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National Rural Utilities Cooperative Finance Corporation (NRUC) filed a Rule 424(b)(3) pricing supplement for the issuance of Medium-Term Notes, Series D. The specific supplement (No. 10290) covers a single certificated note with the following key terms:

• Principal amount: US $100,000, issued at 100% of par.
• Coupon: 4.30% fixed, payable semi-annually on January 15 and July 15; record dates January 1 and July 1.
• Original issue date: 15 July 2025; maturity: 15 May 2026 (鈮�10-month tenor).
• Redemption: none (bullet maturity).
• Agent鈥檚 commission: none disclosed, indicating direct placement.
• Form: certificated (not book-entry).
• The Series D programme allows unlimited aggregate principal issuance; this $100k note represents a negligible portion of potential capacity.

Hogan Lovells US LLP provided a standard legal opinion confirming that, upon proper execution and receipt of consideration, the note will be a valid and binding obligation of NRUC, subject to customary bankruptcy and equitable principles under District of Columbia cooperative law and New York law.

The filing is routine, adds minimal incremental debt, and does not alter NRUC鈥檚 capital structure or credit profile in any meaningful way.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is issuing $1.456 million of unsecured Medium-Term Senior Notes, Series N linked to the S&P 500庐 Index, maturing 13 August 2026. Branded as 鈥�10% Buffer Securities鈥�, the notes pay no coupons; instead, principal repayment is contingent on index performance.

Economic terms

• Principal: $1,000 per note
• Upside: 110% participation in index gains, capped at $132 (+13.2%)
• Downside: 10% buffer; losses beyond 鈥�10% are absorbed 1-for-1
• Initial index value: 6,280.46 (10 Jul 2025)
• Valuation date: 10 Aug 2026 (single observation)
• Issue price vs. model value: $1,000 vs. $989.60 (鈮�1.0% premium)
• Underwriting fee: up to $4.40 (0.44%)
• Listing: None; secondary liquidity relies on dealer bidding
• Credit: Senior unsecured claim on the issuer; fully and unconditionally guaranteed by Citigroup Inc.

Pay-off profile

• Index rise 鈮� 鈮�12%: redemption = $1,000 + 110% of gain
• Index rise > 鈮�12%: redemption capped at $1,132
• Index change 0% to 鈥�10%: full principal returned
• Index fall > 10%: investor loses the percentage decline beyond 10%

Risk highlights include potential principal loss, zero interim income, capped upside, dependence on one valuation date, credit exposure to Citigroup, model value below offering price, limited liquidity, dealer conflicts in pricing/hedging, and uncertain U.S. tax treatment.

Distribution & proceeds: Citigroup Global Markets Inc. is sole underwriter, earning up to 0.44% plus hedging profits; net proceeds to issuer 鈮� $995.60 per note.

The notes suit investors seeking modest equity-linked appreciation with a 10% protective buffer, and who are comfortable sacrificing dividends, liquidity, and unlimited upside in exchange for capped participation and credit risk to Citigroup.

Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) is issuing $7.25 million of unsecured Medium-Term Senior Notes, Series N, structured as autocallable securities linked to the worst performer between the EURO STOXX 50 Index (SX5E) and the Russell 2000 Index (RTY). The notes price on 10 Jul 2025, settle on 15 Jul 2025 and will mature on 15 Jul 2030 unless called earlier.

Key mechanics

• Denomination: $1,000 per note; CUSIP 17333LHA6.
• Early-call observation monthly after four months. If both indices close at or above their respective initial levels on any observation date, the note is redeemed at par plus a fixed call premium that steps from 3.45 % (first observation) to 51.75 % (final observation/maturity).
• Barrier at maturity: 75 % of the initial level for each index. If the worst performer on the final valuation date closes below its barrier, investors suffer a 1:1 downside loss on the entire depreciation; maximum loss is 100 % of principal.
• No coupons, no participation in index upside beyond the fixed premium, and no dividend entitlement.
• The notes are not listed; liquidity depends on Citigroup Global Markets Inc. making a market, which it may cease at any time.

Economics & costs

• Issue price: $1,000; estimated value (internal model) $964.10, reflecting embedded costs and a funding spread.
• Underwriting fee: up to $30 (3.0 %) per note; proceeds to issuer: $970.
• The call-premium schedule means effective annualised returns tighten over time (approx. 8.8 % IRR if called at first observation; ~8.1 % IRR if held to maturity with final premium).

Principal risks

• Capital at risk: 25 % buffer only; a 鈮�25 % drop in the worst index at maturity leads to proportional loss of principal.
• Market correlation risk: performance is driven solely by the worst index; lack of correlation increases likelihood of loss.
• Credit risk: payments rely on Citigroup Global Markets Holdings Inc. and Citigroup Inc.
• Valuation & liquidity: estimated value is below issue price; secondary market, if any, likely at a discount and bid-ask spread could be wide.
• Limited upside: return capped at the fixed premium even if indices rally strongly.

Investor profile: suitable only for sophisticated investors comfortable with structured products, equity-index risk, limited liquidity and issuer credit exposure who seek an enhanced fixed return potential in exchange for contingent downside.

Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) is issuing $7.25 million of unsecured Medium-Term Senior Notes, Series N, structured as autocallable securities linked to the worst performer between the EURO STOXX 50 Index (SX5E) and the Russell 2000 Index (RTY). The notes price on 10 Jul 2025, settle on 15 Jul 2025 and will mature on 15 Jul 2030 unless called earlier.

Key mechanics

• Denomination: $1,000 per note; CUSIP 17333LHA6.
• Early-call observation monthly after four months. If both indices close at or above their respective initial levels on any observation date, the note is redeemed at par plus a fixed call premium that steps from 3.45 % (first observation) to 51.75 % (final observation/maturity).
• Barrier at maturity: 75 % of the initial level for each index. If the worst performer on the final valuation date closes below its barrier, investors suffer a 1:1 downside loss on the entire depreciation; maximum loss is 100 % of principal.
• No coupons, no participation in index upside beyond the fixed premium, and no dividend entitlement.
• The notes are not listed; liquidity depends on Citigroup Global Markets Inc. making a market, which it may cease at any time.

Economics & costs

• Issue price: $1,000; estimated value (internal model) $964.10, reflecting embedded costs and a funding spread.
• Underwriting fee: up to $30 (3.0 %) per note; proceeds to issuer: $970.
• The call-premium schedule means effective annualised returns tighten over time (approx. 8.8 % IRR if called at first observation; ~8.1 % IRR if held to maturity with final premium).

Principal risks

• Capital at risk: 25 % buffer only; a 鈮�25 % drop in the worst index at maturity leads to proportional loss of principal.
• Market correlation risk: performance is driven solely by the worst index; lack of correlation increases likelihood of loss.
• Credit risk: payments rely on Citigroup Global Markets Holdings Inc. and Citigroup Inc.
• Valuation & liquidity: estimated value is below issue price; secondary market, if any, likely at a discount and bid-ask spread could be wide.
• Limited upside: return capped at the fixed premium even if indices rally strongly.

Investor profile: suitable only for sophisticated investors comfortable with structured products, equity-index risk, limited liquidity and issuer credit exposure who seek an enhanced fixed return potential in exchange for contingent downside.

Allspring Global Investments Holdings, LLC filed Amendment No. 4 to Schedule 13G reporting its beneficial ownership in Korea Fund Inc. (NYSE: KF) as of 30 June 2025.

The Delaware-based parent holding company now controls 205,975 shares of KF, giving it 5.0 % of the closed-end fund鈥檚 outstanding Mutual Fund SH NEW class. All shares are held with sole voting and dispositive power; there is no shared authority. The position is held on behalf of advisory clients of Allspring subsidiaries, as listed in Exhibit A, and the filing states the investment was made in the ordinary course of business with no intent to influence control.

Crossing the 5 % threshold triggers the 13G filing requirement and formally adds Allspring to KF鈥檚 roster of significant shareholders. Because the filing is on Schedule 13G rather than 13D, it signals a passive institutional position rather than an activist stance.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Callable Contingent Coupon Equity-Linked Securities (Series N) maturing 14 Jan 2027. The $1,000-denominated notes provide a potential quarterly contingent coupon of 0.9292% (鈮�11.15% p.a.) paid only when the worst-performing of three equity indices鈥擭asdaq-100庐 Technology Sector Index, Russell 2000庐 and S&P 500庐鈥攃loses on the relevant valuation date at or above 70 % of its initial level (the 鈥渃oupon barrier鈥�).

Capital repayment depends solely on the worst performing index on the final valuation date (11 Jan 2027):

• If that index is 鈮�70 % of its initial value, investors receive par plus the final coupon.
• If it is <70 %, repayment equals $1,000 脳 (1 + index return), exposing holders to up to 100 % loss of principal.

The issuer may call the notes in whole on any of 15 specified quarterly dates (Oct 2025 鈥� Dec 2026) on three business days鈥� notice; early redemption pays $1,000 plus any due coupon, capping further upside.

Key structural features:

• Issue price: $1,000; estimated value: $984 (reflects internal funding rate and structuring costs).
• Guarantee: full and unconditional by Citigroup Inc.
• Secondary market: no exchange listing; CGMI may provide indicative bids but can withdraw at any time.
• Fees: no underwriting spread, but CGMI will pay up to $3.75/notes to selected dealers and up to $3.50/notes for marketing services.
• Tax treatment: issuer intends to treat the notes as prepaid forward contracts with ordinary-income coupons; treatment is uncertain.

Principal risks highlighted include: potential loss of the entire investment, conditional coupon, multiple-underlying & low-correlation risk, issuer call risk, lack of liquidity, credit risk of Citigroup entities, valuation below issue price, and complex U.S. tax considerations.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Callable Contingent Coupon Equity-Linked Securities (Series N) maturing 14 Jan 2027. The $1,000-denominated notes provide a potential quarterly contingent coupon of 0.9292% (鈮�11.15% p.a.) paid only when the worst-performing of three equity indices鈥擭asdaq-100庐 Technology Sector Index, Russell 2000庐 and S&P 500庐鈥攃loses on the relevant valuation date at or above 70 % of its initial level (the 鈥渃oupon barrier鈥�).

Capital repayment depends solely on the worst performing index on the final valuation date (11 Jan 2027):

• If that index is 鈮�70 % of its initial value, investors receive par plus the final coupon.
• If it is <70 %, repayment equals $1,000 脳 (1 + index return), exposing holders to up to 100 % loss of principal.

The issuer may call the notes in whole on any of 15 specified quarterly dates (Oct 2025 鈥� Dec 2026) on three business days鈥� notice; early redemption pays $1,000 plus any due coupon, capping further upside.

Key structural features:

• Issue price: $1,000; estimated value: $984 (reflects internal funding rate and structuring costs).
• Guarantee: full and unconditional by Citigroup Inc.
• Secondary market: no exchange listing; CGMI may provide indicative bids but can withdraw at any time.
• Fees: no underwriting spread, but CGMI will pay up to $3.75/notes to selected dealers and up to $3.50/notes for marketing services.
• Tax treatment: issuer intends to treat the notes as prepaid forward contracts with ordinary-income coupons; treatment is uncertain.

Principal risks highlighted include: potential loss of the entire investment, conditional coupon, multiple-underlying & low-correlation risk, issuer call risk, lack of liquidity, credit risk of Citigroup entities, valuation below issue price, and complex U.S. tax considerations.

Deutsche Bank AG is issuing 5.20% Fixed Rate Callable Senior Debt Funding Notes due 31 July 2035 (Series E). The notes are unsecured, unsubordinated senior preferred obligations that rank ahead of the bank鈥檚 senior non-preferred debt but behind covered deposits and other higher-ranking liabilities. Investors receive a fixed 5.20% annual coupon, calculated on a 30/360 basis and paid in arrears every 31 July, starting 2026. The issue price is 100% of principal ($1,000 minimum and multiples thereof).

Deutsche Bank may, at its sole discretion and subject to regulatory approval, redeem the notes in whole at par plus accrued interest on any semi-annual Optional Redemption Date from 31 July 2029 to 31 January 2035, giving at least five business days鈥� notice. The notes are expected to price on or about 29 July 2025 and settle on or about 31 July 2025 through DTC book-entry.

Distribution & liquidity. Deutsche Bank Securities Inc. (DBSI)鈥攁 Deutsche Bank affiliate鈥攁cts as sole agent and will receive underwriting discounts of up to $40 per note; selected dealers may receive all or part of this concession. The notes will not be listed on any exchange; secondary trading will rely on dealer markets, and liquidity could be limited.

Regulatory & bail-in framework. The notes are intended to qualify as eligible liabilities for the EU Minimum Requirement for Own Funds and Eligible Liabilities (MREL) under Article 72b(2) CRR. As such, they are subject to the EU Bank Recovery and Resolution Directive, the German Resolution Act and the Single Resolution Mechanism. In a non-viability scenario, the competent authority may impose 鈥�Resolution Measures鈥� that include (i) writing down the notes (potentially to zero), (ii) converting them into equity of Deutsche Bank or another entity, or (iii) transferring, amending or cancelling the notes. Such action would not constitute an event of default, and investors could lose some or all of their investment.

Key investor risks.

• Credit risk: all payments depend on Deutsche Bank AG鈥檚 ability to meet its obligations; downgrades or wider credit spreads can depress market value.
• Issuer call: early redemption from 2029 introduces reinvestment risk if coupons available in the market are lower at that time.
• Interest-rate & inflation risk: the fixed coupon may lag future market rates or inflation over the 10-year term.
• Limited events of default: only German insolvency triggers acceleration; missed payments outside insolvency give no acceleration right.
• Liquidity: absence of an exchange listing may result in wide bid-ask spreads and difficulty exiting positions.

Net proceeds will be used for general corporate purposes. U.S. tax counsel expect the notes to be treated as fixed-rate debt issued without original-issue discount for federal income-tax purposes. The notes are governed by New York law, while ranking provisions are governed by German law.

Key development: On 14 July 2025 GSK plc filed a Form 6-K reporting that the US FDA has accepted for review a supplemental application to extend the indication of its RSV vaccine, Arexvy, to adults aged 18-49 who have at least one risk factor for severe RSV.

Market opportunity: GSK estimates roughly 21 million US adults under 50 carry comorbidities such as COPD, asthma or heart disease that heighten RSV risk, materially enlarging the vaccine鈥檚 current target population (50+ at risk).

Clinical support: The filing is supported by Phase IIIb study NCT06389487 (n = 1,458). In adults 18-49 at increased risk, neutralising antibody titres met non-inferiority to those 鈮�60 years and safety/reactogenicity matched earlier Phase III data used for initial approval.

Regulatory timeline: FDA decision is expected in H1 2026. Parallel submissions are underway in the EU and Japan, signalling a coordinated global expansion strategy.

Strategic context: Arexvy already holds approval in >60 countries for adults 鈮�60 and in >50 markets for high-risk adults 50-59. Successful label expansion would secure first-mover advantage in an RSV segment with limited competition and could accelerate revenue growth.

Limitations: The announcement contains no sales guidance; commercial impact remains contingent on regulatory approval, ACIP recommendations and real-world uptake.