[FWP] Citigroup Inc. Free Writing Prospectus
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is marketing a 3-year Autocallable Contingent Coupon Security linked to the share performance of Advanced Micro Devices, Inc. (AMD). The note offers a contingent coupon of at least 10.75% p.a., paid quarterly only when AMD鈥檚 closing price on each valuation date is at or above a 60% coupon barrier. If AMD closes at or above its initial level on any quarterly valuation date (after the first six months), the note is automatically redeemed at par plus the current coupon.
At maturity, provided the note has not been autocalled, investors receive:
- Par ($1,000) if AMD鈥檚 final price is at or above the 60% final barrier.
- Par minus the full downside (1-for-1) if AMD finishes below the barrier, exposing investors to a potential 100% loss of principal.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., sta promuovendo un Autocallable Contingent Coupon Security di durata triennale legato alla performance azionaria di Advanced Micro Devices, Inc. (AMD). Il titolo offre un coupon condizionato di almeno il 10,75% annuo, pagato trimestralmente solo se il prezzo di chiusura di AMD in ciascuna data di valutazione 猫 pari o superiore a una barriera coupon del 60%. Se AMD chiude a o sopra il livello iniziale in una qualsiasi data di valutazione trimestrale (dopo i primi sei mesi), il titolo viene rimborsato automaticamente a valore nominale pi霉 il coupon corrente.
Alla scadenza, a condizione che il titolo non sia stato richiamato anticipatamente, gli investitori ricevono:
- Valore nominale ($1.000) se il prezzo finale di AMD 猫 pari o superiore alla barriera finale del 60%.
- Valore nominale meno la perdita totale (1 a 1) se AMD chiude sotto la barriera, esponendo gli investitori a una potenziale perdita del 100% del capitale.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., est谩 promocionando un Autocallable Contingent Coupon Security a 3 a帽os vinculado al desempe帽o de las acciones de Advanced Micro Devices, Inc. (AMD). El bono ofrece un cup贸n contingente de al menos 10,75% anual, pagado trimestralmente solo cuando el precio de cierre de AMD en cada fecha de valoraci贸n est谩 en o por encima de una barrera de cup贸n del 60%. Si AMD cierra en o por encima de su nivel inicial en cualquier fecha de valoraci贸n trimestral (despu茅s de los primeros seis meses), el bono se redime autom谩ticamente al valor nominal m谩s el cup贸n actual.
Al vencimiento, siempre que el bono no haya sido llamado anticipadamente, los inversores reciben:
- Valor nominal ($1,000) si el precio final de AMD est谩 en o por encima de la barrera final del 60%.
- Valor nominal menos la p茅rdida total (1 a 1) si AMD termina por debajo de la barrera, exponiendo a los inversores a una posible p茅rdida total del capital.
Citigroup Global Markets Holdings Inc.电� Citigroup Inc.鞚� 氤挫鞚� 氚涭晞 Advanced Micro Devices, Inc. (AMD) 欤缄皜 靹标臣鞐� 鞐半彊霅� 3雲� 毵岅赴 Autocallable Contingent Coupon Security毳� 毵堨紑韺呿晿瓿� 鞛堨姷雼堧嫟. 鞚� 雲疙姼电� 斓滌唽 鞐� 10.75%鞚� 臁瓣贝攵� 炜犿彴鞚� 鞝滉车頃橂┌, AMD鞚� 膦呹皜臧� 臧� 韽夑皜鞚检棎 炜犿彴 鞛ル步 60% 鞚挫儊鞚� 霑岆 攵勱赴氤勲 歆�旮夒惄雼堧嫟. AMD臧� 觳� 6臧滌洈 鞚错泟鞚� 鞏措姁 攵勱赴 韽夑皜鞚检棎 齑堦赴 靾橃 鞚挫儊鞙茧 毵堦皭頃橂┐, 雲疙姼电� 鞎‰┐臧�鞕� 順勳灛 炜犿彴鞚� 頃╉暅 旮堨暋鞙茧 鞛愲彊 靸來櫂霅╇媹雼�.
毵岅赴 鞁�, 雲疙姼臧� 鞛愲彊靸來櫂霅橃 鞎婌晿雼る┐ 韴瀽鞛惖鐢 雼れ潓鞚� 氚涥矊 霅╇媹雼�:
- AMD鞚� 斓滌 臧�瓴╈澊 60% 斓滌 鞛ル步 鞚挫儊鞚� 瓴届毎 鞎‰┐臧赌($1,000).
- AMD臧� 鞛ル步 鞎勲灅鞐愳劀 毵堦皭頃� 瓴届毎 鞎‰┐臧�鞐愳劀 鞝� 靻愳嫟(1雽�1)鞚� 彀皭頃� 旮堨暋, 歃� 鞗愱笀 鞝勳暋 靻愳嫟 臧�電レ劚鞐� 雲胳稖霅╇媹雼�.
Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., commercialise un Autocallable Contingent Coupon Security d鈥檜ne dur茅e de 3 ans li茅 脿 la performance de l鈥檃ction de Advanced Micro Devices, Inc. (AMD). La note offre un coupon conditionnel d鈥檃u moins 10,75% par an, vers茅 trimestriellement uniquement lorsque le cours de cl么ture d鈥橝MD 脿 chaque date d鈥櫭﹙aluation est 茅gal ou sup茅rieur 脿 une barri猫re de coupon de 60%. Si AMD cl么ture 脿 son niveau initial ou au-dessus 脿 une date d鈥櫭﹙aluation trimestrielle (apr猫s les six premiers mois), la note est automatiquement rembours茅e 脿 sa valeur nominale plus le coupon courant.
脌 l鈥櫭ヽh茅ance, 脿 condition que la note n鈥檃it pas 茅t茅 rappel茅e automatiquement, les investisseurs re莽oivent :
- La valeur nominale (1 000 $) si le prix final d鈥橝MD est 茅gal ou sup茅rieur 脿 la barri猫re finale de 60%.
- La valeur nominale moins la perte totale (1 pour 1) si AMD termine en dessous de la barri猫re, exposant les investisseurs 脿 une perte potentielle de 100 % du capital.
Citigroup Global Markets Holdings Inc., garantiert von Citigroup Inc., bietet ein 3-j盲hriges Autocallable Contingent Coupon Security an, das an die Aktienentwicklung von Advanced Micro Devices, Inc. (AMD) gekoppelt ist. Die Anleihe bietet einen bedingten Kupon von mindestens 10,75% p.a., der viertelj盲hrlich nur gezahlt wird, wenn der Schlusskurs von AMD an jedem Bewertungsdatum auf oder 眉ber einer Kupon-Barriere von 60% liegt. Schlie脽t AMD an einem viertelj盲hrlichen Bewertungsdatum (nach den ersten sechs Monaten) auf oder 眉ber dem Anfangsniveau, wird die Anleihe automatisch zum Nennwert plus dem aktuellen Kupon zur眉ckgezahlt.
Bei F盲lligkeit erhalten Anleger, sofern die Anleihe nicht vorzeitig zur眉ckgerufen wurde:
- Den Nennwert ($1.000), wenn der Schlusskurs von AMD auf oder 眉ber der finalen Barriere von 60% liegt.
- Den Nennwert abz眉glich des vollen Verlusts (1 zu 1), wenn AMD unter der Barriere schlie脽t, wodurch Anleger einem potenziellen 100%igen Kapitalverlust ausgesetzt sind.
- Attractive headline yield: minimum 10.75% annual coupon potential, paid quarterly if conditions met.
- 60% coupon & final barrier offers partial downside buffer versus AMD spot price.
- Automatic early redemption can return capital quickly if AMD performs well, boosting annualized yield.
- Citi guarantee: Backed by an investment-grade financial institution rather than AMD credit risk.
- Principal at risk: 1-for-1 downside below 60% barrier can lead to total loss at maturity.
- Coupons not guaranteed; no payment in any quarter AMD closes below barrier.
- No upside participation beyond fixed coupons; early call truncates income in bullish scenarios.
- Liquidity risk: Unlisted security may be hard to sell before maturity.
- Estimated value below issue price, creating negative mark-to-market from day one.
- Uncertain U.S. tax treatment may complicate after-tax returns.
Insights
TL;DR: High headline yield but full downside to AMD below 60%; largely neutral overall given asymmetric payoff.
The security targets income-oriented investors comfortable swapping equity upside for double-digit coupons. A 60% barrier offers moderate protection, yet AMD鈥檚 historical volatility (鈮�45% 1-yr) means breach risk is material. Automatic call mechanics cap coupon accrual if AMD rallies, reducing expected returns in bullish scenarios. Because coupon payments cease during drawdowns, the note may underperform straight AMD shares in most paths save for tight trading ranges. Citi鈥檚 investment-grade profile mitigates credit concerns, but the embedded discount (issue vs. estimated value) suggests negative carry day one. Overall impact is risk-skewed: attractive to yield seekers, but inappropriate for those unwilling to accept equity-like downside.
TL;DR: Product shifts tail risk to investor; downside exceeds upside鈥攙iew as speculative.
From a portfolio construction angle, the note behaves as long AMD delta plus short volatility with hard cap on gains. Investors earn coupons only if AMD stays resilient; otherwise they absorb losses dollar-for-dollar below a 40% drop. Given tech sector cyclicality, the probability distribution is negatively skewed. Limited secondary liquidity and unclear tax treatment further reduce attractiveness. Unless one has a firm view that AMD will remain above 60% of today鈥檚 price for three years, a mix of cash-secured puts or dividend risk arbitrage may yield superior risk-adjusted returns.
Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., sta promuovendo un Autocallable Contingent Coupon Security di durata triennale legato alla performance azionaria di Advanced Micro Devices, Inc. (AMD). Il titolo offre un coupon condizionato di almeno il 10,75% annuo, pagato trimestralmente solo se il prezzo di chiusura di AMD in ciascuna data di valutazione 猫 pari o superiore a una barriera coupon del 60%. Se AMD chiude a o sopra il livello iniziale in una qualsiasi data di valutazione trimestrale (dopo i primi sei mesi), il titolo viene rimborsato automaticamente a valore nominale pi霉 il coupon corrente.
Alla scadenza, a condizione che il titolo non sia stato richiamato anticipatamente, gli investitori ricevono:
- Valore nominale ($1.000) se il prezzo finale di AMD 猫 pari o superiore alla barriera finale del 60%.
- Valore nominale meno la perdita totale (1 a 1) se AMD chiude sotto la barriera, esponendo gli investitori a una potenziale perdita del 100% del capitale.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., est谩 promocionando un Autocallable Contingent Coupon Security a 3 a帽os vinculado al desempe帽o de las acciones de Advanced Micro Devices, Inc. (AMD). El bono ofrece un cup贸n contingente de al menos 10,75% anual, pagado trimestralmente solo cuando el precio de cierre de AMD en cada fecha de valoraci贸n est谩 en o por encima de una barrera de cup贸n del 60%. Si AMD cierra en o por encima de su nivel inicial en cualquier fecha de valoraci贸n trimestral (despu茅s de los primeros seis meses), el bono se redime autom谩ticamente al valor nominal m谩s el cup贸n actual.
Al vencimiento, siempre que el bono no haya sido llamado anticipadamente, los inversores reciben:
- Valor nominal ($1,000) si el precio final de AMD est谩 en o por encima de la barrera final del 60%.
- Valor nominal menos la p茅rdida total (1 a 1) si AMD termina por debajo de la barrera, exponiendo a los inversores a una posible p茅rdida total del capital.
Citigroup Global Markets Holdings Inc.电� Citigroup Inc.鞚� 氤挫鞚� 氚涭晞 Advanced Micro Devices, Inc. (AMD) 欤缄皜 靹标臣鞐� 鞐半彊霅� 3雲� 毵岅赴 Autocallable Contingent Coupon Security毳� 毵堨紑韺呿晿瓿� 鞛堨姷雼堧嫟. 鞚� 雲疙姼电� 斓滌唽 鞐� 10.75%鞚� 臁瓣贝攵� 炜犿彴鞚� 鞝滉车頃橂┌, AMD鞚� 膦呹皜臧� 臧� 韽夑皜鞚检棎 炜犿彴 鞛ル步 60% 鞚挫儊鞚� 霑岆 攵勱赴氤勲 歆�旮夒惄雼堧嫟. AMD臧� 觳� 6臧滌洈 鞚错泟鞚� 鞏措姁 攵勱赴 韽夑皜鞚检棎 齑堦赴 靾橃 鞚挫儊鞙茧 毵堦皭頃橂┐, 雲疙姼电� 鞎‰┐臧�鞕� 順勳灛 炜犿彴鞚� 頃╉暅 旮堨暋鞙茧 鞛愲彊 靸來櫂霅╇媹雼�.
毵岅赴 鞁�, 雲疙姼臧� 鞛愲彊靸來櫂霅橃 鞎婌晿雼る┐ 韴瀽鞛惖鐢 雼れ潓鞚� 氚涥矊 霅╇媹雼�:
- AMD鞚� 斓滌 臧�瓴╈澊 60% 斓滌 鞛ル步 鞚挫儊鞚� 瓴届毎 鞎‰┐臧赌($1,000).
- AMD臧� 鞛ル步 鞎勲灅鞐愳劀 毵堦皭頃� 瓴届毎 鞎‰┐臧�鞐愳劀 鞝� 靻愳嫟(1雽�1)鞚� 彀皭頃� 旮堨暋, 歃� 鞗愱笀 鞝勳暋 靻愳嫟 臧�電レ劚鞐� 雲胳稖霅╇媹雼�.
Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., commercialise un Autocallable Contingent Coupon Security d鈥檜ne dur茅e de 3 ans li茅 脿 la performance de l鈥檃ction de Advanced Micro Devices, Inc. (AMD). La note offre un coupon conditionnel d鈥檃u moins 10,75% par an, vers茅 trimestriellement uniquement lorsque le cours de cl么ture d鈥橝MD 脿 chaque date d鈥櫭﹙aluation est 茅gal ou sup茅rieur 脿 une barri猫re de coupon de 60%. Si AMD cl么ture 脿 son niveau initial ou au-dessus 脿 une date d鈥櫭﹙aluation trimestrielle (apr猫s les six premiers mois), la note est automatiquement rembours茅e 脿 sa valeur nominale plus le coupon courant.
脌 l鈥櫭ヽh茅ance, 脿 condition que la note n鈥檃it pas 茅t茅 rappel茅e automatiquement, les investisseurs re莽oivent :
- La valeur nominale (1 000 $) si le prix final d鈥橝MD est 茅gal ou sup茅rieur 脿 la barri猫re finale de 60%.
- La valeur nominale moins la perte totale (1 pour 1) si AMD termine en dessous de la barri猫re, exposant les investisseurs 脿 une perte potentielle de 100 % du capital.
Citigroup Global Markets Holdings Inc., garantiert von Citigroup Inc., bietet ein 3-j盲hriges Autocallable Contingent Coupon Security an, das an die Aktienentwicklung von Advanced Micro Devices, Inc. (AMD) gekoppelt ist. Die Anleihe bietet einen bedingten Kupon von mindestens 10,75% p.a., der viertelj盲hrlich nur gezahlt wird, wenn der Schlusskurs von AMD an jedem Bewertungsdatum auf oder 眉ber einer Kupon-Barriere von 60% liegt. Schlie脽t AMD an einem viertelj盲hrlichen Bewertungsdatum (nach den ersten sechs Monaten) auf oder 眉ber dem Anfangsniveau, wird die Anleihe automatisch zum Nennwert plus dem aktuellen Kupon zur眉ckgezahlt.
Bei F盲lligkeit erhalten Anleger, sofern die Anleihe nicht vorzeitig zur眉ckgerufen wurde:
- Den Nennwert ($1.000), wenn der Schlusskurs von AMD auf oder 眉ber der finalen Barriere von 60% liegt.
- Den Nennwert abz眉glich des vollen Verlusts (1 zu 1), wenn AMD unter der Barriere schlie脽t, wodurch Anleger einem potenziellen 100%igen Kapitalverlust ausgesetzt sind.
Citigroup Global Markets Holdings Inc. Guaranteed by Citigroup Inc. 3 Year Autocallable Contingent Coupon Securities Linked to AMD Preliminary Terms This summary of terms is not complete and should be read with the preliminary pricing supplement below Citigroup Global Markets Holdings Inc. Issuer: Citigroup Inc. Guarantor: Advanced Micro Devices, Inc. (ticker: “AMD”) Underlying: July 28, 2025 Pricing date: Quarterly Valuation dates: August 2, 2028 Maturity date: At least 10.75% per annum*, paid quarterly only if the closing value of the underlying is greater than or equal to the coupon barrier value on the related valuation date. You are not assured of receiving any contingent coupon. Contingent coupon: 60.00% of the initial underlying value Coupon barrier value: 60.00% of the initial underlying value Final barrier value: If on any autocall date the closing value of the underlying is greater than or equal to the initial underlying value, the securities will be automatically called for an amount equal to the principal plus the related contingent coupon Automatic early redemption: Quarterly on valuation dates beginning after six months Autocall dates: 17333LLT0 / US17333LLT07 CUSIP / ISIN: The closing value on the pricing date Initial underlying value: The closing value on the final valuation date Final underlying value: (Current closing value - initial underlying value) / initial underlying value Underlying return: • If the final underlying value is greater than or equal to the final barrier value: $1,000 • If the final underlying value is less than the final barrier value: $1,000 + ($1,000 п the underlying return) If the securities are not automatically redeemed prior to maturity and the final underlying value is less than the final barrier value, you will receive significantly less than the stated principal amount of your securities, and possibly nothing, at maturity, and you will not receive any contingent coupon payment at maturity. All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. Payment at maturity (if not autocalled): $1,000 per security Stated principal amount: Preliminary Pricing Supplement dated July 14, 2025 Preliminary pricing supplement: * The actual contingent coupon rate will be determined on the pricing date. ** The hypotheticals assume that the contingent coupon will be set at the lowest value indicated in this offering summary. *** Assumes the interim valuation date is also an autocall date. Hypothetical Interim Payment per Security ** Hypothetical R ede m p t i o n *** Hypothetical Payment for Interim Valuation Date Hypothetical Underlying Return on Interim Valuation Date Redeemed $1,026.875 100.0 0 % Redeemed $1,026.875 50.00% Redeemed $1,026.875 25.00% Redeemed $1,026.875 0.00% Securities not redeemed $26.875 - 0.0 1 % Securities not redeemed $26.875 - 25. 0 0% Securities not redeemed $26.875 - 40. 0 0% Securities not redeemed $0.00 - 40. 0 1% Securities not redeemed $0.00 - 50. 0 0% Securities not redeemed $0.00 - 75. 0 0% Securities not redeemed $0.00 - 100 . 00% Hypothetical Payment at Maturity per Security Assumes the securities have not been automatically redeemed prior to maturity and does not include the final contingent coupon payment, if any. Hypothetical Payment Hypothetical Underlying Return on Final Valuation Date 100.00% 50.00% 25.00% 0.00% - 25.00% - 40.00% - 40.01% - 50.00% - 75.00% - 100.00%
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Citigroup Global Markets Holdings Inc. Guaranteed by Citigroup Inc. Selected Risk Considerations • You may lose a significant portion or all of your investment. Unlike conventional debt securities, the securities do not provide for the repayment of the stated principal amount at maturity in all circumstances. If the securities are not automatically redeemed prior to maturity, your payment at maturity will depend on the final underlying value. If the final underlying value is less than the final barrier value, you will lose 1% of the stated principal amount of your securities for every 1% by which the underlying has declined from the initial underlying value. There is no minimum payment at maturity on the securities, and you may lose up to all of your investment. • You will not receive any contingent coupon following any valuation date on which the closing value of the underlying on that valuation date is less than the coupon barrier value. • The securities may be automatically redeemed prior to maturity, limiting your opportunity to receive contingent coupons if the underlying performs in a way that would otherwise be favorable. • The securities offer downside exposure, but no upside exposure, to the underlying. • The securities are particularly sensitive to the volatility of the closing value of the underlying on or near the valuation dates. • The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. If Citigroup Global Markets Holdings Inc. defaults on its obligations under the 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 estimated value of the securities on the pricing date will be less than the issue price . For more information about the estimated value of the securities, see the accompanying preliminary pricing supplement . • The value of the securities prior to maturity will fluctuate based on many unpredictable factors . • The issuer and its affiliates may have conflicts of interest with you . • The U . S . federal tax consequences of an investment in the securities are unclear . Th e a bo v e su m m a r y of s e l e c t ed r i s k s d oes n ot d es c r i be a l l of t he r i s k s a s so c i a ted w i th a n i nv e st m ent i n t h e secu r i t i es. You s h o u l d r e a d t h e a cc o m p an y i ng p r e l i m i na r y p r i c i ng s u p pl e m e nt and p r odu c t s u p p l e m e n t fo r a m o r e c o m p l e t e d e s c r i p t i on o f r i s k s r e l a t i n g to t h e secu r i t i e s . Additional Information Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed registration statements (including the accompanying preliminary pricing supplement, product supplement, prospectus supplement and prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the accompanying preliminary pricing supplement, product supplement, prospectus supplement and prospectus in those registration statements (File Nos. 333 - 270327 and 333 - 270327 - 01) and the other documents Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed with the SEC for more complete information about Citigroup Global Markets Holdings Inc., Citigroup Inc. and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request these documents by calling toll - free 1 - 800 - 831 - 9146. Filed pursuant to Rule 433 This offering summary does not contain all of the material information an investor should consider before investing in the securities. This offering summary is not for distribution in isolation and must be read together with the accompanying preliminary pricing supplement and the other documents referred to therein, which can be accessed via the link on the first page.
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FAQ
What coupon does Citigroup's AMD-linked note pay?
When can the AMD-linked autocall note be redeemed early?
How much principal could I lose on this Citigroup (C) structured note?
Is there any upside to AMD's share price beyond the coupons?
Who bears the credit risk on the 3-Year Autocallable Note?
Will the security trade on an exchange?
