Citigroup Global Markets Holdings Inc. Launches Autocallable Medium-Term Notes Linked to Nasdaq-100 and Russell 2000 Indices

Overview of the New Medium-Term Senior Notes

On July 22, 2026, Citigroup Global Markets Holdings Inc. announced the launch of its Series N medium-term senior notes through a filed pricing supplement. These notes offer exposure to the Nasdaq-100 and Russell 2000 indices. Unlike traditional debt instruments, these notes do not pay interest nor guarantee principal repayment at maturity, making them a more sophisticated investment choice.

These autocallable securities allow for early redemption based on the performance of the worst-performing underlying index. If certain valuation criteria are met, automatic redemption at a premium may occur, potentially delivering attractive returns when market conditions are favorable.

Investment Structure and Associated Risks

The return is tied to the worst-performing index’s performance. Positive index performance may trigger early redemption with a premium, while significant declines beyond a buffer value could result in proportional losses for investors.

These securities do not offer dividends or participation in index appreciation, which may reduce their appeal to conservative investors accustomed to traditional equity benefits.

Terms and Conditions Summary

Each security has a stated principal amount and issue price of $1,000. They will not be listed on any exchange, potentially impacting liquidity. Valuation dates start on July 23, 2027, and end on the final valuation date of July 22, 2031.

If not redeemed early, the maturity payout depends on the worst-performing index’s final value relative to the buffer. A final value below the buffer results in losses proportional to depreciation, underscoring the importance of monitoring market performance.

Performance Benchmarks and Premium Details

The pricing supplement details premiums tied to each valuation date, beginning with a 9.25% premium on July 23, 2027, and increasing to 46.25% by the final valuation date in July 2031, contingent on index performance.

Investors should note that these premiums may be significantly lower than the actual appreciation of the underlying indices from the pricing to the valuation dates, highlighting potential disparities between market gains and investor returns.

Credit Risk and Guarantees

Payments on these securities are fully and unconditionally guaranteed by Citigroup Inc., offering a degree of security. Nonetheless, all payments are subject to the credit risk of both Citigroup Global Markets Holdings Inc. and Citigroup Inc., meaning default by either entity could lead to non-payment.

Given the complexity and lack of interest payments, prospective investors should carefully evaluate their risk tolerance and financial goals before investing.

Liquidity Constraints and Market Impact

These securities will not be exchange-listed, resulting in limited liquidity and potential challenges in selling before maturity, especially during volatile market periods. Investors should be prepared to accept this illiquidity as part of their investment approach.

The performance of the Nasdaq-100 and Russell 2000 indices will significantly influence market conditions and the likelihood of early redemption and returns.

Investor Guidance and Portfolio Considerations

Investors should assess how these autocallable notes fit within their overall portfolio strategy. The automatic early redemption feature may appeal to those seeking structured products with defined outcomes based on market performance.

However, the risks—including potential principal loss and absence of dividends—may deter conservative investors. Thorough due diligence and consultation with financial advisors are recommended to fully understand these securities’ implications.

Summary of Citigroup’s Latest Offering

Citigroup Global Markets Holdings Inc.’s new medium-term senior notes linked to the Nasdaq-100 and Russell 2000 indices offer a complex investment option featuring potential automatic early redemption and a defined payout structure. These securities may attract investors aiming for equity market exposure with specific risk profiles.

Understanding the terms, risks, and market trends is essential for investors considering this offering. Close monitoring of the underlying indices’ performance will be key to maximizing potential returns.