檌lliquidit茅, le risque de cr茅dit et une perte totale potentielle du capital, et indiff茅rents aux dividendes non per莽us des indices.
Citigroup Global Markets Holdings Inc., garantiert von Citigroup Inc. (Ticker C), bietet f眉nfj盲hrige Barrier Securities an, die an die schlechteste Performance zwischen dem Dow Jones Industrial Average, Russell 2000 Index und S&P 500 Index gekoppelt sind. Diese unbesicherten Senior Notes (Serie N) haben einen Nennbetrag von $1.000, Preis am 18. Juli 2025, Abwicklung am 23. Juli 2025 und F盲lligkeit am 23. Juli 2030.
Die Notes zahlen keine Kupons. Ihr Cashflow h盲ngt ausschlie脽lich von der Indexentwicklung ab, die einmalig am Bewertungstag gemessen wird:
- 础耻蹿飞盲谤迟蝉辫辞迟别苍锄颈补濒: Wenn der schlechteste Index 眉ber seinem Anfangsniveau schlie脽t, erhalten Anleger den Kapitalbetrag plus eine Mindestbeteiligung von 180% an der Kurssteigerung des Index.
- R眉ckzahlung zum Nennwert: Wenn der schlechteste Performer 鈮� Anfangsniveau aber 鈮� 70% des Anfangswerts (die Barriere) schlie脽t, wird nur der Nennbetrag von $1.000 zur眉ckgezahlt.
- 础产飞盲谤迟蝉谤颈蝉颈办辞: Schlie脽t der schlechteste Index unter 70% seines Anfangswerts, reduziert sich das Kapital 1:1 mit dem Verlust des Index. Ein R眉ckgang um 70% f眉hrt zu $300; Totalverlust ist m枚glich.
Wesentliche Strukturmerkmale: Die Barriere ist fest bei 70% des Anfangswerts jedes Index; die Aufw盲rtsbeteiligung wird bei der Preisfestsetzung festgelegt (鈮� 180%). Die Wertpapiere werden nicht b枚rslich gehandelt; die Liquidit盲t h盲ngt davon ab, ob Citigroup Global Markets Inc. einen Sekund盲rmarkt nach eigenem Ermessen stellt. Der gesch盲tzte Wert bei der Preisfestsetzung liegt bei 鈮� $949, also mindestens 5,1% unter dem Ausgabepreis, was Verkaufs- und Absicherungskosten sowie Citi's interne Finanzierungskosten widerspiegelt. Die Zeichnungsgeb眉hr betr盲gt bis zu $7,50 pro Note; der Nettoerl枚s liegt bei ca. $992,50 pro Note.
Wesentliche Risiken sind: volles Abw盲rtsrisiko unterhalb der 70%-Barriere; keine Zwischenzinsen; Abh盲ngigkeit von einer einzigen Beobachtung; Multi-Underlying-Struktur erh枚ht die Wahrscheinlichkeit, dass ein Index die Barriere durchbricht; Kreditrisiko von CGMHI/Citigroup; eingeschr盲nkter oder kein Sekund盲rmarkt; unsichere US-Steuerbehandlung (Annahme eines vorab bezahlten Forward-Kontrakts, m枚gliche Section 871(m)-Implikationen f眉r Nicht-US-Anleger).
Das Produkt eignet sich f眉r Anleger, die eine gehebelte Aktienexponierung mit teilweisem bedingtem Schutz suchen, Illiquidit盲t, Kreditrisiko und m枚glichen Totalverlust des Kapitals tolerieren und denen entgangene Dividenden der Indizes gleichg眉ltig sind.
- High upside participation (鈮� 180 %) allows amplified gains if the worst index appreciates.
- 30 % contingent downside buffer provides partial protection above the barrier level.
- Citigroup Inc. guarantee adds an extra layer of credit support relative to standalone issuer risk.
- Full principal loss risk below the 70 % barrier; no minimum redemption value.
- No periodic interest; investors forego income for five years.
- Worst-of structure increases likelihood the barrier is breached versus single-index products.
- Estimated fair value (~$949) is materially below the $1,000 issue price, embedding upfront costs.
- Unlisted security鈥攕econdary liquidity depends solely on CGMI鈥檚 discretion and may be limited or absent.
- Single-day observation exposes holders to adverse price moves on valuation date.
- Uncertain U.S. tax treatment could lead to adverse or retroactive outcomes.
Insights
TL;DR Risk-seeking investors gain 1.8脳 upside with 30 % soft protection, but face full capital loss below barrier and zero income.
The note offers higher participation than typical five-year structured products, yet the 70 % barrier set on the worst of three large U.S. indices materially increases breach probability. Historical drawdowns show each index has fallen well beyond 30 % several times in the past decade, underscoring tail risk. The embedded derivative cost (issue price 鈥� estimated value 鈮� $51) and 0.75 % fee reduce investor value at inception. Because Citi routinely issues such notes, the transaction is not financially material to corporate results. For purchasers, payoff is attractive only under moderate equity appreciation scenarios; severe bear markets or index divergence could wipe out principal. I view the product as neutral-to-negative for conservative investors.
TL;DR Unsecured, unlisted note concentrates credit, market and liquidity risk; resale value likely well below par post-issuance.
All cash flows depend on CGMHI/Citigroup solvency. CGMI鈥檚 indicative bid will include undisclosed spreads and may be withdrawn, leaving holders captive until 2030. The four-month post-issuance premium artificially supports secondary valuations before amortising to zero, a point often misunderstood by retail buyers. The internal funding rate discount and variable underwriting spread transfer economic value to the issuer at inception. Given Citi鈥檚 sizable balance sheet, default risk is low but non-trivial over five years. Overall, impact on Citi鈥檚 credit profile is negligible; impact on an individual investor could be severe.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc. (ticker C), offre titoli Barrier Securities a cinque anni collegati all鈥檌ndice peggiore tra Dow Jones Industrial Average, Russell 2000 e S&P 500. Questi senior unsecured notes (Serie N) hanno un valore nominale di $1.000, prezzo al 18 lug 2025, regolamento il 23 lug 2025 e scadenza il 23 lug 2030.
I titoli non pagano cedole. Il flusso di cassa dipende esclusivamente dalla performance dell鈥檌ndice misurata una sola volta, alla data di valutazione:
- Rendimento positivo: Se l鈥�indice peggiore chiude sopra il livello iniziale, l鈥檌nvestitore riceve il capitale pi霉 una partecipazione minima del 180% al rialzo su quel guadagno.
- Rimborso a valore nominale: Se l鈥檌ndice peggiore termina 鈮� iniziale ma 鈮� 70% (la barriera), viene restituito solo il capitale di $1.000.
- Perdita in conto capitale: Se l鈥檌ndice peggiore chiude al di sotto del 70% del valore iniziale, il capitale si riduce 1 a 1 con la perdita dell鈥檌ndice. Un calo del 70% porta a $300; 猫 possibile la perdita totale.
Termini chiave: barriera fissata al 70% del livello iniziale di ogni indice; partecipazione al rialzo da definire in fase di pricing (鈮� 180%). I titoli non saranno quotati; la liquidit脿 dipender脿 da Citigroup Global Markets Inc. che potr脿, a sua discrezione, creare un mercato secondario. Il valore stimato al pricing 猫 鈮� $949, cio猫 almeno 5,1% sotto il prezzo di emissione, riflettendo costi di vendita, copertura e il tasso interno di finanziamento di Citi. La commissione di sottoscrizione 猫 fino a $7,50 per titolo; il ricavo netto 猫 circa $992,50 per titolo.
Principali rischi: esposizione totale al ribasso sotto la barriera del 70%; nessun interesse intermedio; dipendenza da un鈥檜nica rilevazione; struttura multi-indice aumenta la probabilit脿 che almeno uno superi la barriera; rischio di credito CGMHI/Citigroup; mercato secondario limitato o assente; trattamento fiscale USA incerto (assunzione di contratto prepagato forward, possibili implicazioni Section 871(m) per investitori non statunitensi).
Il prodotto 猫 adatto a investitori che cercano esposizione azionaria leva con protezione parziale condizionata, tollerano illiquidit脿, rischio di credito e possibile perdita totale del capitale, e che non considerano rilevante la rinuncia ai dividendi degli indici.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc. (ticker C), ofrece valores Barrier Securities a cinco a帽os vinculados al peor desempe帽o entre el Dow Jones Industrial Average, Russell 2000 y el S&P 500. Estas notas senior sin garant铆a (Serie N) tienen un valor nominal de $1,000, precio al 18 jul 2025, liquidaci贸n el 23 jul 2025 y vencimiento el 23 jul 2030.
Las notas no pagan cupones. El flujo de efectivo depende 煤nicamente del desempe帽o del 铆ndice medido una sola vez, en la fecha de valoraci贸n:
- Ganancia: Si el 铆ndice con peor desempe帽o termina por encima de su nivel inicial, los inversionistas reciben el principal m谩s una participaci贸n m铆nima del 180% en la ganancia de ese 铆ndice.
- Reembolso al valor nominal: Si el peor 铆ndice termina 鈮� inicial pero 鈮� 70% (la barrera), solo se devuelve el principal de $1,000.
- 笔茅谤诲颈诲补: Si el peor 铆ndice cierra por debajo del 70% de su nivel inicial, el principal se reduce 1 a 1 con la p茅rdida del 铆ndice. Una ca铆da del 70% implica $300; es posible la p茅rdida total.
T茅rminos clave: la barrera est谩 fija en el 70% del nivel inicial de cada 铆ndice; la participaci贸n al alza se establecer谩 en la fijaci贸n de precio (鈮� 180%). Los valores no estar谩n listados; la liquidez depender谩 de Citigroup Global Markets Inc., que podr谩, a su discreci贸n, facilitar un mercado secundario. El valor estimado en la fijaci贸n de precio es 鈮� $949, es decir, al menos un 5.1% por debajo del precio de emisi贸n, reflejando costos de venta, cobertura y la tasa interna de financiamiento de Citi. La comisi贸n de suscripci贸n es hasta $7.50 por nota; los ingresos netos son aproximadamente $992.50 por nota.
Riesgos principales: exposici贸n completa a la baja bajo la barrera del 70%; sin intereses intermedios; dependencia de una sola observaci贸n; estructura multi-subyacente que aumenta la probabilidad de que un 铆ndice cruce la barrera; riesgo crediticio de CGMHI/Citigroup; mercado secundario limitado o inexistente; tratamiento fiscal de EE.UU. incierto (asunci贸n de contrato prepagado forward, posibles implicaciones de la Secci贸n 871(m) para tenedores no estadounidenses).
El producto es adecuado para inversionistas que buscan exposici贸n apalancada a acciones con protecci贸n contingente parcial, que toleran iliquidez, riesgo crediticio y posible p茅rdida total de capital, y que no valoran los dividendos no recibidos de los 铆ndices.
Citigroup Global Markets Holdings Inc.電� Citigroup Inc.(韹办护 C)臧� 氤挫頃橂姅 5雲� 毵岅赴 Barrier Securities毳� 鞝滉车頃橂┌, 鞚措姅 雼れ毎臁挫姢 靷办梾韽夑窢歆�靾�, 霟厐 2000 歆�靾�, S&P 500 歆�靾� 欷� 臧�鞛� 鞝�臁绊暅 靹标臣毳� 氤挫澑 歆�靾橃棎 鞐半彊霅╇媹雼�. 鞚� 靹犾垳鞙� 氍措嫶氤� 毂勱秾(鞁滊Μ歃� N)鞚赌 $1,000鞚� 氇呺 鞗愱笀, 2025雲� 7鞗� 18鞚� 臧�瓴� 毂呾爼, 2025雲� 7鞗� 23鞚� 瓴办牅, 2030雲� 7鞗� 23鞚� 毵岅赴毳� 臧�歆戨媹雼�.
鞚� 毂勱秾鞚� 鞚挫瀽 炜犿彴鞚� 鞐嗢姷雼堧嫟. 順勱笀 頋愲鞚� 韽夑皜鞚检棎 頃� 氩� 旄§爼霅� 歆�靾� 靹标臣鞐愲 鞚橃〈頃╇媹雼�:
- 靸侅姽 鞁�: 斓滌爛 靹标臣 歆�靾�臧� 齑堦赴 靾橃氤措嫟 雴掙矊 毵堦皭頃橂┐ 韴瀽鞛愲姅 鞗愱笀瓿� 頃措嫻 歆�靾� 靸侅姽攵勳潣 斓滌唽 180% 彀胳棳 靾橃澋鞚� 氚涭姷雼堧嫟.
- 鞗愱笀 靸來櫂: 斓滌爛 靹标臣 歆�靾橁皜 齑堦赴 雽�牍� 鈮れ澊歆�毵� 鈮� 70% (歃�, 鞛ル步)鞚� 瓴届毎, 鞗愱笀 $1,000毵� 氚橅櫂霅╇媹雼�.
- 頃橂澖 鞁�: 斓滌爛 靹标臣 歆�靾橁皜 齑堦赴 靾橃鞚� 70% 鞎勲灅搿� 毵堦皭頃橂┐ 鞗愱笀鞚� 歆�靾� 靻愳嫟瓿� 1雽赌1 牍勳湪搿� 臧愳唽頃╇媹雼�. 70% 頃橂澖 鞁� $300, 鞝勳暋 靻愳嫟 臧�電レ劚霃� 鞛堨姷雼堧嫟.
欤检殧 甑“ 臁瓣贝: 鞛ル步鞚� 臧� 歆�靾� 齑堦赴 靾橃鞚� 70%搿� 瓿犾爼; 靸侅姽 彀胳棳鞙潃 臧�瓴� 毂呾爼 鞁� 瓴办爼(鈮� 180%). 歃濌秾鞚� 靸侅灔霅橃 鞎婌溂氅�, 鞙犽彊靹膘潃 Citigroup Global Markets Inc.臧� 鞛愳潣搿� 2彀� 鞁滌灔鞚� 順曥劚頃� 靾� 鞛堧姅歆�鞐� 雼牑 鞛堨姷雼堧嫟. 臧�瓴� 毂呾爼 鞁� 鞓堨儊 臧�旃橂姅 $949 鞚挫儊鞙茧, 氚滍枆臧� 雽�牍� 斓滌唽 5.1% 雮溂氅� 韺愲Г 氚� 項れ 牍勳毄瓿� Citi 雮措秬 鞛愱笀 臁半嫭 牍勳毄鞚� 氚橃榿頃╇媹雼�. 鞚胳垬 靾橃垬耄岆姅 毂勱秾雼� 斓滊寑 $7.50, 靾滌垬鞚奠潃 鞎� $992.50鞛呺媹雼�.
欤检殧 鞙勴棙 鞖旍唽: 70% 鞛ル步 鞚错晿鞐愳劀電� 鞝勳暋 頃橂澖 鞙勴棙; 欷戧皠 鞚挫瀽 鞐嗢潓; 雼澕 甏�彀办澕 鞚橃〈; 雼れ 旮办磮鞛愳偘 甑“搿� 頃� 歆�靾橁皜 鞛ル步鞚� 雱橃潉 頇曤 歃濌皜; CGMHI/Citigroup 鞁犾毄 鞙勴棙; 鞝滍暅鞝侅澊瓯半倶 鞐嗠姅 2彀� 鞁滌灔; 氙戈淡 靹戈笀 觳橂Μ 攵堩檿鞁れ劚(靹犽秷 靹犽弰瓿勳暯 臧�鞝�, 牍勲甑� 韴瀽鞛� 雽�靸� 靹轨厴 871(m) 鞓來枼 臧�電レ劚).
鞚� 靸來拡鞚� 霠堧矂毽霅� 欤检嫕 雲胳稖瓿� 攵�攵勳爜 臁瓣贝攵� 氤错樃毳� 鞗愴晿電� 韴瀽鞛愳棎瓴� 鞝來暕頃橂┌, 鞙犽彊靹� 攵�臁�, 鞁犾毄 鞙勴棙, 鞝勳暋 靻愳嫟 臧�電レ劚鞚� 臧愳垬頃橁碃 歆�靾� 氚半嫻旮� 韽赴毳� 氍挫嫓頃� 靾� 鞛堧姅 韴瀽鞛愳棎瓴� 甓岇灔霅╇媹雼�.
Citigroup Global Markets Holdings Inc., garantie par Citigroup Inc. (symbole C), propose des Barrier Securities 脿 cinq ans li茅es 脿 la performance la plus faible parmi le Dow Jones Industrial Average, le Russell 2000 et le S&P 500. Ces billets non garantis senior (S茅rie N) ont un montant nominal de 1 000 $, un prix au 18 juillet 2025, un r猫glement au 23 juillet 2025 et une 茅ch茅ance au 23 juillet 2030.
Ces titres ne versent aucun coupon. Le flux de tr茅sorerie d茅pend uniquement de la performance de l鈥檌ndice mesur茅e une seule fois 脿 la date d鈥櫭﹙aluation :
- Potentiel haussier : Si l鈥�indice le moins performant termine au-dessus de son niveau initial, les investisseurs re莽oivent le capital plus une participation minimale de 180% 脿 la hausse sur la performance de cet indice.
- Remboursement au pair : Si l鈥檌ndice le moins performant termine 鈮� initial mais 鈮� 70 % (la 产补谤谤颈猫谤别), seul le capital de 1 000 $ est rembours茅.
- Risque baissier : Si l鈥檌ndice le moins performant cl么ture en dessous de 70 % de son niveau initial, le capital est r茅duit 脿 hauteur de la perte de l鈥檌ndice (1 pour 1). Une baisse de 70 % conduit 脿 300 $ ; une perte totale est possible.
Conditions cl茅s : la 产补谤谤颈猫谤别 est fix茅e 脿 70 % du niveau initial de chaque indice ; la participation 脿 la hausse sera d茅termin茅e lors de la tarification (鈮� 180 %). Les titres ne seront pas cot茅s ; la liquidit茅 d茅pendra de Citigroup Global Markets Inc., qui pourra, 脿 sa discr茅tion, organiser un march茅 secondaire. La valeur estim茅e lors de la tarification est 鈮� 949 $, soit au moins 5,1 % en dessous du prix d鈥櫭﹎ission, refl茅tant les co没ts de vente, de couverture et le taux de financement interne de Citi. La commission de souscription est jusqu鈥櫭� 7,50 $ par titre ; le produit net est d鈥檈nviron 992,50 $ par titre.
Principaux risques : exposition totale 脿 la baisse sous la 产补谤谤颈猫谤别 de 70 % ; absence d鈥檌nt茅r锚t interm茅diaire ; d茅pendance 脿 une seule observation ; structure multi-sous-jacents augmentant la probabilit茅 qu鈥檜n indice franchisse la 产补谤谤颈猫谤别 ; risque de cr茅dit de CGMHI/Citigroup ; march茅 secondaire limit茅 ou inexistant ; traitement fiscal am茅ricain incertain (hypoth猫se de contrat 脿 terme pr茅pay茅, possibles implications de la Section 871(m) pour les d茅tenteurs non am茅ricains).
Ce produit convient aux investisseurs recherchant une exposition actions 脿 effet de levier avec une protection partielle conditionnelle, capables de tol茅rer l鈥檌lliquidit茅, le risque de cr茅dit et une perte totale potentielle du capital, et indiff茅rents aux dividendes non per莽us des indices.
Citigroup Global Markets Holdings Inc., garantiert von Citigroup Inc. (Ticker C), bietet f眉nfj盲hrige Barrier Securities an, die an die schlechteste Performance zwischen dem Dow Jones Industrial Average, Russell 2000 Index und S&P 500 Index gekoppelt sind. Diese unbesicherten Senior Notes (Serie N) haben einen Nennbetrag von $1.000, Preis am 18. Juli 2025, Abwicklung am 23. Juli 2025 und F盲lligkeit am 23. Juli 2030.
Die Notes zahlen keine Kupons. Ihr Cashflow h盲ngt ausschlie脽lich von der Indexentwicklung ab, die einmalig am Bewertungstag gemessen wird:
- 础耻蹿飞盲谤迟蝉辫辞迟别苍锄颈补濒: Wenn der schlechteste Index 眉ber seinem Anfangsniveau schlie脽t, erhalten Anleger den Kapitalbetrag plus eine Mindestbeteiligung von 180% an der Kurssteigerung des Index.
- R眉ckzahlung zum Nennwert: Wenn der schlechteste Performer 鈮� Anfangsniveau aber 鈮� 70% des Anfangswerts (die Barriere) schlie脽t, wird nur der Nennbetrag von $1.000 zur眉ckgezahlt.
- 础产飞盲谤迟蝉谤颈蝉颈办辞: Schlie脽t der schlechteste Index unter 70% seines Anfangswerts, reduziert sich das Kapital 1:1 mit dem Verlust des Index. Ein R眉ckgang um 70% f眉hrt zu $300; Totalverlust ist m枚glich.
Wesentliche Strukturmerkmale: Die Barriere ist fest bei 70% des Anfangswerts jedes Index; die Aufw盲rtsbeteiligung wird bei der Preisfestsetzung festgelegt (鈮� 180%). Die Wertpapiere werden nicht b枚rslich gehandelt; die Liquidit盲t h盲ngt davon ab, ob Citigroup Global Markets Inc. einen Sekund盲rmarkt nach eigenem Ermessen stellt. Der gesch盲tzte Wert bei der Preisfestsetzung liegt bei 鈮� $949, also mindestens 5,1% unter dem Ausgabepreis, was Verkaufs- und Absicherungskosten sowie Citi's interne Finanzierungskosten widerspiegelt. Die Zeichnungsgeb眉hr betr盲gt bis zu $7,50 pro Note; der Nettoerl枚s liegt bei ca. $992,50 pro Note.
Wesentliche Risiken sind: volles Abw盲rtsrisiko unterhalb der 70%-Barriere; keine Zwischenzinsen; Abh盲ngigkeit von einer einzigen Beobachtung; Multi-Underlying-Struktur erh枚ht die Wahrscheinlichkeit, dass ein Index die Barriere durchbricht; Kreditrisiko von CGMHI/Citigroup; eingeschr盲nkter oder kein Sekund盲rmarkt; unsichere US-Steuerbehandlung (Annahme eines vorab bezahlten Forward-Kontrakts, m枚gliche Section 871(m)-Implikationen f眉r Nicht-US-Anleger).
Das Produkt eignet sich f眉r Anleger, die eine gehebelte Aktienexponierung mit teilweisem bedingtem Schutz suchen, Illiquidit盲t, Kreditrisiko und m枚glichen Totalverlust des Kapitals tolerieren und denen entgangene Dividenden der Indizes gleichg眉ltig sind.
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The information in this preliminary pricing supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricing supplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is not permitted. SUBJECT TO COMPLETION, DATED JULY 15, 2025 |
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Citigroup Global Markets Holdings Inc. |
July , 2025 Medium-Term Senior Notes, Series N Pricing Supplement No. 2025-USNCH27581 Filed Pursuant to Rule 424(b)(2) Registration Statement Nos. 333-270327 and 333-270327-01 |
Barrier Securities Linked to the Worst Performing of the Dow Jones Industrial AverageTM, the Russell 2000® Index and the S&P 500® Index Due July 23, 2030
▪The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup Inc. Unlike conventional debt securities, the securities do not pay interest and do not repay a fixed amount of principal at maturity. Instead, the securities offer a payment at maturity that may be greater than, equal to or less than the stated principal amount, depending on the performance of the worst performing of the underlyings specified below from its initial underlying value to its final underlying value.
▪The securities offer modified exposure to the performance of the worst performing underlying, with (i) the opportunity to participate in any appreciation of the worst performing underlying at the upside participation rate specified below and (ii) contingent repayment of the stated principal amount at maturity if the worst performing underlying depreciates, but only so long as its final underlying value is greater than or equal to its final barrier value specified below. In exchange for these features, investors in the securities must be willing to forgo any dividends with respect to any underlying. In addition, investors in the securities must be willing to accept full downside exposure to the depreciation of the worst performing underlying if its final underlying value is less than its final barrier value. If the final underlying value of the worst performing underlying is less than its final barrier value, you will lose 1% of the stated principal amount of your securities for every 1% by which its final underlying value is less than its initial underlying value. You may lose your entire investment in the securities.
▪You will be subject to risks associated with each of the underlyings and will be negatively affected by adverse movements in any one of the underlyings.
▪In order to obtain the modified exposure to the worst performing underlying that the securities provide, investors must be willing to accept (i) an investment that may have limited or no liquidity and (ii) the risk of not receiving any amount due under the securities if we and Citigroup Inc. default on our obligations. All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
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KEY TERMS |
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Issuer: |
Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc. |
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Guarantee: |
All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc. |
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Underlyings: |
Underlying Initial underlying value* Final barrier value** Dow Jones Industrial AverageTM
Russell 2000® Index
S&P 500® Index
*For each underlying, its closing value on the pricing date **For each underlying, 70.00% of its initial underlying value |
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Stated principal amount: |
$1,000 per security |
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Pricing date: |
July 18, 2025 |
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Issue date: |
July 23, 2025 |
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Valuation date: |
July 18, 2030, subject to postponement if such date is not a scheduled trading day or certain market disruption events occur |
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Maturity date: |
July 23, 2030 |
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Payment at maturity: |
You will receive at maturity for each security you then hold: ■If the final underlying value of the worst performing underlying is greater than its initial underlying value: $1,000 + the return amount ■If the final underlying value of the worst performing underlying is less than or equal to its initial underlying value but greater than or equal to its final barrier value: $1,000 ■If the final underlying value of the worst performing underlying is less than its final barrier value: $1,000 + ($1,000 × the underlying return of the worst performing underlying) If the final underlying value of the worst performing underlying is less than its final barrier value, you will receive significantly less than the stated principal amount of your securities, and possibly nothing, at maturity. |
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Final underlying value: |
For each underlying, its closing value on the valuation date |
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Return amount: |
$1,000 × the underlying return of the worst performing underlying × the upside participation rate |
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Upside participation rate: |
At least 180.00%. The actual upside participation rate will be determined on the pricing date. |
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Worst performing underlying: |
The underlying with the lowest underlying return |
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Underlying return: |
For each underlying, (i) its final underlying value minus its initial underlying value, divided by (ii) its initial underlying value |
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Listing: |
The securities will not be listed on any securities exchange |
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CUSIP / ISIN: |
17333LLZ6 / US17333LLZ66 |
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Underwriter: |
Citigroup Global Markets Inc. (“CGMI”), an affiliate of the issuer, acting as principal |
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Underwriting fee and issue price: |
Issue price(1) |
Underwriting fee(2) |
Proceeds to issuer(3) |
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Per security: |
$1,000.00 |
$7.50 |
$992.50 |
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Total: |
$ |
$ |
$ |
(1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing date will be at least $949.00 per security, which will be less than the issue price. The estimated value of the securities is based on CGMI’s proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other of our affiliates, nor is it an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you at any time after issuance. See “Valuation of the Securities” in this pricing supplement.
(2) CGMI will receive an underwriting fee of up to $7.50 for each security sold in this offering. The total underwriting fee and proceeds to issuer in the table above give effect to the actual total underwriting fee. For more information on the distribution of the securities, see “Supplemental Plan of Distribution” in this pricing supplement. In addition to the underwriting fee, CGMI and its affiliates may profit from expected hedging activity related to this offering, even if the value of the securities declines. See “Use of Proceeds and Hedging” in the accompanying prospectus.
(3) The per security proceeds to issuer indicated above represent the minimum per security proceeds to issuer for any security, assuming the maximum per security underwriting fee. As noted above, the underwriting fee is variable.
Investing in the securities involves risks not associated with an investment in conventional debt securities. See “Summary Risk Factors” beginning on page PS-5.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities or determined that this pricing supplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectus are truthful or complete. Any representation to the contrary is a criminal offense.
You should read this pricing supplement together with the accompanying product supplement, underlying supplement, prospectus supplement and prospectus, which can be accessed via the hyperlinks below:
Product Supplement No. EA-02-10 dated March 7, 2023Underlying Supplement No. 11 dated March 7, 2023
Prospectus Supplement and Prospectus each dated March 7, 2023
The securities are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.
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Citigroup Global Markets Holdings Inc. |
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Additional Information
The terms of the securities are set forth in the accompanying product supplement, prospectus supplement and prospectus, as supplemented by this pricing supplement. The accompanying product supplement, prospectus supplement and prospectus contain important disclosures that are not repeated in this pricing supplement. For example, the accompanying product supplement contains important information about how the closing value of each underlying will be determined and about adjustments that may be made to the terms of the securities upon the occurrence of market disruption events and other specified events with respect to each underlying. The accompanying underlying supplement contains information about each underlying that is not repeated in this pricing supplement. It is important that you read the accompanying product supplement, underlying supplement, prospectus supplement and prospectus together with this pricing supplement before deciding whether to invest in the securities. Certain terms used but not defined in this pricing supplement are defined in the accompanying product supplement.
Payout Diagram
The diagram below illustrates your payment at maturity for a range of hypothetical underlying returns of the worst performing underlying. The diagram assumes that the upside participation rate will be set at the lowest value indicated on the cover page of this pricing supplement. The actual upside participation rate will be determined on the pricing date.
Investors in the securities will not receive any dividends with respect to the underlyings. The diagram and examples below do not show any effect of lost dividend yield over the term of the securities. See “Summary Risk Factors—You will not receive dividends or have any other rights with respect to the underlyings” below.
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Payout Diagram |
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n The Securities |
n The Worst Performing Underlying |
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Citigroup Global Markets Holdings Inc. |
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Hypothetical Examples
The examples below illustrate how to determine the payment at maturity on the securities, assuming the various hypothetical final underlying values indicated below. The examples are solely for illustrative purposes, do not show all possible outcomes and are not a prediction of what the actual payment at maturity on the securities will be. The actual payment at maturity will depend on the actual final underlying value of the worst performing underlying.
The examples below are based on the following hypothetical values and do not reflect the actual initial underlying values or final barrier values of the underlyings. For the actual initial underlying value and final barrier value of each underlying, see the cover page of this pricing supplement. We have used these hypothetical values, rather than the actual values, to simplify the calculations and aid understanding of how the securities work. However, you should understand that the actual payment at maturity on the securities will be calculated based on the actual initial underlying value and final barrier value of each underlying, and not the hypothetical values indicated below. For ease of analysis, figures below have been rounded. The examples below assume that the upside participation rate will be set at the lowest value indicated on the cover page of this pricing supplement. The actual upside participation rate will be determined on the pricing date.
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Underlying |
Hypothetical initial underlying value |
Hypothetical final barrier value |
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Dow Jones Industrial AverageTM |
100.00 |
70.00 (70.00% of its hypothetical initial underlying value) |
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Russell 2000® Index |
100.00 |
70.00 (70.00% of its hypothetical initial underlying value) |
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S&P 500® Index |
100.00 |
70.00 (70.00% of its hypothetical initial underlying value) |
Example 1—Upside Scenario. The final underlying value of the worst performing underlying is 105.00, resulting in a 5.00% underlying return for the worst performing underlying. In this example, the final underlying value of the worst performing underlying is greater than its initial underlying value.
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Underlying |
Hypothetical final underlying value |
Hypothetical underlying return |
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Dow Jones Industrial AverageTM * |
105.00 |
5.00% |
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Russell 2000® Index |
150.00 |
50.00% |
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S&P 500® Index |
140.00 |
40.00% |
* Worst performing underlying
Payment at maturity per security = $1,000 + the return amount
= $1,000 + ($1,000 × the underlying return of the worst performing underlying × the upside participation rate)
= $1,000 + ($1,000 × 5.00% × 180.00%)
= $1,000 + $90.00
= $1,090.00
In this scenario, the worst performing underlying has appreciated from its initial underlying value to its final underlying value, and your total return at maturity would equal the underlying return of the worst performing underlying multiplied by the upside participation rate.
Example 2—Par Scenario. The final underlying value of the worst performing underlying is 95.00, resulting in a -5.00% underlying return for the worst performing underlying. In this example, the final underlying value of the worst performing underlying is less than its initial underlying value but greater than its final barrier value.
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Underlying |
Hypothetical final underlying value |
Hypothetical underlying return |
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Dow Jones Industrial AverageTM |
120.00 |
20.00% |
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Russell 2000® Index* |
95.00 |
-5.00% |
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S&P 500® Index |
120.00 |
20.00% |
* Worst performing underlying
Payment at maturity per security = $1,000
In this scenario, the worst performing underlying has depreciated from its initial underlying value to its final underlying value but not below its final barrier value. As a result, you would be repaid the stated principal amount of your securities at maturity but would not receive any positive return on your investment.
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Citigroup Global Markets Holdings Inc. |
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Example 3—Downside Scenario. The final underlying value of the worst performing underlying is 30.00, resulting in a -70.00% underlying return for the worst performing underlying. In this example, the final underlying value of the worst performing underlying is less than its final barrier value.
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Underlying |
Hypothetical final underlying value |
Hypothetical underlying return |
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Dow Jones Industrial AverageTM |
110.00 |
10.00% |
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Russell 2000® Index |
105.00 |
5.00% |
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S&P 500® Index* |
30.00 |
-70.00% |
* Worst performing underlying
Payment at maturity per security = $1,000 + ($1,000 × the underlying return of the worst performing underlying)
= $1,000 + ($1,000 × -70.00%)
= $1,000 + -$700.00
= $300.00
In this scenario, the worst performing underlying has depreciated from its initial underlying value to its final underlying value and its final underlying value is less than its final barrier value. As a result, your total return at maturity in this scenario would be negative and would reflect 1-to-1 exposure to the negative performance of the worst performing underlying.
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Citigroup Global Markets Holdings Inc. |
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Summary Risk Factors
An investment in the securities is significantly riskier than an investment in conventional debt securities. The securities are subject to all of the risks associated with an investment in our conventional debt securities (guaranteed by Citigroup Inc.), including the risk that we and Citigroup Inc. may default on our obligations under the securities, and are also subject to risks associated with each underlying. Accordingly, the securities are suitable only for investors who are capable of understanding the complexities and risks of the securities. You should consult your own financial, tax and legal advisors as to the risks of an investment in the securities and the suitability of the securities in light of your particular circumstances.
The following is a summary of certain key risk factors for investors in the securities. You should read this summary together with the more detailed description of risks relating to an investment in the securities contained in the section “Risk Factors Relating to the Securities” beginning on page EA-7 in the accompanying product supplement. You should also carefully read the risk factors included in the accompanying prospectus supplement and in the documents incorporated by reference in the accompanying prospectus, including Citigroup Inc.’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, which describe risks relating to the business of Citigroup Inc. more generally.
■You may lose a significant portion or all of your investment. Unlike conventional debt securities, the securities do not repay a fixed amount of principal at maturity. Instead, your payment at maturity will depend on the performance of the worst performing underlying. If the final underlying value of the worst performing underlying is less than its final barrier value, you will lose 1% of the stated principal amount of your securities for every 1% by which the worst performing underlying has depreciated from its initial underlying value to its final underlying value. There is no minimum payment at maturity on the securities, and you may lose up to all of your investment.
■The securities do not pay interest. Unlike conventional debt securities, the securities do not pay interest or any other amounts prior to maturity. You should not invest in the securities if you seek current income during the term of the securities.
■The securities are subject to heightened risk because they have multiple underlyings. The securities are more risky than similar investments that may be available with only one underlying. With multiple underlyings, there is a greater chance that any one underlying will perform poorly, adversely affecting your return on the securities.
■The securities are subject to the risks of each of the underlyings and will be negatively affected if any one underlying performs poorly. You are subject to risks associated with each of the underlyings. If any one underlying performs poorly, you will be negatively affected. The securities are not linked to a basket composed of the underlyings, where the blended performance of the underlyings would be better than the performance of the worst performing underlying alone. Instead, you are subject to the full risks of whichever of the underlyings is the worst performing underlying.
■You will not benefit in any way from the performance of any better performing underlying. The return on the securities depends solely on the performance of the worst performing underlying, and you will not benefit in any way from the performance of any better performing underlying.
■You will be subject to risks relating to the relationship between the underlyings. It is preferable from your perspective for the underlyings to be correlated with each other, in the sense that their closing values tend to increase or decrease at similar times and by similar magnitudes. By investing in the securities, you assume the risk that the underlyings will not exhibit this relationship. The less correlated the underlyings, the more likely it is that any one of the underlyings will perform poorly over the term of the securities. All that is necessary for the securities to perform poorly is for one of the underlyings to perform poorly. It is impossible to predict what the relationship between the underlyings will be over the term of the securities. The underlyings differ in significant ways and, therefore, may not be correlated with each other.
■You will not receive dividends or have any other rights with respect to the underlyings. You will not receive any dividends with respect to the underlyings. This lost dividend yield may be significant over the term of the securities. The payment scenarios described in this pricing supplement do not show any effect of such lost dividend yield over the term of the securities. In addition, you will not have voting rights or any other rights with respect to the underlyings or the stocks included in the underlyings.
■Your payment at maturity depends on the closing value of the worst performing underlying on a single day. Because your payment at maturity depends on the closing value of the worst performing underlying solely on the valuation date, you are subject to the risk that the closing value of the worst performing underlying on that day may be lower, and possibly significantly lower, than on one or more other dates during the term of the securities. If you had invested in another instrument linked to the worst performing underlying that you could sell for full value at a time selected by you, or if the payment at maturity were based on an average of closing values of the worst performing underlying, you might have achieved better returns.
■The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. If we default on our obligations under the securities and Citigroup Inc. defaults on its guarantee obligations, you may not receive anything owed to you under the securities.
■The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity. The securities will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the securities. CGMI currently intends to make a secondary market in relation to the securities and to provide an indicative bid price for the securities on a daily basis. Any indicative bid price for the securities provided by CGMI will be determined in CGMI’s sole discretion, taking into account prevailing market conditions and other relevant factors, and will not be a representation by CGMI that the securities can be sold at that price, or at all. CGMI may suspend or terminate making a market and providing indicative bid prices without notice, at any time and for any reason. If CGMI suspends or terminates making a market, there may be no secondary market at all for the securities because it is likely that CGMI will be the only broker-dealer that is willing to buy your securities prior to maturity. Accordingly, an investor must be prepared to hold the securities until maturity.
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■The estimated value of the securities on the pricing date, based on CGMI’s proprietary pricing models and our internal funding rate, will be less than the issue price. The difference is attributable to certain costs associated with selling, structuring and hedging the securities that are included in the issue price. These costs include (i) any selling concessions or other fees paid in connection with the offering of the securities, (ii) hedging and other costs incurred by us and our affiliates in connection with the offering of the securities and (iii) the expected profit (which may be more or less than actual profit) to CGMI or other of our affiliates in connection with hedging our obligations under the securities. These costs adversely affect the economic terms of the securities because, if they were lower, the economic terms of the securities would be more favorable to you. The economic terms of the securities are also likely to be adversely affected by the use of our internal funding rate, rather than our secondary market rate, to price the securities. See “The estimated value of the securities would be lower if it were calculated based on our secondary market rate” below.
■The estimated value of the securities was determined for us by our affiliate using proprietary pricing models. CGMI derived the estimated value disclosed on the cover page of this pricing supplement from its proprietary pricing models. In doing so, it may have made discretionary judgments about the inputs to its models, such as the volatility of, and correlation between, the closing values of the underlyings, dividend yields on the underlyings and interest rates. CGMI’s views on these inputs may differ from your or others’ views, and as an underwriter in this offering, CGMI’s interests may conflict with yours. Both the models and the inputs to the models may prove to be wrong and therefore not an accurate reflection of the value of the securities. Moreover, the estimated value of the securities set forth on the cover page of this pricing supplement may differ from the value that we or our affiliates may determine for the securities for other purposes, including for accounting purposes. You should not invest in the securities because of the estimated value of the securities. Instead, you should be willing to hold the securities to maturity irrespective of the initial estimated value.
■The estimated value of the securities would be lower if it were calculated based on our secondary market rate. The estimated value of the securities included in this pricing supplement is calculated based on our internal funding rate, which is the rate at which we are willing to borrow funds through the issuance of the securities. Our internal funding rate is generally lower than our secondary market rate, which is the rate that CGMI will use in determining the value of the securities for purposes of any purchases of the securities from you in the secondary market. If the estimated value included in this pricing supplement were based on our secondary market rate, rather than our internal funding rate, it would likely be lower. We determine our internal funding rate based on factors such as the costs associated with the securities, which are generally higher than the costs associated with conventional debt securities, and our liquidity needs and preferences. Our internal funding rate is not an interest rate that is payable on the securities.
Because there is not an active market for traded instruments referencing our outstanding debt obligations, CGMI determines our secondary market rate based on the market price of traded instruments referencing the debt obligations of Citigroup Inc., our parent company and the guarantor of all payments due on the securities, but subject to adjustments that CGMI makes in its sole discretion. As a result, our secondary market rate is not a market-determined measure of our creditworthiness, but rather reflects the market’s perception of our parent company’s creditworthiness as adjusted for discretionary factors such as CGMI’s preferences with respect to purchasing the securities prior to maturity.
■The estimated value of the securities is not an indication of the price, if any, at which CGMI or any other person may be willing to buy the securities from you in the secondary market. Any such secondary market price will fluctuate over the term of the securities based on the market and other factors described in the next risk factor. Moreover, unlike the estimated value included in this pricing supplement, any value of the securities determined for purposes of a secondary market transaction will be based on our secondary market rate, which will likely result in a lower value for the securities than if our internal funding rate were used. In addition, any secondary market price for the securities will be reduced by a bid-ask spread, which may vary depending on the aggregate stated principal amount of the securities to be purchased in the secondary market transaction, and the expected cost of unwinding related hedging transactions. As a result, it is likely that any secondary market price for the securities will be less than the issue price.
■The value of the securities prior to maturity will fluctuate based on many unpredictable factors. The value of your securities prior to maturity will fluctuate based on the closing values of the underlyings, the volatility of, and correlation between, the closing values of the underlyings, dividend yields on the underlyings, interest rates generally, the time remaining to maturity and our and Citigroup Inc.’s creditworthiness, as reflected in our secondary market rate, among other factors described under “Risk Factors Relating to the Securities—Risk Factors Relating to All Securities—The value of your securities prior to maturity will fluctuate based on many unpredictable factors” in the accompanying product supplement. Changes in the closing values of the underlyings may not result in a comparable change in the value of your securities. You should understand that the value of your securities at any time prior to maturity may be significantly less than the issue price.
■Immediately following issuance, any secondary market bid price provided by CGMI, and the value that will be indicated on any brokerage account statements prepared by CGMI or its affiliates, will reflect a temporary upward adjustment. The amount of this temporary upward adjustment will steadily decline to zero over the temporary adjustment period. See “Valuation of the Securities” in this pricing supplement.
■The Russell 2000® Index is subject to risks associated with small capitalization stocks. The stocks that constitute the Russell 2000® Index are issued by companies with relatively small market capitalization. The stock prices of smaller companies may be more volatile than stock prices of large capitalization companies. These companies tend to be less well-established than large market capitalization companies. Small capitalization companies may be less able to withstand adverse economic, market, trade and competitive conditions relative to larger companies. Small capitalization companies are less likely to pay dividends on their stocks, and the presence of a dividend payment could be a factor that limits downward stock price pressure under adverse market conditions.
■Our offering of the securities is not a recommendation of any underlying. The fact that we are offering the securities does not mean that we believe that investing in an instrument linked to the underlyings is likely to achieve favorable returns. In fact, as we are part of a global financial institution, our affiliates may have positions (including short positions) in the underlyings or in instruments related to the underlyings, and may publish research or express opinions, that in each case are inconsistent with an investment linked to the
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Citigroup Global Markets Holdings Inc. |
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underlyings. These and other activities of our affiliates may affect the closing values of the underlyings in a way that negatively affects the value of and your return on the securities.
■The closing value of an underlying may be adversely affected by our or our affiliates’ hedging and other trading activities. We expect to hedge our obligations under the securities through CGMI or other of our affiliates, who may take positions in the underlyings or in financial instruments related to the underlyings and may adjust such positions during the term of the securities. Our affiliates also take positions in the underlyings or in financial instruments related to the underlyings on a regular basis (taking long or short positions or both), for their accounts, for other accounts under their management or to facilitate transactions on behalf of customers. These activities could affect the closing values of the underlyings in a way that negatively affects the value of and your return on the securities. They could also result in substantial returns for us or our affiliates while the value of the securities declines.
■We and our affiliates may have economic interests that are adverse to yours as a result of our affiliates’ business activities. Our affiliates engage in business activities with a wide range of companies. These activities include extending loans, making and facilitating investments, underwriting securities offerings and providing advisory services. These activities could involve or affect the underlyings in a way that negatively affects the value of and your return on the securities. They could also result in substantial returns for us or our affiliates while the value of the securities declines. In addition, in the course of this business, we or our affiliates may acquire non-public information, which will not be disclosed to you.
■The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities. If certain events occur during the term of the securities, such as market disruption events and other events with respect to an underlying, CGMI, as calculation agent, will be required to make discretionary judgments that could significantly affect your return on the securities. In making these judgments, the calculation agent’s interests as an affiliate of ours could be adverse to your interests as a holder of the securities. See “Risk Factors Relating to the Securities—Risk Factors Relating to All Securities—The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities” in the accompanying product supplement.
■Changes that affect the underlyings may affect the value of your securities. The sponsors of the underlyings may at any time make methodological changes or other changes in the manner in which they operate that could affect the values of the underlyings. We are not affiliated with any such underlying sponsor and, accordingly, we have no control over any changes any such sponsor may make. Such changes could adversely affect the performance of the underlyings and the value of and your return on the securities.
■The U.S. federal tax consequences of an investment in the securities are unclear. There is no direct legal authority regarding the proper U.S. federal tax treatment of the securities, and we do not plan to request a ruling from the Internal Revenue Service (the “IRS”). Consequently, significant aspects of the tax treatment of the securities are uncertain, and the IRS or a court might not agree with the treatment of the securities as prepaid forward contracts. If the IRS were successful in asserting an alternative treatment of the securities, the tax consequences of the ownership and disposition of the securities might be materially and adversely affected. Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect the U.S. federal tax treatment of the securities, possibly retroactively.
If you are a non-U.S. investor, you should review the discussion of withholding tax issues in “United States Federal Tax Considerations—Non-U.S. Holders” below.
You should read carefully the discussion under “United States Federal Tax Considerations” and “Risk Factors Relating to the Securities” in the accompanying product supplement and “United States Federal Tax Considerations” in this pricing supplement. You should also consult your tax adviser regarding the U.S. federal tax consequences of an investment in the securities, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.
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Information About the Dow Jones Industrial AverageTM
The Dow Jones Industrial AverageTM is a price-weighted index rather than a market capitalization-weighted index. The Dow Jones Industrial AverageTM consists of 30 common stocks chosen as representative of the broad market of U.S. industry. It is calculated and maintained by S&P Dow Jones Indices LLC.
Please refer to the section “Equity Index Descriptions— The Dow Jones Industrial AverageTM” in the accompanying underlying supplement for additional information.
We have derived all information regarding the Dow Jones Industrial AverageTM from publicly available information and have not independently verified any information regarding the Dow Jones Industrial AverageTM. This pricing supplement relates only to the securities and not to the Dow Jones Industrial AverageTM. We make no representation as to the performance of the Dow Jones Industrial AverageTM over the term of the securities.
The securities represent obligations of Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) only. The sponsor of the Dow Jones Industrial AverageTM is not involved in any way in this offering and has no obligation relating to the securities or to holders of the securities.
Historical Information
The closing value of the Dow Jones Industrial AverageTM on July 11, 2025 was 44,371.51.
The graph below shows the closing value of the Dow Jones Industrial AverageTM for each day such value was available from January 2, 2015 to July 11, 2025. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take historical closing values as an indication of future performance.
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Dow Jones Industrial AverageTM – Historical Closing Values |
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Citigroup Global Markets Holdings Inc. |
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Information About the Russell 2000® Index
The Russell 2000® Index is designed to track the performance of the small capitalization segment of the U.S. equity market. All stocks included in the Russell 2000® Index are traded on a major U.S. exchange. It is calculated and maintained by FTSE Russell.
Please refer to the section “Equity Index Descriptions— The Russell Indices” in the accompanying underlying supplement for additional information.
We have derived all information regarding the Russell 2000® Index from publicly available information and have not independently verified any information regarding the Russell 2000® Index. This pricing supplement relates only to the securities and not to the Russell 2000® Index. We make no representation as to the performance of the Russell 2000® Index over the term of the securities.
The securities represent obligations of Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) only. The sponsor of the Russell 2000® Index is not involved in any way in this offering and has no obligation relating to the securities or to holders of the securities.
Historical Information
The closing value of the Russell 2000® Index on July 11, 2025 was 2,234.827.
The graph below shows the closing value of the Russell 2000® Index for each day such value was available from January 2, 2015 to July 11, 2025. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take historical closing values as an indication of future performance.
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Russell 2000® Index – Historical Closing Values |
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Citigroup Global Markets Holdings Inc. |
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Information About the S&P 500® Index
The S&P 500® Index consists of the common stocks of 500 issuers selected to provide a performance benchmark for the large capitalization segment of the U.S. equity markets. It is calculated and maintained by S&P Dow Jones Indices LLC.
Please refer to the section “Equity Index Descriptions— The S&P U.S. Indices” in the accompanying underlying supplement for additional information.
We have derived all information regarding the S&P 500® Index from publicly available information and have not independently verified any information regarding the S&P 500® Index. This pricing supplement relates only to the securities and not to the S&P 500® Index. We make no representation as to the performance of the S&P 500® Index over the term of the securities.
The securities represent obligations of Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) only. The sponsor of the S&P 500® Index is not involved in any way in this offering and has no obligation relating to the securities or to holders of the securities.
Historical Information
The closing value of the S&P 500® Index on July 11, 2025 was 6,259.75.
The graph below shows the closing value of the S&P 500® Index for each day such value was available from January 2, 2015 to July 11, 2025. We obtained the closing values from Bloomberg L.P., without independent verification. You should not take historical closing values as an indication of future performance.
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S&P 500® Index – Historical Closing Values |
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Citigroup Global Markets Holdings Inc. |
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United States Federal Tax Considerations
You should read carefully the discussion under “United States Federal Tax Considerations” and “Risk Factors Relating to the Securities” in the accompanying product supplement and “Summary Risk Factors” in this pricing supplement.
In the opinion of our counsel, Davis Polk & Wardwell LLP, a security should be treated as a prepaid forward contract for U.S. federal income tax purposes. By purchasing a security, you agree (in the absence of an administrative determination or judicial ruling to the contrary) to this treatment. There is uncertainty regarding this treatment, and the IRS or a court might not agree with it. Moreover, our counsel’s opinion is based on market conditions as of the date of this preliminary pricing supplement and is subject to confirmation on the pricing date.
Assuming this treatment of the securities is respected and subject to the discussion in “United States Federal Tax Considerations” in the accompanying product supplement, the following U.S. federal income tax consequences should result under current law:
●You should not recognize taxable income over the term of the securities prior to maturity, other than pursuant to a sale or exchange.
●Upon a sale or exchange of a security (including retirement at maturity), you should recognize capital gain or loss equal to the difference between the amount realized and your tax basis in the security. Such gain or loss should be long-term capital gain or loss if you held the security for more than one year.
We do not plan to request a ruling from the IRS regarding the treatment of the securities. An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of “prepaid forward contracts” and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. You should consult your tax adviser regarding possible alternative tax treatments of the securities and potential changes in applicable law.
Non-U.S. Holders. Subject to the discussions below and in “United States Federal Tax Considerations” in the accompanying product supplement, if you are a Non-U.S. Holder (as defined in the accompanying product supplement) of the securities, you generally should not be subject to U.S. federal withholding or income tax in respect of any amount paid to you with respect to the securities, provided that (i) income in respect of the securities is not effectively connected with your conduct of a trade or business in the United States, and (ii) you comply with the applicable certification requirements.
As discussed under “United States Federal Tax Considerations—Tax Consequences to Non-U.S. Holders” in the accompanying product supplement, Section 871(m) of the Code and Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities (“U.S. Underlying Equities”) or indices that include U.S. Underlying Equities. Section 871(m) generally applies to instruments that substantially replicate the economic performance of one or more U.S. Underlying Equities, as determined based on tests set forth in the applicable Treasury regulations. However, the regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that do not have a “delta” of one. Based on the terms of the securities and representations provided by us as of the date of this preliminary pricing supplement, our counsel is of the opinion that the securities should not be treated as transactions that have a “delta” of one within the meaning of the regulations with respect to any U.S. Underlying Equity and, therefore, should not be subject to withholding tax under Section 871(m). However, the final determination regarding the treatment of the securities under Section 871(m) will be made as of the pricing date for the securities, and it is possible that the securities will be subject to withholding tax under Section 871(m) based on the circumstances as of that date.
A determination that the securities are not subject to Section 871(m) is not binding on the IRS, and the IRS may disagree with this treatment. Moreover, Section 871(m) is complex and its application may depend on your particular circumstances, including your other transactions. You should consult your tax adviser regarding the potential application of Section 871(m) to the securities.
If withholding tax applies to the securities, we will not be required to pay any additional amounts with respect to amounts withheld.
You should read the section entitled “United States Federal Tax Considerations” in the accompanying product supplement. The preceding discussion, when read in combination with that section, constitutes the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal tax consequences of owning and disposing of the securities.
You should also consult your tax adviser regarding all aspects of the U.S. federal income and estate tax consequences of an investment in the securities and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.
Supplemental Plan of Distribution
CGMI, an affiliate of Citigroup Global Markets Holdings Inc. and the underwriter of the sale of the securities, is acting as principal and will receive an underwriting fee of up to $7.50 for each security sold in this offering. The actual underwriting fee will be equal to the selling concession provided to selected dealers, as described in this paragraph. From this underwriting fee, CGMI will pay selected dealers not affiliated with CGMI a variable selling concession of up to $7.50 for each security they sell.
See “Plan of Distribution; Conflicts of Interest” in the accompanying product supplement and “Plan of Distribution” in each of the accompanying prospectus supplement and prospectus for additional information.
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Valuation of the Securities
CGMI calculated the estimated value of the securities set forth on the cover page of this pricing supplement based on proprietary pricing models. CGMI’s proprietary pricing models generated an estimated value for the securities by estimating the value of a hypothetical package of financial instruments that would replicate the payout on the securities, which consists of a fixed-income bond (the “bond component”) and one or more derivative instruments underlying the economic terms of the securities (the “derivative component”). CGMI calculated the estimated value of the bond component using a discount rate based on our internal funding rate. CGMI calculated the estimated value of the derivative component based on a proprietary derivative-pricing model, which generated a theoretical price for the instruments that constitute the derivative component based on various inputs, including the factors described under “Summary Risk Factors—The value of the securities prior to maturity will fluctuate based on many unpredictable factors” in this pricing supplement, but not including our or Citigroup Inc.’s creditworthiness. These inputs may be market-observable or may be based on assumptions made by CGMI in its discretionary judgment.
The estimated value of the securities is a function of the terms of the securities and the inputs to CGMI’s proprietary pricing models. As of the date of this preliminary pricing supplement, it is uncertain what the estimated value of the securities will be on the pricing date because certain terms of the securities have not yet been fixed and because it is uncertain what the values of the inputs to CGMI’s proprietary pricing models will be on the pricing date.
For a period of approximately four months following issuance of the securities, the price, if any, at which CGMI would be willing to buy the securities from investors, and the value that will be indicated for the securities on any brokerage account statements prepared by CGMI or its affiliates (which value CGMI may also publish through one or more financial information vendors), will reflect a temporary upward adjustment from the price or value that would otherwise be determined. This temporary upward adjustment represents a portion of the hedging profit expected to be realized by CGMI or its affiliates over the term of the securities. The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the four-month temporary adjustment period. However, CGMI is not obligated to buy the securities from investors at any time. See “Summary Risk Factors—The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity.”
Contact
Clients may contact their local brokerage representative. Third-party distributors may contact Citi Structured Investment Sales at (212) 723-7005.
© 2025 Citigroup Global Markets Inc. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.
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