The information in this 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 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
OCTOBER 17, 2017
Pricing Supplement No. 2017—USNCH0781 to Product Supplement
No. EA-03-06 dated April 7, 2017,
Underlying Supplement No. 6 dated April 7, 2017, Prospectus
Supplement and Prospectus each dated April 7, 2017
Filed Pursuant to Rule 424(b)(2)
Registration Statement Nos. 333-216372 and 333-216372-01
Dated October
-----
, 2017
Citigroup
Global Markets Holdings Inc. $ ----- Market Linked Notes
Linked to the EURO STOXX 50
®
Index Due On
or About October 31, 2022
All payments due on the notes are fully and unconditionally
guaranteed by Citigroup Inc.
The Market Linked Notes offered by this pricing supplement (the
“
notes
”) are unsecured, unsubordinated debt obligations of Citigroup Global Markets Holdings Inc. (the “
issuer
”),
guaranteed by Citigroup Inc. (the “
guarantor
”), with a return at maturity linked to the performance of the
EURO STOXX 50
®
Index (the “
underlying
”) from the initial underlying level to the final underlying
level. If the underlying return is zero or positive, the issuer will repay the stated principal amount of the notes at maturity
and pay a return equal to the underlying return, but no more than the maximum gain of between 90.00% and 100.00% (to be determined
on the trade date). If the underlying return is negative, you will be repaid the stated principal amount of your notes at maturity
but will not receive any return on your investment.
Investing in the notes involves significant risks. You will not receive
coupon payments during the 5-year term of the notes. You will not receive dividends or other distributions paid on any stocks
included in the underlying. The repayment of the stated principal amount applies only if you hold the notes to maturity. Any payment
on the notes, including any repayment of the stated principal amount provided at maturity, is subject to the creditworthiness
of the issuer and the guarantor. If the issuer and the guarantor were to default on their obligations, you might not receive any
amounts owed to you under the notes and you could lose your entire investment.
Features
|
q
Growth
Potential Subject to Maximum Gain —
If the underlying return is zero or positive, the issuer will repay the stated principal
amount of the notes at maturity and pay a return equal to the underlying return, but no more than the maximum gain.
q
Repayment
of Principal at Maturity —
If the underlying return is negative, you will be repaid the stated principal amount of your
notes at maturity but will not receive any return on your investment.
The repayment of the stated principal amount applies
only if you hold the notes to maturity. Any payment on the notes is subject to the creditworthiness of the issuer and the guarantor.
If the issuer and the guarantor were to default on their obligations, you might not receive any amounts owed to you under the
notes and you could lose your entire investment.
|
Key Dates
1
|
Trade date
|
October 27, 2017
|
Settlement date
|
October 31, 2017
|
Final valuation date
2
|
October 27, 2022
|
Maturity date
|
October 31, 2022
|
1
Expected
2
See
page PS-3 for additional details.
|
NOTICE TO INVESTORS: THE NOTES ARE SIGNIFICANTLY RISKIER
THAN CONVENTIONAL DEBT SECURITIES. THERE IS CREDIT RISK INHERENT IN PURCHASING AN OBLIGATION OF CITIGROUP GLOBAL MARKETS HOLDINGS
INC. THAT IS GUARANTEED BY CITIGROUP INC. YOU SHOULD NOT PURCHASE THE NOTES IF YOU DO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH
THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE NOTES. THE NOTES WILL NOT BE LISTED ON ANY SECURITIES EXCHANGE AND, ACCORDINGLY,
MAY HAVE LIMITED OR NO LIQUIDITY.
YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER “SUMMARY
RISK FACTORS” BEGINNING ON PAGE PS-4 OF THIS PRICING SUPPLEMENT AND UNDER “RISK FACTORS RELATING TO THE SECURITIES”
BEGINNING ON PAGE EA-6 OF THE ACCOMPANYING PRODUCT SUPPLEMENT BEFORE PURCHASING ANY NOTES. EVENTS RELATING TO ANY OF THOSE RISKS,
OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THE VALUE OF, AND THE RETURN ON, YOUR NOTES.
We are offering Market Linked Notes Linked to the EURO STOXX
50
®
Index. Any return at maturity will be determined by the performance of the underlying. The notes are our unsecured,
unsubordinated debt obligations, guaranteed by Citigroup Inc., and are offered for a minimum investment of 100 notes at the issue
price described below. The initial underlying level and maximum gain will be set on the trade date.
Underlying
|
Initial Underlying Level
|
Maximum Gain
|
CUSIP/ ISIN
|
EURO STOXX 50
®
Index (Ticker: SX5E)
|
$
|
90.00% to 100.00%
|
17324CNA0 / US17324CNA08
|
See “Additional Terms Specific to the Notes”
in this pricing supplement. The notes will have the terms specified in the accompanying product supplement, prospectus supplement
and prospectus, as supplemented by this pricing supplement.
Neither the Securities and Exchange Commission (the “
SEC
”)
nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this
pricing supplement or the accompanying product supplement, underlying supplement, prospectus supplement and prospectus. Any representation
to the contrary is a criminal offense. The notes are not bank deposits and are not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other governmental agency.
|
Issue Price
(1)
|
Underwriting Discount
(2)
|
Proceeds to Issuer
|
Per note
|
$1,000.00
|
$30.00
|
$970.00
|
Total
|
$
|
$
|
$
|
|
(1)
|
Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the notes on the trade date will be at
least $930.00 per note, which will be less than the issue price. The estimated value of the notes is based on proprietary pricing
models of Citigroup Global Markets Inc. (“
CGMI
”) 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 notes from you at any time after issuance. See “Valuation of the Notes” in this pricing supplement.
|
|
(2)
|
The underwriting discount is $30.00 per note. CGMI, acting as principal, expects to purchase from Citigroup Global Markets
Holdings Inc., and Citigroup Global Markets Holdings Inc. expects to sell to CGMI, the aggregate stated principal amount of the
notes set forth above for $970.00 per note. UBS Financial Services Inc. (“
UBS
”), acting as principal, expects
to purchase from CGMI, and CGMI expects to sell to UBS, all of the notes for $970.00 per note. UBS will receive an underwriting
discount of $30.00 per note for each note it sells. UBS proposes to offer the notes to the public at a price of $1,000.00 per note.
For additional information on the distribution of the notes, see “Supplemental Plan of Distribution” in this pricing
supplement. In addition to the underwriting discount, CGMI and its affiliates may profit from expected hedging activity related
to this offering, even if the value of the notes declines. See “Use of Proceeds and Hedging” in the accompanying prospectus.
|
Citigroup Global Markets Inc.
|
UBS Financial Services Inc.
|
Additional Terms Specific to the Notes
|
The terms of the notes 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,
certain events may occur that could affect your payment at maturity. These events and their consequences are described in the accompanying
product supplement in the sections “Description of the Notes—Certain Additional Terms for Notes Linked to an Underlying
Index—Consequences of a Market Disruption Event; Postponement of a Valuation Date” and “—Discontinuance
or Material Modification of an Underlying Index,” and not in this pricing supplement. The accompanying underlying supplement
contains important disclosures regarding the underlying that are 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 you decide whether to invest in the notes. Certain terms used but not defined in this pricing supplement are
defined in the accompanying product supplement.
You may access the accompanying product supplement, underlying
supplement, prospectus supplement and prospectus on the SEC website at www.sec.gov as follows (or if such address has changed,
by reviewing our filings for April 7, 2017 on the SEC website):
|
¨
|
Product Supplement No. EA-03-06 dated April 7, 2017:
|
https://www.sec.gov/Archives/edgar/data/200245/000095010317003413/dp74980_424b2-pp.htm
|
¨
|
Underlying Supplement No. 6 dated April 7, 2017:
|
https://www.sec.gov/Archives/edgar/data/200245/000095010317003405/dp74985_424b2-us6.htm
You may revoke your offer to purchase the notes at any time prior
to the time at which we accept such offer by notifying the applicable agent. We reserve the right to change the terms of, or reject
any offer to purchase, the notes prior to the trade date. The applicable agent will notify you in the event of any material changes
to the terms of the notes, and you will be asked to accept such changes in connection with your purchase of the notes. You may
also choose to reject such changes, in which case the applicable agent may reject your offer to purchase the notes. References
to “Citigroup Global Markets Holdings Inc.,” “we,” “our” and “us” refer to Citigroup
Global Markets Holdings Inc. and not to any of its subsidiaries. References to “Citigroup Inc.” refer to Citigroup
Inc. and not to any of its subsidiaries. In this pricing supplement, “notes” refers to the Market Linked Notes Linked
to the EURO STOXX 50
®
Index that are offered hereby, unless the context otherwise requires.
This pricing supplement, together with the documents listed
above, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written
materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample
structures, brochures or other educational materials of ours. The description in this pricing supplement of the particular terms
of the notes supplements, and, to the extent inconsistent with, replaces, the descriptions of the general terms and provisions
of the debt securities set forth in the accompanying product supplement, prospectus supplement and prospectus. You should carefully
consider, among other things, the matters set forth in “Summary Risk Factors” in this pricing supplement and “Risk
Factors Relating to the Notes” in the accompanying product supplement, as the notes involve risks not associated with conventional
debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before deciding to invest in
the notes.
The suitability considerations identified below are not exhaustive.
Whether or not the notes are a suitable investment for you will depend on your individual circumstances, and you should reach an
investment decision only after you and your investment, legal, tax, accounting and other advisors have carefully considered the
suitability of an investment in the notes in light of your particular circumstances. You should also review “Summary Risk
Factors” beginning on page PS-4 of this pricing supplement, “The EURO STOXX 50
®
Index” beginning
on page PS-9 of this pricing supplement, “Risk Factors Relating to the Notes” beginning on page EA-6 of the accompanying
product supplement and “Equity Index Descriptions— The EURO STOXX 50
®
Index” beginning on page
23 of the accompanying underlying supplement.
The notes may be suitable for you if, among other considerations:
|
|
The notes may
not
be suitable for you if, among other considerations:
|
¨
You
fully understand the risks inherent in an investment in the notes.
¨
You
believe that the level of the underlying will increase over the term of the notes and are willing to give up any appreciation in
excess of the maximum gain (the actual maximum gain will be set on the trade date).
¨
You
understand and accept that your potential return is limited by the maximum gain and you would be willing to invest in the notes
if the maximum gain was set equal to the bottom of the range indicated on the cover page hereof (the actual maximum gain will be
set on the trade date).
¨
You
can tolerate fluctuations in the value of the notes prior to maturity that may be similar to or exceed the downside fluctuations
in the level of the underlying.
¨
You
do not seek current income from your investment and are willing to forgo dividends or any other distributions paid on the stocks
included in the underlying for the term of the notes.
¨
You
understand and accept the risks associated with the underlying.
¨
You
are willing and able to hold the notes to maturity, and accept that there may be little or no secondary market for the notes and
that any secondary market will depend in large part on the price, if any, at which CGMI is willing to purchase the notes.
¨
You
are willing to assume the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. for all payments under the
notes, and understand that if Citigroup Global Markets Holdings Inc. and Citigroup Inc. default on their obligations you might
not receive any amounts due to you, including any repayment of the stated principal amount.
|
|
¨
You
do not fully understand the risks inherent in an investment in the notes.
¨
You
believe that the level of the underlying will decline during the term of the notes and the final underlying level is likely to
close below the initial underlying level on the final valuation date, or you believe the underlying will appreciate over the term
of the notes by more than the maximum gain (the actual maximum gain will be set on the trade date).
¨
You
seek an investment that participates in the full appreciation in the level of the underlying or that has unlimited return potential,
or you would be unwilling to invest in the notes if the maximum gain was set equal to the bottom of the range indicated on the
cover page hereof (the actual maximum gain will be set on the trade date).
¨
You
cannot tolerate fluctuations in the value of the notes prior to maturity that may be similar to or exceed the downside fluctuations
in the level of the underlying.
¨
You
seek current income from this investment or prefer to receive the dividends and any other distributions paid on the stocks included
in the underlying for the term of the notes.
¨
You
do not understand or accept the risks associated with the underlying.
¨
You
are unwilling or unable to hold the notes to maturity, or you seek an investment for which there will be an active secondary market.
¨
You
are not willing to assume the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. for all payments under the
notes, including any repayment of the stated principal amount.
|
|
|
|
Indicative Terms
|
Issuer
|
Citigroup Global Markets Holdings Inc.
|
Guarantee
|
All payments due on the notes are fully and unconditionally guaranteed by Citigroup Inc.
|
Issue price
|
100% of the stated principal amount per note
|
Stated principal amount
|
$1,000.00 per note
|
Term
|
5 years
|
Trade date
1
|
October 27, 2017
|
Settlement date
1
|
October 31, 2017
|
Final valuation date
1, 2
|
October 27, 2022
|
Maturity date
1
|
October 31, 2022
|
Underlying
|
EURO STOXX 50
®
Index (Ticker: SX5E)
|
Maximum gain
|
90.00% to 100.00%. The actual maximum gain will be determined on the trade date.
|
Payment at maturity (per $1,000.00 stated principal amount of notes)
|
If the underlying return is zero or positive,
Citigroup
Global Markets Holdings Inc. will pay you a cash payment per $1,000.00 stated principal amount of notes that provides you with
the stated principal amount of $1,000.00 plus a return equal to the underlying return, but no more than the maximum gain, calculated
as follows:
$1,000.00 × (1 + the
lesser
of
(i) underlying return and (ii) maximum gain)
If the underlying return is negative,
Citigroup
Global Markets Holdings Inc. will pay you a cash payment at maturity of:
$1,000.00 per note
In this scenario, you will not receive
any return on your investment.
|
Underlying return
|
final underlying level – initial underlying level
initial underlying level
|
Initial underlying level
|
-----
, the closing level of the underlying on the trade date
|
Final underlying level
|
The closing level of the underlying on the final valuation date
|
INVESTING IN THE NOTES INVOLVES SIGNIFICANT RISKS. ANY PAYMENT
ON THE NOTES, INCLUDING ANY REPAYMENT OF THE STATED PRINCIPAL AMOUNT AT MATURITY, IS SUBJECT TO THE CREDITWORTHINESS OF THE ISSUER
AND THE GUARANTOR. IF CITIGROUP GLOBAL MARKETS HOLDINGS INC. AND CITIGROUP INC. WERE TO DEFAULT ON THEIR OBLIGATIONS, YOU MIGHT
NOT RECEIVE ANY AMOUNTS OWED TO YOU UNDER THE NOTES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT.
|
Trade date:
|
|
The closing level of the underlying (initial underlying level) is observed and the maximum gain is set.
|
|
|
|
|
|
Maturity date:
|
|
The final underlying level is determined on the final valuation
date and the underlying return is calculated.
If the underlying return is zero or positive,
Citigroup
Global Markets Holdings Inc. will pay you a cash payment per $1,000.00 stated principal amount of notes that provides you with
the stated principal amount of $1,000.00 plus a return equal to the underlying return, but no more than the maximum gain, calculated
as follows:
$1,000.00 × (1 + the
lesser of
(i)
underlying return and (ii) maximum gain)
If the underlying return is negative,
Citigroup Global
Markets Holdings Inc. will pay you a cash payment at maturity of:
$1,000.00 per note
In this scenario, you will not receive any return on your
investment.
|
|
1
|
In the event that we make any changes to the expected trade date and settlement date, the final valuation date and maturity
date may be changed to ensure that the stated term of the notes remains the same.
|
|
2
|
Subject to postponement as described under “Description of the Notes—Certain Additional Terms for Notes Linked
to an Underlying Index—Consequences of a Market Disruption Event; Postponement of a Valuation Date” in the accompanying
product supplement.
|
An investment in the notes is significantly
riskier than an investment in conventional debt securities. The notes 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 notes, and are also subject to risks associated with the underlying. Accordingly, the notes are suitable
only for investors who are capable of understanding the complexities and risks of the notes. You should consult your own financial,
tax and legal advisers as to the risks of an investment in the notes and the suitability of the notes in light of your particular
circumstances.
The following is a summary of certain key risk
factors for investors in the notes. You should read this summary together with the more detailed description of risks relating
to an investment in the notes contained in the section “Risk Factors Relating to the Notes” beginning on page EA-6
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 not receive any return on your investment in the notes —
You will receive a positive return on your investment
in the notes only if the underlying appreciates from the initial underlying level to the final underlying level. If the final underlying
level is less than the initial underlying level, you will receive only the stated principal amount of $1,000.00 for each note you
hold at maturity and will not receive any return on your investment. As the notes do not pay any interest, even if the underlying
appreciates from the initial underlying level to the final underlying level, there is no assurance that your total return at maturity
on the notes will be as great as could have been achieved on conventional debt securities of ours of comparable maturity.
|
|
¨
|
The appreciation potential of the notes is limited by the maximum gain —
Your potential total return on the notes
at maturity is limited by the maximum gain. As a result, the return on an investment in the notes may be less than the return on
a hypothetical direct investment in the underlying.
|
|
¨
|
The notes do not pay interest —
Unlike conventional debt securities, the notes do not pay interest or any other
amounts prior to maturity. You should not invest in the notes if you seek current income during the term of the notes.
|
|
¨
|
Sale of the notes prior to maturity may result in a loss of principal —
You will be entitled to receive at least
the full stated principal amount of your notes, subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup
Inc., only if you hold the notes to maturity. The value of the notes may fluctuate during the term of the notes, and if you are
able to sell your notes prior to maturity, you may receive less than the full stated principal amount of your notes.
|
|
¨
|
Although the notes provide for the repayment of the stated principal amount at maturity, you may nevertheless suffer a loss
on your investment in real value terms if the underlying declines or does not appreciate sufficiently from the initial underlying
level to the final underlying level —
This is because inflation may cause the real value of the stated principal amount
to be less at maturity than it is at the time you invest, and because an investment in the notes represents a forgone opportunity
to invest in an alternative asset that does generate a positive real return. This potential loss in real value terms is significant
given the approximately 5-year term of the notes. You should carefully consider whether an investment that may not provide for
any return on your investment, or may provide a return that is lower than the return on alternative investments, is appropriate
for you.
|
|
¨
|
Investing in the notes is not equivalent to investing in the underlying or the stocks that constitute the underlying —
You will not have voting rights, rights to receive any dividends or other distributions or any other rights with respect to the
stocks that constitute the underlying. As of October 13, 2017, the average dividend yield of the underlying was approximately 3.28%
per year. While it is impossible to know the future dividend yield of the underlying, if this average dividend yield were to remain
constant for the term of the notes, you would be forgoing an aggregate yield of approximately 16.40% (assuming no reinvestment
of dividends) by investing in the notes instead of investing directly in the stocks that constitute the underlying or in another
investment linked to the underlying that provides for a pass-through of dividends. The payment scenarios described in this pricing
supplement do not show any effect of lost dividend yield over the term of the notes. You should understand that the underlying
is not a total return index, which means that it does not reflect dividends paid on the stocks included in the underlying. Therefore,
the return on your notes will not reflect any reinvestment of dividends.
|
|
¨
|
Your payment at maturity depends on the closing level of the underlying on a single day —
Because your payment
at maturity depends on the closing level of the underlying solely on the final valuation date, you are subject to the risk that
the closing level of the underlying on that day may be lower, and possibly significantly lower, than on one or more other dates
during the term of the notes. If you had invested in another instrument linked to the 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 levels of the underlying, you might
have achieved better returns.
|
|
¨
|
The notes are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. —
Any payment
on the notes will be made by Citigroup Global Markets Holdings Inc. and is guaranteed by Citigroup Inc., and therefore is subject
to the credit risk of both Citigroup Global Markets Holdings Inc. and Citigroup Inc. If we default on our obligations under the
notes and Citigroup Inc. defaults on its guarantee obligations, you may not receive any payments that become due under the notes.
As a result, the value of the notes prior to maturity will be affected by changes in the market’s view of our and Citigroup
Inc.’s creditworthiness. Any decline, or anticipated decline, in either of our or Citigroup Inc.’s credit ratings or
increase, or anticipated increase, in the credit spreads charged by the market for taking either of our or Citigroup Inc.’s
credit risk is likely to adversely affect the value of the notes.
|
|
¨
|
The notes will not be listed on a securities exchange and you may not be able to sell them prior to maturity —
The notes will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the notes. CGMI
currently intends to make a secondary market in relation to the notes and to provide an indicative bid price for the notes on a
daily basis. Any indicative bid price for the notes 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 notes 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
notes because it is likely that CGMI will be the only broker-dealer that is willing to buy your notes prior to maturity. Accordingly,
an investor must be prepared to hold the notes until maturity.
|
|
¨
|
The estimated value of the notes on the trade 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 notes that are included in the issue price. These costs include (i) the underwriting discount paid in connection
with the offering of the notes, (ii) hedging and other costs incurred by us and our affiliates in connection with the offering
of the notes 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 notes. These costs adversely affect the economic terms of the notes because,
if they were lower, the economic terms of the notes would be more favorable to you. The economic terms of the notes are also likely
to be adversely affected by the use of our internal funding rate, rather than our secondary market rate, to price the notes. See
“The estimated value of the notes would be lower if it were calculated based on our secondary market rate” below.
|
|
¨
|
The estimated value of the notes 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 the underlying, dividend
yields on the stocks that constitute the underlying 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 notes. Moreover,
the estimated value of the notes set forth on the cover page of this pricing supplement may differ from the value that we or our
affiliates may determine for the notes for other purposes, including for accounting purposes. You should not invest in the notes
because of the estimated value of the notes. Instead, you should be willing to hold the notes to maturity irrespective of the initial
estimated value.
|
|
¨
|
The estimated value of the notes would be lower if it were calculated based on our secondary market rate —
The
estimated value of the notes 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 notes. 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 notes for purposes of any purchases
of the notes 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 notes, 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 we will pay to investors in the
notes, which do not bear interest.
|
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 notes, 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 notes prior
to maturity.
|
¨
|
The estimated value of the notes is not an indication of the price, if any, at which CGMI or any other person may be willing
to buy the notes from you in the secondary market —
Any such secondary market price will fluctuate over the term of the
notes 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 notes 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 notes than if our internal funding rate were used. In
addition, any secondary market price for the notes will be reduced by a bid-ask spread, which may vary depending on the aggregate
stated principal amount of the notes 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 notes will be less than the issue price.
|
|
¨
|
The value of the notes prior to maturity will fluctuate based on many unpredictable factors —
As described under
“Valuation of the Notes” below, the payout on the notes could be replicated by a hypothetical package of financial
instruments consisting of a fixed-income bond and one or more derivative instruments. As a result, the factors that influence the
values of fixed-income bonds and derivative instruments will also influence the terms of the notes at issuance and the value of
the notes prior to maturity. Accordingly, the value of your notes prior to maturity will fluctuate based on the level and volatility
of the underlying, the dividend yields on the stocks that constitute the underlying, interest rates generally, the volatility of
the exchange rate between the U.S. dollar and the euro, the correlation between that exchange rate and the level of the underlying,
the time remaining to maturity and our and Citigroup Inc.’s creditworthiness, as reflected in our secondary market rate.
You should understand that the value of your notes at any time prior to maturity may be significantly less than the issue price.
The stated payout from the issuer only applies if you hold the notes to maturity.
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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 decline to zero over the temporary adjustment period. See “Valuation of the
Notes” in this pricing supplement.
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¨
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The underlying is subject to risks associated with foreign equity securities —
Investments in securities linked
to the value of foreign equity securities involve risks associated with the securities markets in those countries, including risks
of volatility in those markets, governmental intervention in those markets and cross-shareholdings in companies in certain countries.
Also, there is generally less publicly available information about foreign companies than about U.S. companies that are subject
to the reporting requirements of the SEC, and foreign companies are generally subject to accounting, auditing and financial reporting
standards and requirements and securities trading rules that are different from those applicable to U.S. reporting companies. The
prices of securities issued in foreign markets may be affected by political, economic, financial and social factors in those countries,
or global regions, including changes in government, economic and fiscal policies and currency exchange laws.
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The underlying performance will not be adjusted for changes in the exchange rate between the euro and the U.S. dollar —
The underlying is composed of stocks traded in euro, the value of which may be subject to a high degree of fluctuation relative
to the U.S. dollar. However, the performance of the underlying and the value of your securities will not be adjusted for exchange
rate fluctuations. If the euro appreciates relative to the U.S. dollar over the term of the securities, your return on the securities
will underperform an alternative investment that offers exposure to that appreciation in addition to the change in the level of
the underlying.
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Our affiliates, or UBS or its affiliates, may publish research, express opinions or provide recommendations that are inconsistent
with investing in or holding the notes —
Any such research, opinions or recommendations could affect the level of the
underlying and the value of the notes. Our affiliates, and UBS and its affiliates, publish research from time to time on financial
markets and other matters that may influence the value of the notes, or express opinions or provide recommendations that may be
inconsistent with purchasing or holding the notes. Any research, opinions or recommendations expressed by our affiliates or by
UBS or its affiliates may not be consistent with each other and may be modified from time to time without notice. These and other
activities of our affiliates or UBS or its affiliates may adversely affect the level of the underlying and may have a negative
impact on your interests as a holder of the notes. Investors should make their own independent investigation of the merits of investing
in the notes and the underlying to which the notes are linked.
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Trading and other transactions by our affiliates, or by UBS or its affiliates, in the equity and equity derivative markets
may impair the value of the notes —
We expect to hedge our exposure under the notes through CGMI or other of our affiliates,
who will likely enter into equity and/or equity derivative transactions, such as over-the-counter options or exchange-traded instruments,
relating to the underlying or the stocks included in the underlying and may adjust such positions during the term of the notes.
It is possible that our affiliates could receive substantial returns from these hedging activities while the value of the notes
declines. Our affiliates and UBS and its affiliates may also engage in trading in instruments linked to the underlying on a regular
basis as part of their respective general broker-dealer and other businesses, for proprietary accounts, for other accounts under
management or to facilitate transactions for customers, including block transactions. Such trading and hedging activities may affect
the level of the underlying and reduce the return on your investment in the notes. Our affiliates or UBS or its affiliates may
also issue or underwrite other notes or financial or derivative instruments with returns linked or related to the underlying. By
introducing competing products into the marketplace in this manner, our affiliates or UBS or its affiliates could adversely affect
the value of the notes. Any of the foregoing activities described in this paragraph may reflect trading strategies that differ
from, or are in direct opposition to, investors’ trading and investment strategies relating to the notes.
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Our affiliates, or UBS or its affiliates, may have economic interests that are adverse to yours as a result of their respective
business activities —
Our affiliates or UBS or its affiliates may currently or from time to time engage in business with
the issuers of the stocks that constitute the underlying, including extending loans to, making equity investments in or providing
advisory services to such issuers. In the course of this business, our affiliates or UBS or its affiliates may acquire non-public
information about those issuers, which they will not disclose to you. Moreover, if any of our affiliates or UBS or any of its affiliates
is or becomes a creditor of any such issuer, they may exercise any remedies against that issuer that are available to them without
regard to your interests.
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The calculation agent, which is an affiliate of ours, will make important determinations with respect to the notes —
If certain events occur, such as market disruption events or the discontinuance of the underlying, CGMI, as calculation agent,
will be required to make discretionary judgments that could significantly affect what you receive at maturity. Such judgments could
include, among other things, any level required to be determined under the notes. In addition, if certain events occur, CGMI will
be required to make certain discretionary judgments that could significantly affect your payment at maturity. Such judgments could
include, among other things:
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determining whether a market disruption event has occurred;
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¨
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if a market disruption event occurs on the final valuation date, determining whether to postpone the final valuation date;
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determining the level of the underlying if the level of the underlying is not otherwise available or a market disruption event
has occurred; and
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selecting a successor underlying or performing an alternative calculation of the level of the underlying if the underlying
is discontinued or materially modified (see “Description of the Notes—Certain Additional Terms for Notes Linked to
an Underlying Index—Discontinuance or Material Modification of an Underlying Index” in the accompanying product supplement).
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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 notes.
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¨
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Adjustments to the underlying may affect the value of your notes —
STOXX Limited (the “underlying publisher”)
may add, delete or substitute the stocks that constitute the underlying or make other methodological changes that could affect
the level of the underlying. The underlying publisher may discontinue or suspend calculation or publication of the underlying at
any time without regard to your interests as holders of the notes.
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Hypothetical terms only. Actual terms
may vary. See the cover page for actual offering terms.
The diagram below illustrates your hypothetical payment at maturity
for a range of hypothetical percentage changes from the initial underlying level to the final underlying level. The diagram below
is based on a hypothetical maximum gain of 90.00%.
Investors in the notes will not receive any dividends on the
stocks that constitute the underlying. The diagram and examples below do not show any effect of lost dividend yield over the term
of the notes. See “Summary Risk Factors—Investing in the notes is not equivalent to investing in the underlying or
the stocks that constitute the underlying” above.
The following table and hypothetical examples below illustrate
the payment at maturity per $1,000.00 stated principal amount of notes for a hypothetical range of performances for the underlying
from -100.00% to +100.00% and assume an initial underlying level of 3,600.00 and a maximum gain of 90.00%. The actual initial underlying
level and maximum gain will be determined on the trade date. The hypothetical payment at maturity examples set forth below are
for illustrative purposes only and may not be the actual returns applicable to a purchaser of the notes. The actual payment at
maturity will be determined based on the final underlying level on the final valuation date. You should consider carefully whether
the notes are suitable to your investment goals. The numbers appearing in the table and in the examples below have been rounded
for ease of analysis.
Final Underlying Level
|
Underlying Return
|
Payment at Maturity
|
Total Return on Notes at Maturity
(1)
|
7,200.00
|
100.00%
|
$1,900.00
|
90.00%
|
6,840.00
|
90.00%
|
$1,900.00
|
90.00%
|
6,480.00
|
80.00%
|
$1,800.00
|
80.00%
|
6,120.00
|
70.00%
|
$1,700.00
|
70.00%
|
5,760.00
|
60.00%
|
$1,600.00
|
60.00%
|
5,400.00
|
50.00%
|
$1,500.00
|
50.00%
|
5,040.00
|
40.00%
|
$1,400.00
|
40.00%
|
4,680.00
|
30.00%
|
$1,300.00
|
30.00%
|
4,320.00
|
20.00%
|
$1,200.00
|
20.00%
|
3,960.00
|
10.00%
|
$1,100.00
|
10.00%
|
3,600.00
|
0.00%
|
$1,000.00
|
0.00%
|
3,240.00
|
-10.00%
|
$1,000.00
|
0.00%
|
2,880.00
|
-20.00%
|
$1,000.00
|
0.00%
|
2,520.00
|
-30.00%
|
$1,000.00
|
0.00%
|
2,160.00
|
-40.00%
|
$1,000.00
|
0.00%
|
1,800.00
|
-50.00%
|
$1,000.00
|
0.00%
|
1,440.00
|
-60.00%
|
$1,000.00
|
0.00%
|
1,080.00
|
-70.00%
|
$1,000.00
|
0.00%
|
720.00
|
-80.00%
|
$1,000.00
|
0.00%
|
360.00
|
-90.00%
|
$1,000.00
|
0.00%
|
0.00
|
-100.00%
|
$1,000.00
|
0.00%
|
1
The “Total
Return on Notes at Maturity” is calculated as (a) the payment at maturity per note minus the $1,000.00 issue price per note
divided by
(b) the $1,000.00 issue price per note.
Example 1 — The final underlying level of 3,960.00 is
greater than the initial underlying level of 3,600.00, resulting in an underlying return of 10.00%.
Because the underlying
return of 10.00% is less than the maximum gain of 90.00%, Citigroup Global Markets Holdings Inc. would pay you the stated principal
amount plus a return equal to 10.00%, resulting in a payment at maturity of $11.00 per $10.00 stated principal amount of notes
(a total return at maturity of 10.00%*), calculated as follows:
$1,000.00 × (1 + the
lesser
of
(i) underlying return and (ii) maximum gain)
$1,000.00 × (1 + the
lesser
of
(i) 10.00% and (ii) 90.00%)
$1,000.00 × (1 + 10.00%)
= $11.00
Example 2 — The final underlying level of 7,020.00 is
greater than the initial underlying level of 3,600.00, resulting in an underlying return of 95.00%.
Because the underlying
return of 95.00% is greater than the maximum gain of 90.00%, Citigroup Global Markets Holdings Inc. would pay you the stated principal
amount
plus
a return equal to the maximum gain of 90.00%, resulting in a payment at maturity of $1,900.00 per $1,000.00
stated principal amount of notes (a total return at maturity of 90.00%*), calculated as follows:
$1,000.00 × (1 + the
lesser
of
(i) underlying return and (ii) maximum gain)
$1,000.00 × (1 + the
lesser
of
(i) 95.00% and (ii) 90.00%)
$1,000.00 × (1 + 90.00%)
= $1,900.00
In this example, an investment in the notes would underperform
a hypothetical alternative investment providing 1-to-1 exposure to the appreciation of the underlying without a maximum gain.
Example 3 — The final underlying level of 1,800.00 is
less than the initial underlying level of 3,600.00 (resulting in an underlying return of -50.00%).
Because the underlying return
is negative, Citigroup Global Markets Holdings Inc. would pay you the $1,000.00 stated principal amount per note (a total return
at maturity of 0.00%*).
If the final underlying level is less than the initial
underlying level, the issuer will repay you the $1,000.00 stated principal amount per note at maturity, but you will not receive
any return on your investment. Any payment on the notes, including any repayment of the stated principal amount at maturity, is
subject to the creditworthiness of the issuer and the guarantor, and if the issuer and the guarantor were to default on their obligations,
you could lose your entire investment.
* The total return at maturity is calculated as (a) the payment
at maturity per note minus the $1,000.00 issue price per note
divided by
(b) the $1,000.00 issue price per note.
The EURO STOXX 50
®
Index
|
The EURO STOXX 50
®
Index is composed of 50 component
stocks of market sector leaders from within the 19 EURO STOXX
®
Supersector Indices, which represent the Eurozone
portion of the STOXX Europe 600
®
Supersector Indices. The STOXX Europe 600
®
Supersector Indices contain
the 600 largest stocks traded on the major exchanges of 18 European countries. It is calculated and maintained by STOXX Limited.
The underlying is reported by Bloomberg L.P. under the ticker symbol “SX5E.”
The “EURO STOXX 50
®
Index” is a trademark
of STOXX Limited and has been licensed for use by Citigroup Inc. and its affiliates. For more information, see “Equity Index
Descriptions—The EURO STOXX 50
®
Index—License Agreement” in the accompanying underlying supplement.
Please refer to the sections “Risk Factors” and “Equity
Index Descriptions—The EURO STOXX 50
®
Index” in the accompanying underlying supplement for important
disclosures regarding the underlying, including information concerning its composition and calculation and certain risks that are
associated with an investment linked to the underlying.
The graph below illustrates the performance of the underlying
from January 2, 2008 to October 13, 2017. The closing level of the underlying on October 13, 2017 was 3,604.55. We obtained the
closing levels of the underlying from Bloomberg, and we have not participated in the preparation of or verified such information.
The historical closing levels of the underlying should not be taken as an indication of future performance and no assurance can
be given as to the final underlying level or any future closing level of the underlying. We cannot give you assurance that the
performance of the underlying will result in a positive return on your initial investment.
United States Federal Tax Considerations
|
In the opinion of our counsel, Davis Polk & Wardwell LLP,
based on current market conditions, the notes should be treated as “contingent payment debt instruments” for U.S. federal
income tax purposes, as described in the section of the accompanying product supplement called “United States Federal Tax
Considerations—Tax Consequences to U.S. Holders—Notes Treated as Contingent Payment Debt Instruments,” and the
remaining discussion is based on this treatment. If you are a U.S. Holder, you will be required to recognize interest income during
the term of the notes at the “comparable yield,” which generally is the yield at which we could issue a fixed-rate
debt instrument with terms similar to those of the notes, including the level of subordination, term, timing of payments and general
market conditions, but excluding any adjustments for the riskiness of the contingencies or the liquidity of the notes. We are required
to construct a “projected payment schedule” in respect of the notes representing a payment the amount and timing of
which would produce a yield to maturity on the notes equal to the comparable yield. Assuming you hold the notes until their maturity,
the amount of interest you include in income based on the comparable yield in the taxable year in which the notes mature will be
adjusted upward or downward to reflect the difference, if any, between the actual and projected payment on the notes at maturity
as determined under the projected payment schedule. However, special rules may apply if the payment at maturity on the notes is
treated as becoming fixed prior to maturity. See “United States Federal Tax Considerations—Tax Consequences to U.S.
Holders—Notes Treated as Contingent Payment Debt Instruments” in the accompanying product supplement for a more detailed
discussion of the special rules.
Upon the sale, exchange or retirement of the notes prior to maturity,
you generally will recognize gain or loss equal to the difference between the proceeds received and your adjusted tax basis in
the notes. Your adjusted tax basis will equal your purchase price for the notes, increased by interest previously included in income
on the notes. Any gain generally will be treated as ordinary income, and any loss generally will be treated as ordinary loss to
the extent of prior interest inclusions on the note and as capital loss thereafter.
We have determined that the comparable yield for a note is a
rate of %, compounded semi-annually, and that the projected payment schedule with respect to a note
consists of a single payment of $ at maturity.
Neither the comparable yield nor the projected payment schedule
constitutes a representation by us regarding the actual amount that we will pay on the notes.
Subject to the discussions below under “Possible Withholding
Under Section 871(m) of the Code” and in “United States Federal Tax Considerations—Tax Consequences to Non-U.S.
Holders” and “—FATCA” in the accompanying product supplement, if you are a Non-U.S. Holder (as defined
in the accompanying product supplement) of the notes, under current law you generally will not be subject to U.S. federal withholding
or income tax in respect of any payment on or any amount received on the sale, exchange or retirement of the notes, provided that
(i) income in respect of the notes 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. See “United States Federal Tax Considerations—Tax
Consequences to Non-U.S. Holders” in the accompanying product supplement for a more detailed discussion of the rules applicable
to Non-U.S. Holders of the notes.
Possible Withholding Under Section 871(m) of the Code.
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 Internal Revenue Code of 1986, as amended (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 (a “Specified Security”). However, the regulations exempt financial instruments issued in 2017 that do
not have a “delta” of one. Based on the terms of the notes and representations provided by us, our counsel is of the
opinion that the notes 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 Specified Securities subject to withholding tax under
Section 871(m).
A determination that the notes are not subject to Section 871(m)
is not binding on the Internal Revenue Service, and the Internal Revenue Service may disagree with this treatment. Moreover, Section
871(m) is complex and its application may depend on your particular circumstances. For example, if you enter into other transactions
relating to a U.S. Underlying Equity, you could be subject to withholding tax or income tax liability under Section 871(m) even
if the notes are not Specified Securities subject to Section 871(m) as a general matter. You should consult your tax adviser regarding
the potential application of Section 871(m) to the notes.
This information is indicative and will be updated in the final
pricing supplement or may otherwise be updated by us in writing from time to time. Non-U.S. Holders should be warned that Section
871(m) may apply to the notes based on circumstances as of the pricing date for the notes and, therefore, it is possible that the
notes will be subject to withholding tax under Section 871(m).
If withholding tax applies to the notes, 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 notes.
You should also consult your tax adviser regarding all aspects
of the U.S. federal tax consequences of an investment in the notes 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 lead agent for the sale of the notes, will receive an underwriting discount of $30.00 for each note sold in this offering.
UBS, as agent for sales of the notes, expects to purchase from CGMI, and CGMI expects to sell to UBS, all of the notes sold in
this offering for $970.00 per note. UBS proposes to offer the notes to the public at a price of $1,000.00 per note. UBS will receive
an underwriting discount of $30.00 per note for each note it sells to the public. The underwriting discount will be received by
UBS and its financial advisors collectively. If all of the notes are not sold at the initial offering price, CGMI may change the
public offering price and other selling terms.
CGMI is an affiliate of ours. Accordingly, this offering will
conform with the requirements addressing conflicts of interest when distributing the securities of an affiliate set forth in Rule
5121 of the Financial Industry Regulatory Authority. Client accounts over which Citigroup Inc. or its subsidiaries have investment
discretion will not be permitted to purchase the notes, either directly or indirectly, without the prior written consent of the
client.
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.
A portion of the net proceeds from the sale of the notes will
be used to hedge our obligations under the notes. We expect to hedge our obligations under the notes through CGMI or other of our
affiliates. It is expected that CGMI or such other affiliates may profit from such expected hedging activity even if the value
of the notes declines. This hedging activity could affect the closing level of the underlying and, therefore, the value of and
your return on the notes. For additional information on the ways in which our counterparties may hedge our obligations under the
notes, see “Use of Proceeds and Hedging” in the accompanying prospectus.
CGMI calculated the estimated value of the notes 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 notes by estimating the value of a hypothetical package of financial instruments that would replicate
the payout on the notes, which consists of a fixed-income bond (the “
bond component
”) and one or more derivative
instruments underlying the economic terms of the notes (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 notes 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 notes is a function of the terms of
the notes 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 notes will be on the trade date because certain terms of the notes 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 trade
date.
During a temporary adjustment period immediately following issuance
of the notes, the price, if any, at which CGMI would be willing to buy the notes from investors, and the value that will be indicated
for the notes on any 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 notes. The amount of this temporary upward adjustment will decline to zero over the temporary adjustment period.
CGMI currently expects that the temporary adjustment period will be approximately ten months, but the actual length of the temporary
adjustment period may be shortened due to various factors, such as the volume of secondary market purchases of the notes and other
factors that cannot be predicted. However, CGMI is not obligated to buy the notes from investors at any time. See “Summary
Risk Factors—The notes will not be listed on a notes exchange and you may not be able to sell them prior to maturity.”
©
2017 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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