(1) CGMI, an affiliate of Citigroup Inc. and the underwriter
of the sale of the notes, is acting as principal and if the notes priced today, would receive an underwriting fee of approximately
$6.00 per note sold in this offering. In no event will the underwriting fee exceed $10.00 per note. The total underwriting fee
and proceeds to issuer in the table above give effect to the actual total underwriting fee. You should refer to “Risk Factors”
and “General Information—Fees and selling concessions” in this pricing supplement for more information. In addition
to the underwriting fee, CGMI and its affiliates may profit from expected hedging activity related to this offering, even if the
value of the notes declines. See “Use of Proceeds and Hedging” in the accompanying prospectus.
(2) The per note proceeds to issuer indicated above represent
the minimum per note proceeds to issuer for any note, assuming the maximum per note underwriting fee. As noted above, the underwriting
fee is variable.
Risk Factors
The following is a non-exhaustive list of certain key risk
factors for investors in the notes. You should read the risk factors below together with 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 our
business more generally. We also urge you to consult your investment, legal, tax, accounting and other advisers before you decide
to invest in the notes.
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§
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The notes may be redeemed at our option, which limits your ability to accrue interest over the full term of the notes. We
may redeem the notes, in whole but not in part, on any redemption date, upon not less than five business days’ notice. In
the event that we redeem the notes, you will receive the principal amount of the notes and any accrued and unpaid interest to but
excluding the applicable redemption date. In this case, you will not have the opportunity to continue to accrue and be paid interest
to the maturity date of the notes.
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§
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Market interest rates at a particular time will affect our decision to redeem the notes. It is more likely that we will
call the notes for redemption prior to their maturity date at a time when the interest rate on the notes is greater than that which
we would pay on a comparable debt security of Citigroup Inc. with a maturity comparable to the remaining term of the notes. Consequently,
if we redeem the notes prior to their maturity, you may not be able to invest in other securities with a similar level of risk
that yield as much interest as the notes.
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§
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The step-up feature presents different investment considerations than conventional fixed-rate notes. Unless general
market interest rates rise significantly, you should not expect to earn the higher stated interest rates because the notes are
more likely to be redeemed prior to maturity if general market interest rates remain the same or fall during the term of the notes.
When determining whether to invest in the notes, you should consider, among other things, the overall annual percentage rate of
interest to maturity or the various potential redemption dates as compared to other equivalent investment alternatives rather than
the higher stated interest rates or any potential interest payments you may receive during the term of the notes. If general market
interest rates increase beyond the rates provided by the notes during the term of the notes, we are less likely to redeem the notes,
and if we do not redeem the notes investors will be holding notes that bear interest at below-market rates.
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§
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The notes are subject to the credit risk of Citigroup Inc., and any actual or anticipated changes to its credit ratings
or credit spreads may adversely affect the value of the notes. You are subject to the credit risk of Citigroup Inc. If Citigroup
Inc. defaults on its obligations under the notes, your investment would be at risk and you could lose some or all of your investment.
As a result, the value of the notes will be affected by changes in the market’s view of Citigroup Inc.’s creditworthiness.
Any decline, or anticipated decline, in Citigroup Inc.’s credit ratings or increase, or anticipated increase, in the credit
spreads charged by the market for taking Citigroup Inc. credit risk is likely to adversely affect the value of the notes.
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§
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The notes will not be listed on any 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.
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§
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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 steadily decline to zero over the temporary adjustment period. See “General Information—Temporary
adjustment period” in this pricing supplement.
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§
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Secondary market sales of the notes 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 Inc., only if you hold the notes to maturity
or redemption. If you are able to sell your notes in the secondary market prior to maturity or redemption, you are likely to receive
less than the stated principal amount of the notes.
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§
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The inclusion of underwriting fees and projected profit from hedging in the issue price is likely to adversely affect secondary
market prices. Assuming no changes in market conditions or other relevant factors, the price, if any, at which CGMI may be
willing to purchase the notes in secondary market transactions will likely be lower than the issue price since the issue price
of the notes will include, and secondary market prices are likely to exclude, underwriting fees paid with respect to the notes,
as well as the cost of hedging our obligations under the notes. The cost of hedging includes the projected profit that our affiliates
may realize in consideration for assuming the risks inherent in managing the hedging transactions. The secondary market prices
for the notes are also likely to be reduced by the costs of unwinding the related hedging transactions. Our affiliates may realize
a profit from the expected hedging activity even if the value of the notes declines. In addition, any secondary market prices for
the notes may differ from values determined by pricing models used by CGMI, as a result of dealer discounts, mark-ups or other
transaction costs.
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§
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The price at which you may be able to sell your notes prior to maturity will depend on a number of factors and may be substantially
less than the amount you originally invest. A number of factors will influence the value of the notes in any secondary market
that may develop and the price at which CGMI may be willing to purchase the notes in any such secondary market, including:
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interest rates in the market and
the volatility of such rates, the time remaining to maturity of the notes, hedging activities by our affiliates, fees and projected
hedging fees and profits, expectations about whether we are likely to redeem the notes and any actual or anticipated changes in
the credit ratings, financial condition and results of Citigroup Inc. The value of the notes will vary and is likely to be less
than the issue price at any time prior to maturity or redemption, and sale of the notes prior to maturity or redemption may result
in a loss.
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§
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The U.S. federal tax consequences of an assumption of the notes are unclear. The notes may be assumed by
a successor issuer, as discussed in “Additional Terms of the Notes.” The law regarding whether or not such an assumption
would be considered a taxable modification of the notes is not entirely clear and, if the Internal Revenue Service (the “IRS”)
were to treat the assumption as a taxable modification, a U.S. Holder would generally be required to recognize gain (if any) on
the notes and the timing and character of income recognized with respect to the notes after the assumption could be affected significantly. You
should read carefully the discussion under “United States Federal Income Tax Considerations” in this pricing supplement. You
should also consult your tax adviser regarding the U.S. federal tax consequences of an assumption of the notes.
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Additional Terms of the Notes
The notes are intended to qualify as eligible debt securities
for purposes of the Federal Reserve's total loss-absorbing capacity (“TLAC”) rule. As a result, in the event of a Citigroup
Inc. bankruptcy, Citigroup Inc.'s losses and any losses incurred by its subsidiaries would be imposed first on Citigroup Inc.’s
shareholders and then on its unsecured creditors, including the holders of the notes. Further, in a bankruptcy proceeding of Citigroup
Inc. any value realized by holders of the notes may not be sufficient to repay the amounts owed on the notes. For more information
about the consequences of “TLAC” on the notes, you should refer to the “Citigroup Inc.” section beginning
on page 9 of the accompanying prospectus.
Upon at least 15 business days’ notice, any wholly owned
subsidiary (the “successor issuer”) of Citigroup Inc. may, without the consent of any holder of the notes, assume all
of Citigroup Inc.’s obligations under the notes, and in such event Citigroup Inc. shall be released from its obligations
under the notes (in each case, except as described below), subject to the following conditions:
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(a)
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Citigroup Inc. shall enter into a supplemental indenture under which Citigroup Inc. fully and unconditionally guarantees all
payments on the notes when due, agrees to comply with the covenants described in the section “Description of Debt Securities—Covenants—Limitations
on Liens” and “—Limitations on Mergers and Sales of Assets” in the accompanying prospectus as applied to
itself and retains certain reporting obligations under the indenture;
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(b)
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the successor issuer shall be organized under the laws of the United States of America, any State thereof or the District of
Columbia; and
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(c)
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immediately after giving effect to such assumption of obligations, no default or event of default shall have occurred and be
continuing.
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Upon any such assumption, the successor issuer shall succeed
to and be substituted for, and may exercise every right and power of, Citigroup Inc. under the notes with the same effect as if
such successor issuer had been named as the original issuer of the notes, and Citigroup Inc. shall be relieved from all obligations
and covenants under the notes, except that Citigroup Inc. shall have the obligations described in clause (a) above. For
the avoidance of doubt, the successor issuer shall not be responsible for Citigroup Inc.’s compliance with the covenants
described in clause (a) above.
If a successor issuer assumes the obligations of Citigroup Inc.
under the notes as described above, events of bankruptcy or insolvency or resolution proceedings relating to Citigroup Inc. will
not constitute an event of default with respect to the notes, nor will any breach of a covenant by Citigroup Inc. (other than payment
default). Therefore, if a successor issuer assumes the obligations of Citigroup Inc. under the notes as described above,
events of bankruptcy or insolvency or resolution proceedings relating to Citigroup Inc. (in the absence of any such event occurring
with respect to the successor issuer) will not give holders the right to declare the notes to be due and payable, and a breach
of a covenant by Citigroup Inc. (including the covenants described in the section “Description of Debt Securities—Covenants—Limitations
on Liens” and “—Limitations on Mergers and Sales of Assets” in the accompanying prospectus), other than
payment default, will not give holders the right to declare the notes to be due and payable. Furthermore, if a successor
issuer assumes the obligations of Citigroup Inc. under the notes as described above, it will not be an event of default under the
notes if the guarantee of the notes by Citigroup Inc. ceases to be in full force and effect or if Citigroup Inc. repudiates the
guarantee.
There are no restrictions on which subsidiary of Citigroup Inc.
may be a successor issuer other than as specifically set forth above. The successor issuer may be less creditworthy
than Citigroup Inc. and/or may have no or nominal assets. If Citigroup Inc. is resolved in bankruptcy, insolvency or
other resolution proceedings and the notes are not contemporaneously declared due and payable, and if the successor issuer is subsequently
resolved in later bankruptcy, insolvency or other resolution proceedings, the value you receive on the notes may be significantly
less than what you would have received had the notes been declared due and payable immediately upon certain events of bankruptcy
or insolvency or resolution proceedings relating to Citigroup Inc. or the breach of a covenant by Citigroup Inc.
The notes are “specified securities” for purposes
of the indenture. The terms set forth above do not apply to all securities issued under the indenture, but only to the
notes offered by this pricing supplement (and similar terms may apply to other securities issued by Citigroup Inc. that are identified
as “specified securities” in the applicable pricing supplement).
You should read carefully the discussion of U.S. federal tax
consequences of any such assumption under “United States Federal Tax Considerations” in this pricing supplement.
Temporary adjustment period:
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For a period of approximately four months 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 brokerage account statements prepared by CGMI or its affiliates (which value CGMI may also publish through one or more financial information vendors), will reflect a temporary upward adjustment from the price or value that would otherwise be determined. This temporary upward adjustment represents a portion of the hedging profit expected to be realized by CGMI or its affiliates over the term of the notes. The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the four-month temporary adjustment period. However, CGMI is not obligated to buy the notes from investors at any time. See “Risk Factors—The notes will not be listed on any securities exchange and you may not be able to sell them prior to maturity.”
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U.S. federal income tax considerations:
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The notes will be treated for U.S. federal income tax purposes
as fixed rate debt instruments that are issued without original issue discount. See “United States Federal Tax
Considerations—Tax Consequences to U.S. Holders—Original Issue Discount” in the accompanying prospectus supplement
for further information regarding the treatment under the original issue discount rules of debt instruments that are subject to
early redemption.
Under their terms, the notes may be assumed by a successor issuer,
in which case we will guarantee the successor issuer’s payment obligations under the notes. See “Additional
Terms of the Notes.” We intend to treat such an assumption as not giving rise to a taxable modification of the notes. While
our counsel, Davis Polk & Wardwell LLP, believes this treatment of such an assumption is reasonable under current law and based
on the expected circumstances of the assumption, it has not rendered an opinion regarding such treatment in light of the lack of
clear authority addressing the consequences of such an assumption. Provided that an assumption of the notes is not a
taxable modification, the U.S. federal income tax treatment of the notes would not be affected by the assumption. However,
if the IRS were to treat an assumption of the notes as a taxable modification, the timing and character of income recognized with
respect to the notes after the assumption could be affected significantly, depending on circumstances at the time of the assumption. Moreover,
a U.S. Holder (as defined in the accompanying prospectus supplement) would generally be required to recognize gain (if any) with
respect to the notes at the time of the assumption in the same manner as described in the accompanying prospectus supplement in
respect of a sale or other taxable disposition of the notes. You should consult your tax adviser regarding the consequences
of an assumption of the notes.
Both U.S. and non-U.S. persons considering an investment in the
notes should read the discussion under “United States Federal Tax Considerations,” and in particular the sections entitled
“United States Federal Tax Considerations—Tax Consequences to U.S. Holders,” “—Tax Consequences to
Non-U.S. Holders” and “—FATCA” in the accompanying prospectus supplement for more information regarding
the U.S. federal income tax consequences of an investment in the notes.
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Trustee:
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The Bank of New York Mellon (as trustee under an indenture dated November 13, 2013) will serve as trustee for the notes.
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Use of proceeds and hedging:
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The net proceeds received from the sale of the notes will be
used for general corporate purposes and, in part, in connection with hedging our obligations under the notes through one or more
of our affiliates.
Hedging activities related to the notes by one or more of our
affiliates involves trading in one or more instruments, such as options, swaps and/or futures, and/or taking positions in any other
available securities or instruments that we may wish to use in connection with such hedging and may include adjustments to such
positions during the term of the notes. It is possible that our affiliates may profit from this hedging activity, even if the value
of the notes declines. Profit or loss from this hedging activity could affect the price at which Citigroup Inc.’s affiliate,
CGMI, may be willing to purchase your notes in the secondary market. For further information on our use of proceeds and hedging,
see “Use of Proceeds and Hedging” in the accompanying prospectus.
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ERISA and IRA purchase considerations:
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Please refer to “Benefit Plan Investor Considerations” in the accompanying prospectus supplement for important information for investors that are ERISA or other benefit plans or whose underlying assets include assets of such plans.
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Fees and selling concessions:
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CGMI, an affiliate of Citigroup Inc. and the underwriter of the
sale of the notes, is acting as principal and will receive an underwriting fee of up to $10.00 for each note sold in this offering.
The actual
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underwriting fee will be equal to up to $10.00 for each note
sold by CGMI directly to the public and will otherwise be equal to the selling concession provided to selected dealers, as described
in this paragraph. CGMI will pay selected dealers a selling concession of up to $10.00 for each note they sell.
Additionally, it is possible that CGMI and its affiliates may
profit from expected hedging activity related to this offering, even if the value of the notes declines. You should
refer to “Risk Factors” above and the section “Use of Proceeds and Hedging” in the accompanying prospectus.
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Supplemental information regarding plan of distribution; conflicts of interest:
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The terms and conditions set forth in the Amended and Restated
Global Selling Agency Agreement dated April 7, 2017 among Citigroup Inc. and the agents named therein, including CGMI, govern the
sale and purchase of the notes.
The notes will not be listed on any securities exchange.
In order to hedge its obligations under the notes, Citigroup
Inc. expects to enter into one or more swaps or other derivatives transactions with one or more of its affiliates. You should refer
to the section “General Information—Use of proceeds and hedging” in this pricing supplement and the section “Use
of Proceeds and Hedging” in the accompanying prospectus.
CGMI is an affiliate of Citigroup Inc. Accordingly, the offering
of the notes will conform with the requirements addressing conflicts of interest when distributing the securities of an affiliate
set forth in Rule 5121 of the Conduct Rules of the Financial Industry Regulatory Authority, Inc. Client accounts over which Citigroup
Inc., its subsidiaries or affiliates of its subsidiaries have investment discretion are not 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 prospectus supplement for more information.
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Paying agent:
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Citibank, N.A. will serve as paying agent and registrar and will also hold the global security representing the notes as custodian for The Depository Trust Company (“DTC”).
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Contact:
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Clients may contact their local brokerage representative.
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We encourage you to also read the accompanying prospectus
supplement and prospectus, which can be accessed via the hyperlink on the cover page of this pricing supplement.
Determination of Interest Payments
On each interest payment date, the amount of each interest payment
will equal (i) the stated principal amount of the notes multiplied by the interest rate in effect during the applicable
interest period, multiplied by (ii) (180/360). If we call the notes for mandatory redemption on a redemption date that is
not also an interest payment date, the amount of interest included in the payment you receive upon redemption will equal (i) the
stated principal amount of the notes multiplied by the interest rate in effect during the applicable interest period, multiplied
by (ii) (90/360).
Hypothetical
Examples
The following examples
illustrate how the payments on the notes will be calculated with respect to various hypothetical interest payment dates and redemption
dates, depending on whether we exercise our right in our sole discretion to redeem the notes on a redemption date or, if we do
not redeem the notes prior to the maturity date, whether the interest payment date is the maturity date. The hypothetical payments
in the following examples are for illustrative purposes only, do not illustrate all possible payments on the notes and may not
correspond to the actual payment for any interest payment date applicable to a holder of the notes. The numbers appearing in the
following examples have been rounded for ease of analysis.
Example
1: The interest payment date is on or prior to November 27, 2022 and either the interest payment date is not a redemption date
or it is a redemption date but we choose not to exercise our right to redeem the notes on that date.
In
this example, we would pay you an interest payment on the interest payment date per note calculated as follows:
($1,000
× 2.30%) × (180/360) = $11.50
Because
the notes are not redeemed on the interest payment date, the notes would remain outstanding and would continue to accrue interest.
Example
2: We elect to exercise our right to redeem the notes on the second redemption date, which is not an interest payment date.
In
this example, we would pay you on the second redemption date the stated principal amount of the notes plus an interest payment
per note calculated as follows:
($1,000
× 2.55%) × (90/360) = $6.375
Therefore,
you would receive a total of $1,006.375 per note (the stated principal amount plus $6.375 of interest) on the second redemption
date. Because the notes are redeemed on the second redemption date, you would not receive any further payments from
us.
Example
3: The notes are not redeemed prior to the maturity date and the interest payment date is the maturity date.
In
this example, we would pay you on the maturity date, the stated principal amount of the notes plus an interest payment per
note calculated as follows:
($1,000
× 2.75%) × (180/360) = $13.75
Therefore,
you would receive a total of $1,013.75 per note (the stated principal amount plus $13.75 of interest) on the maturity date,
and you will not receive any further payments from us.
Because we
have the right to redeem the notes prior to the maturity date, there is no assurance that the notes will remain outstanding until
the maturity date. You should expect the notes to remain outstanding after the first redemption date only if the interest
rate payable on the notes is unfavorable to you as compared to other market rates on comparable investments at that time.
Certain Selling Restrictions
Hong Kong Special Administrative Region
The contents of this pricing supplement and the accompanying
prospectus supplement and prospectus have not been reviewed by any regulatory authority in the Hong Kong Special Administrative
Region of the People’s Republic of China (“Hong Kong”). Investors are advised to exercise caution in relation
to the offer. If investors are in any doubt about any of the contents of this pricing supplement and the accompanying prospectus
supplement and prospectus, they should obtain independent professional advice.
The notes have not been offered or sold and will not be offered
or sold in Hong Kong by means of any document, other than
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(i)
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to persons whose ordinary business is to buy or sell shares or debentures (whether as principal or agent); or
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(ii)
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to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the “Securities
and Futures Ordinance”) and any rules made under that Ordinance; or
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(iii)
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in other circumstances which do not result in the document being a “prospectus” as defined in the Companies Ordinance
(Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance; and
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There is no advertisement, invitation or document relating to
the notes which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except
if permitted to do so under the securities laws of Hong Kong) other than with respect to securities which are or are intended to
be disposed of only to persons outside Hong Kong or only to “professional investors” as defined in the Securities and
Futures Ordinance and any rules made under that Ordinance.
Non-insured Product: These notes are not insured by any governmental
agency. These notes are not bank deposits and are not covered by the Hong Kong Deposit Protection Scheme.
Singapore
This pricing supplement and the accompanying prospectus supplement
and prospectus have not been registered as a prospectus with the Monetary Authority of Singapore, and the notes will be offered
pursuant to exemptions under the Securities and Futures Act, Chapter 289 of Singapore (the “Securities and Futures Act”).
Accordingly, the notes may not be offered or sold or made the subject of an invitation for subscription or purchase nor may this
pricing supplement or any other document or material in connection with the offer or sale or invitation for subscription or purchase
of any notes be circulated or distributed, whether directly or indirectly, to any person in Singapore other than (a) to an institutional
investor pursuant to Section 274 of the Securities and Futures Act, (b) to a relevant person under Section 275(1) of the Securities
and Futures Act or to any person pursuant to Section 275(1A) of the Securities and Futures Act and in accordance with the conditions
specified in Section 275 of the Securities and Futures Act, or (c) otherwise pursuant to, and in accordance with the conditions
of, any other applicable provision of the Securities and Futures Act. Where the notes are subscribed or purchased under Section
275 of the Securities and Futures Act by a relevant person which is:
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(a)
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a corporation (which is not an accredited investor (as defined in Section 4A of the Securities and Futures Act)) the sole business
of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited
investor; or
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(b)
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a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary is
an individual who is an accredited investor, securities (as defined in Section 239(1) of the Securities and Futures Act) of that
corporation or the beneficiaries’ rights and interests (howsoever described) in that trust shall not be transferable for
6 months after that corporation or that trust has acquired the relevant securities pursuant to an offer under Section 275 of the
Securities and Futures Act except:
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(i)
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to an institutional investor or to a relevant person defined in Section 275(2) of the Securities and Futures Act or to any
person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the Securities and Futures Act; or
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(ii)
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where no consideration is or will be given for the transfer; or
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(iii)
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where the transfer is by operation of law; or
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(iv)
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pursuant to Section 276(7) of the Securities and Futures Act; or
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(v)
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as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005
of Singapore.
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Any notes referred to herein may not be registered with any regulator,
regulatory body or similar organization or institution in any jurisdiction.
The notes are Specified Investment Products (as defined in the
Notice on Recommendations on Investment Products and Notice on the Sale of Investment Product issued by the Monetary Authority
of Singapore on 28 July 2011) that is neither listed nor quoted on a securities market or a futures market.
Non-insured Product: These notes are not insured by any governmental
agency. These notes are not bank deposits. These notes are not insured products subject to the provisions of the Deposit Insurance
and Policy Owners’ Protection Schemes Act 2011 of Singapore and are not eligible for deposit insurance coverage under the
Deposit Insurance Scheme.
Prohibition of Sales to EEA Retail Investors
The notes may not be offered, sold or otherwise made available
to any retail investor in the European Economic Area. For the purposes of this provision:
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(a)
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the expression “retail investor” means a person who is one (or more) of the following:
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(i)
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a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or
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(ii)
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a customer within the meaning of Directive 2002/92/EC, where that customer would not qualify as a professional client as defined
in point (10) of Article 4(1) of MiFID II; or
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(iii)
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not a qualified investor as defined in Directive 2003/71/EC; and
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(b)
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the expression “offer” includes the communication in any form and by any means of sufficient information on the
terms of the offer and the notes offered so as to enable an investor to decide to purchase or subscribe the notes.
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