This Amended and Restated Pricing Supplement No. 2019-USNCH3186 is being filed to revise the total issue price, total underwriting fee and total proceeds to issuer.
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Citigroup Global Markets Holdings Inc.
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November 26, 2019
Medium-Term Senior
Notes, Series N
Amended and Restated
Pricing Supplement No. 2019-USNCH3186
Filed Pursuant
to Rule 424(b)(3)
Registration Statement
Nos. 333-224495 and 333-224495-03
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Buffer Securities Linked to an Unequally Weighted
Basket of Six Underlyings Due December 1, 2021
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▪
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The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global Markets Holdings
Inc. and guaranteed by Citigroup Inc. Unlike conventional debt securities, the securities do not pay interest and do not repay
a fixed amount of principal at maturity. Instead, the securities offer a payment at maturity that may be greater than, equal to
or less than the stated principal amount, depending on the performance of an unequally weighted basket composed of the underlyings
specified below.
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▪
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The securities offer modified exposure to the performance of the basket from the initial basket value to the final basket value,
with (i) the opportunity to participate in a limited range of potential appreciation of the basket at the upside participation
rate specified below and (ii) a limited buffer against any depreciation of the basket as described below. In exchange for these
features, investors in the securities must be willing to forgo any appreciation of the basket in excess of the maximum return at
maturity specified below and must be willing to forgo any dividends with respect to any underlying. In addition, investors in the
securities must be willing to accept downside exposure to any depreciation of the basket in excess of the buffer percentage specified
below. If the basket depreciates by more than the buffer percentage from the initial basket value to the final basket value,
you will lose 1% of the stated principal amount of your securities for every 1% by which that depreciation exceeds the buffer percentage.
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▪
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In order to obtain the modified exposure to the basket that the securities provide, investors must be willing to accept (i)
an investment that may have limited or no liquidity and (ii) the risk of not receiving any amount due under the securities if we
and Citigroup Inc. default on our obligations. All payments on the securities are subject to the credit risk of Citigroup Global
Markets Holdings Inc. and Citigroup Inc.
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KEY TERMS
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Issuer:
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Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc.
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Guarantee:
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All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc.
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Underlying
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Weighting
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Initial underlying value*
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EURO STOXX 50® Index
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18.00000%
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3,705.55
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TOPIX® Index
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13.50000%
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1,705.71
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FTSE® 100 Index
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10.00000%
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7,403.14
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S&P 500® Index
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50.00000%
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3,140.52
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Swiss Market Index®
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4.50000%
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10,506.93
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S&P / ASX 200 Index
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4.00000%
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6,787.53
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*For each underlying, its closing value on the pricing date
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Stated principal amount:
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$1,000 per security
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Pricing date:
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November 26, 2019
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Issue date:
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December 2, 2019
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Valuation date:
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November 26, 2021, subject to postponement if such date is not a scheduled trading day or certain market disruption events occur
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Maturity date:
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December 1, 2021
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Payment at maturity:
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You will receive at maturity for each security you then hold:
§ If
the final basket value is greater than the initial basket value:
$1,000 + the return amount, subject to the maximum
return at maturity
§ If
the final basket value is less than or equal to the initial basket value but greater than or equal to the final
buffer value:
$1,000
§ If
the final basket value is less than the final buffer value:
$1,000 + [$1,000 × (the basket return + the
buffer percentage)]
If the final basket value is less than the final buffer value,
which means that the basket has depreciated from the initial basket value by more than the buffer percentage, you will lose 1%
of the stated principal amount of your securities at maturity for every 1% by which that depreciation exceeds the buffer percentage.
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Initial basket value:
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100
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Final basket value:
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100 × (1 + the sum of the weighted underlying returns of the underlyings)
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Return amount:
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$1,000 × the basket return × the upside participation rate
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Upside participation rate:
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100.00%
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Basket return:
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(i) The final basket value minus the initial basket value, divided by (ii) the initial basket value
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Weighted underlying return:
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For each underlying, its underlying return multiplied by its weighting
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Final underlying value:
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For each underlying, its closing value on the valuation date
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Underlying return:
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For each underlying, (i) its final underlying value minus its initial underlying value, divided by (ii) its initial underlying value
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Maximum return at maturity:
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$165 per security (16.5% of the stated principal amount). The payment at maturity per security will not exceed the stated principal amount plus the maximum return at maturity.
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Final buffer value:
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80.00, 80.00% of the initial basket value
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Buffer percentage:
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20.00%
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Listing:
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The securities will not be listed on any securities exchange
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CUSIP / ISIN:
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17327TEY8 / US17327TEY82
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Underwriter:
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Citigroup Global Markets Inc. (“CGMI”), an affiliate of the issuer, acting as principal
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Underwriting fee and issue price:
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Issue price(1)
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Underwriting fee(2)
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Proceeds to issuer(3)
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Per security:
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$1,000.00
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$10.00
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$990.00
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Total:
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$6,735,000.00
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$67,350.00
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$6,667,650.00
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(1) On the date of this pricing supplement, the estimated value
of the securities is $984.70 per security, which is less than the issue price. The estimated value of the securities is based on
CGMI’s proprietary pricing models 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 securities
from you at any time after issuance. See “Valuation of the Securities” in this pricing supplement.
(2) CGMI will receive an underwriting fee of up to $10.00 for
each security sold in this offering. The total underwriting fee and proceeds to issuer in the table above give effect to the actual
total underwriting fee. For more information on the distribution of the securities, see “Supplemental Plan of Distribution”
in this pricing supplement. In addition to the underwriting fee, CGMI and its affiliates may profit from hedging activity related
to this offering, even if the value of the securities declines. See “Use of Proceeds and Hedging” in the accompanying
prospectus.
(3) The per security proceeds to issuer indicated above represent
the minimum per security proceeds to issuer for any security, assuming the maximum per security underwriting fee. As noted above,
the underwriting fee is variable.
Investing in the securities involves risks not associated
with an investment in conventional debt securities. See “Summary Risk Factors” beginning on page PS-5.
Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of the securities or determined that this pricing supplement and
the accompanying product supplement, underlying supplement, prospectus supplement and prospectus are truthful or complete. Any
representation to the contrary is a criminal offense.
You should read this pricing supplement
together with the accompanying product supplement, underlying supplement, prospectus supplement and prospectus, which can be accessed
via the hyperlinks below:
Prospectus Supplement and Prospectus each dated May 14, 2018
The securities are not bank deposits and
are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations
of, or guaranteed by, a bank.
Citigroup Global Markets Holdings Inc.
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Additional Information
The terms of the securities 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, the accompanying product supplement contains important information about how the closing value of each underlying
will be determined and about adjustments that may be made to the terms of the securities upon the occurrence of market disruption
events and other specified events with respect to each underlying. The accompanying underlying supplement contains information
about each underlying that is 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 in deciding whether to invest
in the securities. Certain terms used but not defined in this pricing supplement are defined in the accompanying product supplement.
Payout Diagram
The diagram below illustrates your payment at maturity for a
range of hypothetical basket returns.
Investors in the securities will not receive any dividends
with respect to the underlyings. The diagram and examples below do not show any effect of lost dividend yield over the term of
the securities. See “Summary Risk Factors—You will not receive dividends or have any other rights with respect
to the underlyings” below.
Payout Diagram
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n The Securities
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n The Basket
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Citigroup Global Markets Holdings Inc.
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Hypothetical Examples
The examples below illustrate how to determine the payment at
maturity on the securities, assuming the various hypothetical final basket values indicated below. The examples are solely for
illustrative purposes, do not show all possible outcomes and are not a prediction of what the actual payment at maturity on the
securities will be. The actual payment at maturity will depend on the actual final basket value.
The examples below are based on the following hypothetical values
and do not reflect the actual initial underlying values of the underlyings. For the actual initial underlying value of each underlying,
see the cover page of this pricing supplement. We have used these hypothetical values, rather than the actual values, to simplify
the calculations and aid understanding of how the securities work. However, you should understand that the actual payment at maturity
on the securities will be calculated based on the actual initial underlying value of each underlying, and not the hypothetical
values indicated below. For ease of analysis, figures below have been rounded.
Underlying
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Hypothetical initial underlying value
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EURO STOXX 50® Index
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100.00
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TOPIX® Index
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100.00
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FTSE® 100 Index
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100.00
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S&P 500® Index
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100.00
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Swiss Market Index®
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100.00
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S&P / ASX 200 Index
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100.00
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Example 1—Upside Scenario A. The final basket value
is 105.00, resulting in a 5.00% basket return. In this example, the final basket value is greater than the initial basket
value.
Underlying
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Hypothetical Final Underlying Value
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Hypothetical Underlying Return
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Weighting
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Hypothetical Weighted Underlying Return
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EURO STOXX 50® Index
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90.00
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-10.00%
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18.00000%
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-1.80%
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TOPIX® Index
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105.00
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5.00%
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13.50000%
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0.675%
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FTSE® 100 Index
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110.00
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10.00%
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10.00000%
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1.00%
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S&P 500® Index
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107.35
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7.35%
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50.00000%
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3.675%
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Swiss Market Index®
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110.00
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10.00%
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4.50000%
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0.45%
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S&P / ASX 200 Index
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125.00
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25.00%
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4.00000%
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1.00%
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Sum of the hypothetical weighted underlying returns:
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5.00%
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Hypothetical final basket value:
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100 × (1 + the sum of the hypothetical
weighted underlying returns)
= 100 × (1 + 5.00%)
= 105.00000
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Payment at maturity per security = $1,000 + the return amount,
subject to the maximum return at maturity
= $1,000 + ($1,000 × the basket return × the upside
participation rate), subject to the maximum return at maturity
= $1,000 + ($1,000 × 5.00% × 100.00%), subject to
the maximum return at maturity
= $1,000 + $50.00, subject to the maximum return at maturity
= $1,050.00
In this scenario, the basket has appreciated from the initial
basket value to the final basket value, and your total return at maturity would equal the basket return multiplied by the
upside participation rate.
Example 2—Upside Scenario B. The final basket value
is 150.00, resulting in a 50.00% basket return. In this example, the final basket value is greater than the initial basket
value.
Underlying
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Hypothetical Final Underlying Value
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Hypothetical Underlying Return
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Weighting
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Hypothetical Weighted Underlying Return
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EURO STOXX 50® Index
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170.00
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70.00%
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18.00000%
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12.60%
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TOPIX® Index
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195.00
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95.00%
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13.50000%
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12.825%
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FTSE® 100 Index
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110.00
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10.00%
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10.00000%
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1.00%
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S&P 500® Index
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135.35
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35.35%
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50.00000%
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17.675%
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Swiss Market Index®
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200.00
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100.00%
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4.50000%
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4.50%
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S&P / ASX 200 Index
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135.00
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35.00%
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4.00000%
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1.40%
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Sum of the hypothetical weighted underlying returns
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50.00%
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Hypothetical final basket value:
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100 × (1 + the sum of the hypothetical
weighted underlying returns)
= 100 × (1 + 50.00%)
= 150.00000
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Payment at maturity per security = $1,000 + the return amount,
subject to the maximum return at maturity
= $1,000 + ($1,000 × the basket return × the upside
participation rate), subject to the maximum return at maturity
= $1,000 + ($1,000 × 50.00% × 100.00%), subject to
the maximum return at maturity
Citigroup Global Markets Holdings Inc.
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= $1,000 + $500.00, subject to the maximum return at maturity
= $1,165.00
In this scenario, the basket has appreciated from the initial
basket value to the final basket value, but the basket return multiplied by the upside participation rate would exceed the
maximum return at maturity. As a result, your total return at maturity in this scenario would be limited to the maximum return
at maturity, and an investment in the securities would underperform a hypothetical alternative investment providing 1-to-1 exposure
to the appreciation of the basket without a maximum return.
Example 3—Par Scenario. The final basket value is
95.00, resulting in a -5.00% basket return. In this example, the final basket value is less than the initial basket value
but greater than the final buffer value.
Underlying
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Hypothetical Final Underlying Value
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Hypothetical Underlying Return
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Weighting
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Hypothetical Weighted Underlying Return
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EURO STOXX 50® Index
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90.00
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-10.00%
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18.00000%
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-1.80%
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TOPIX® Index
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100.00
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0.00%
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13.50000%
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0.00%
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FTSE® 100 Index
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120.00
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20.00%
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10.00000%
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2.00%
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S&P 500® Index
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86.30
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-13.70%
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50.00000%
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-6.85%
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Swiss Market Index®
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110.00
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10.00%
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4.50000%
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0.45%
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S&P / ASX 200 Index
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130.00
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30.00%
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4.00000%
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1.20%
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Sum of the hypothetical weighted underlying returns
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-5.00%
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Hypothetical final basket value:
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100 × (1 + the sum of the hypothetical
weighted underlying returns)
= 100 × (1 + -5.00%)
= 95.00000
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Payment at maturity per security = $1,000
In this scenario, the basket has depreciated from the initial
basket value to the final basket value, but not by more than the buffer percentage. As a result, you would be repaid the stated
principal amount of your securities at maturity but would not receive any positive return on your investment.
Example 4—Downside Scenario. The final basket value
is 30.00, resulting in a -70.00% basket return. In this example, the final basket value is less than the final buffer value.
Underlying
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Hypothetical Final Underlying Value
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Hypothetical Underlying Return
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Weighting
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Hypothetical Weighted Underlying Return
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EURO STOXX 50® Index
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20.00
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-80.00%
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18.00000%
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-14.40%
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TOPIX® Index
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90.00
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-10.00%
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13.50000%
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-1.35%
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FTSE® 100 Index
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85.00
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-15.00%
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10.00000%
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-1.50%
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S&P 500® Index
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3.50
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-96.50%
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50.00000%
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-48.25%
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Swiss Market Index®
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40.00
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-60.00%
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4.50000%
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-2.70%
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S&P / ASX 200 Index
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55.00
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-45.00%
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4.00000%
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-1.80%
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Sum of the hypothetical weighted underlying returns
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-70.00%
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Hypothetical final basket value:
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100 × (1 + the sum of the hypothetical
weighted underlying returns)
= 100 × (1 + -70.00%)
= 30.00000
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Payment at maturity per security = $1,000 + [$1,000 × (the
basket return + the buffer percentage)]
= $1,000 + [$1,000 × (-70.00% + 20.00%)]
= $1,000 + [$1,000 × -50.00%]
= $1,000 + -$500.00
= $500.00
In this scenario, the basket has depreciated from the initial
basket value to the final basket value by more than the buffer percentage. As a result, your total return at maturity in this scenario
would be negative and would reflect 1-to-1 exposure to the negative performance of the basket beyond the buffer percentage.
Citigroup Global Markets Holdings Inc.
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Summary Risk Factors
An investment in the securities is significantly riskier than
an investment in conventional debt securities. The securities 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 securities, and are also subject to risks associated with the basket. Accordingly, the securities are suitable
only for investors who are capable of understanding the complexities and risks of the securities. You should consult your own financial,
tax and legal advisors as to the risks of an investment in the securities and the suitability of the securities in light of your
particular circumstances.
The following is a summary of certain key risk factors for investors
in the securities. You should read this summary together with the more detailed description of risks relating to an investment
in the securities contained in the section “Risk Factors Relating to the Securities” beginning on page EA-7 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.
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§
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You may lose a significant portion of your investment. Unlike conventional debt securities, the securities do not repay
a fixed amount of principal at maturity. Instead, your payment at maturity will depend on the performance of the basket. If the
basket depreciates by more than the buffer percentage from the initial basket value to the final basket value, you will lose 1%
of the stated principal amount of your securities for every 1% by which that depreciation exceeds the buffer percentage.
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§
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Your potential return on the securities is limited. Your potential total return on the securities at maturity is limited
to the maximum return at maturity, even if the basket appreciates by significantly more than the maximum return at maturity. If
the basket appreciates by more than the maximum return at maturity, the securities will underperform an alternative investment
providing 1-to-1 exposure to the performance of the basket. When lost dividends are taken into account, the securities may underperform
an alternative investment providing 1-to-1 exposure to the performance of the basket even if the basket appreciates by less than
the maximum return at maturity. In addition, the maximum return at maturity reduces the effect of the upside participation rate
for all final basket values exceeding the final basket value at which, by multiplying the corresponding basket return by the upside
participation rate, the maximum return at maturity is reached.
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§
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The securities do not pay interest. Unlike conventional debt securities, the securities do not pay interest or any other
amounts prior to maturity. You should not invest in the securities if you seek current income during the term of the securities.
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§
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You will not receive dividends or have any other rights with respect to the underlyings. You will not receive any dividends
with respect to the underlyings. This lost dividend yield may be significant over the term of the securities. The payment scenarios
described in this pricing supplement do not show any effect of such lost dividend yield over the term of the securities. In addition,
you will not have voting rights or any other rights with respect to the underlyings or the stocks included in the underlyings.
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§
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Your payment at maturity depends on the value of the basket on a single day. Because your payment at maturity depends
on the value of the basket solely on the valuation date, you are subject to the risk that the value of the basket on that day may
be lower, and possibly significantly lower, than on one or more other dates during the term of the securities. If you had invested
directly in the underlyings or in another instrument linked to the basket 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 values of the basket, you might have achieved better returns.
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§
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The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. If we default
on our obligations under the securities and Citigroup Inc. defaults on its guarantee obligations, you may not receive anything
owed to you under the securities.
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§
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The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity.
The securities will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the securities.
CGMI currently intends to make a secondary market in relation to the securities and to provide an indicative bid price for the
securities on a daily basis. Any indicative bid price for the securities 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 securities 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 securities because it is likely that CGMI will be the only broker-dealer that is willing to buy your securities
prior to maturity. Accordingly, an investor must be prepared to hold the securities until maturity.
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§
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The estimated value of the securities on the pricing date, based on CGMI’s proprietary pricing models and our internal
funding rate, is less than the issue price. The difference is attributable to certain costs associated with selling, structuring
and hedging the securities that are included in the issue price. These costs include (i) any selling concessions or other fees
paid in connection with the offering of the securities, (ii) hedging and other costs incurred by us and our affiliates in connection
with the offering of the securities 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 securities. These costs adversely affect the economic terms
of the securities because, if they were lower, the economic terms of the securities would be more favorable to you. The economic
terms of the securities are also likely to be adversely affected by the use of our internal funding rate, rather than our secondary
market rate, to price the securities. See “The estimated value of the securities would be lower if it were calculated based
on our secondary market rate” below.
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§
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The estimated value of the securities 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
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Citigroup Global Markets Holdings Inc.
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made discretionary judgments about
the inputs to its models, such as the volatility of, and correlation between, the closing values of the underlyings, dividend yields
on the underlyings 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 securities. Moreover, the estimated value of the
securities set forth on the cover page of this pricing supplement may differ from the value that we or our affiliates may determine
for the securities for other purposes, including for accounting purposes. You should not invest in the securities because of the
estimated value of the securities. Instead, you should be willing to hold the securities to maturity irrespective of the initial
estimated value.
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§
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The estimated value of the securities would be lower if it were calculated based on our secondary market rate. The estimated
value of the securities 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 securities. 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 securities for purposes of any
purchases of the securities 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 securities, 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 is
payable on the securities.
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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 securities,
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 securities prior to maturity.
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§
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The estimated value of the securities is not an indication of the price, if any, at which CGMI or any other person may be
willing to buy the securities from you in the secondary market. Any such secondary market price will fluctuate over the term
of the securities 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 securities 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 securities than if our internal funding
rate were used. In addition, any secondary market price for the securities will be reduced by a bid-ask spread, which may vary
depending on the aggregate stated principal amount of the securities 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 securities
will be less than the issue price.
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§
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The value of the securities prior to maturity will fluctuate based on many unpredictable factors. The value of your
securities prior to maturity will fluctuate based on the closing values of the underlyings, the volatility of, and correlation
between, the closing values of the underlyings, dividend yields on the underlyings, interest rates generally, the time remaining
to maturity and our and Citigroup Inc.’s creditworthiness, as reflected in our secondary market rate, among other factors
described under “Risk Factors Relating to the Securities—Risk Factors Relating to All Securities—The value of
your securities prior to maturity will fluctuate based on many unpredictable factors” in the accompanying product supplement.
Changes in the closing values of the underlyings may not result in a comparable change in the value of your securities. You should
understand that the value of your securities at any time prior to maturity may be significantly less than the issue price.
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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 “Valuation of
the Securities” in this pricing supplement.
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Changes in the closing values of the underlyings may offset each other. The performances of the underlyings may not
be correlated with each other. If one of the underlyings appreciates, the other underlyings may not appreciate as much or may even
depreciate. In such event, the appreciation of one of the underlyings may be moderated, wholly offset or more than offset by lesser
appreciation or by depreciation in the value of the other underlyings.
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The underlyings may be highly correlated in decline. The performances of the underlyings may become highly correlated
during periods of declining prices. This may occur because of events that have broad effects on markets generally or on the markets
that the underlyings track. If the underlyings become correlated in decline, the depreciation of one underlying will not be offset
by the performance of the other underlyings and, in fact, each underlying may contribute to an overall decline from the initial
basket value to the final basket value.
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An investment in the securities is not a diversified investment. The fact that the securities are linked to a basket
does not mean that the securities represent a diversified investment. First, although the underlyings differ in important respects,
they each track the performance of equity markets, and each may perform poorly if there is a global downturn in equity markets.
Second, the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. No amount of
diversification that may be represented by the underlyings will offset the risk that we and Citigroup Inc. may default on our obligations.
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The underlyings are unequally weighted. Accordingly, the performance of the underlying with the highest weighting will
influence the payment at maturity to a greater degree than the performance of the underlyings with the lower weightings. If the
underlying with the highest weighting performs poorly, its poor performance could negate or diminish the effect on the basket return
of any positive performance by the lower-weighted underlyings.
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The EURO STOXX 50® Index, the TOPIX® Index, the FTSE® 100 Index, the Swiss
Market Index® and the S&P / ASX 200 Index are subject to risks associated with non-U.S. markets. Investments
linked to the value of non-U.S. stocks involve risks associated
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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 companies in some of these jurisdictions
than about U.S. companies that are subject to the reporting requirements of the SEC. Further, non-U.S. 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 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. Moreover, the economies in such countries may differ favorably or unfavorably from the economy of the
United States in such respects as growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency.
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The performance of the EURO STOXX 50® Index will not be adjusted for changes in the exchange rate between
the euro and the U.S. dollar. The closing value of the EURO STOXX 50® Index is calculated 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 EURO STOXX
50® Index 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, the performance of the EURO STOXX 50® Index as measured
for purposes of the securities will be less than it would have been if it offered exposure to that appreciation in addition to
the change in the prices of the stocks included in the EURO STOXX 50® Index.
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The performance of the TOPIX® Index will not be adjusted for changes in the exchange rate between the Japanese
yen and the U.S. dollar. The closing value of the TOPIX® Index is calculated in Japanese yen, the value of which
may be subject to a high degree of fluctuation relative to the U.S. dollar. However, the performance of the TOPIX®
Index and the value of your securities will not be adjusted for exchange rate fluctuations. If the Japanese yen appreciates relative
to the U.S. dollar over the term of the securities, the performance of the TOPIX® Index as measured for purposes
of the securities will be less than it would have been if it offered exposure to that appreciation in addition to the change in
the prices of the stocks included in the TOPIX® Index.
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The performance of the FTSE® 100 Index will not be adjusted for changes in the exchange rate between the
British pound and the U.S. dollar. The closing value of the FTSE® 100 Index is calculated in British pound,
the value of which may be subject to a high degree of fluctuation relative to the U.S. dollar. However, the performance of the
FTSE® 100 Index and the value of your securities will not be adjusted for exchange rate fluctuations. If the British
pound appreciates relative to the U.S. dollar over the term of the securities, the performance of the FTSE® 100
Index as measured for purposes of the securities will be less than it would have been if it offered exposure to that appreciation
in addition to the change in the prices of the stocks included in the FTSE® 100 Index.
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The performance of the Swiss Market Index® will not be adjusted for changes in the exchange rate between
the Swiss franc and the U.S. dollar. The closing value of the Swiss Market Index® is calculated in Swiss franc,
the value of which may be subject to a high degree of fluctuation relative to the U.S. dollar. However, the performance of the
Swiss Market Index® and the value of your securities will not be adjusted for exchange rate fluctuations. If the
Swiss franc appreciates relative to the U.S. dollar over the term of the securities, the performance of the Swiss Market Index®
as measured for purposes of the securities will be less than it would have been if it offered exposure to that appreciation in
addition to the change in the prices of the stocks included in the Swiss Market Index®.
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The performance of the S&P / ASX 200 Index will not be adjusted for changes in the exchange rate between the Australian
dollar and the U.S. dollar. The closing value of the S&P / ASX 200 Index is calculated in Australian dollar, the value
of which may be subject to a high degree of fluctuation relative to the U.S. dollar. However, the performance of the S&P /
ASX 200 Index and the value of your securities will not be adjusted for exchange rate fluctuations. If the Australian dollar appreciates
relative to the U.S. dollar over the term of the securities, the performance of the S&P / ASX 200 Index as measured for purposes
of the securities will be less than it would have been if it offered exposure to that appreciation in addition to the change in
the prices of the stocks included in the S&P / ASX 200 Index.
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Our offering of the securities is not a recommendation of the basket or the underlyings. The fact that we are offering
the securities does not mean that we believe that investing in an instrument linked to the basket or any of the underlyings is
likely to achieve favorable returns. In fact, as we are part of a global financial institution, our affiliates may have positions
(including short positions) in the underlyings or in instruments related to the underlyings, and may publish research or express
opinions, that in each case are inconsistent with an investment linked to the underlyings. These and other activities of our affiliates
may affect the closing values of the underlyings in a way that negatively affects the value of and your return on the securities.
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The closing value of an underlying may be adversely affected by our or our affiliates’ hedging and other trading activities.
We expect to hedge our obligations under the securities through CGMI or other of our affiliates, who may take positions in the
underlyings or in financial instruments related to the underlyings and may adjust such positions during the term of the securities.
Our affiliates also take positions in the underlyings or in financial instruments related to the underlyings on a regular basis
(taking long or short positions or both), for their accounts, for other accounts under their management or to facilitate transactions
on behalf of customers. These activities could affect the closing values of the underlyings in a way that negatively affects the
value of and your return on the securities. They could also result in substantial returns for us or our affiliates while the value
of the securities declines.
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We and our affiliates may have economic interests that are adverse to yours as a result of our affiliates’ business
activities. Our affiliates engage in business activities with a wide range of companies. These activities include extending
loans, making and facilitating investments, underwriting securities offerings and providing advisory services. These activities
could involve or affect the underlyings in a way that negatively affects the value of and your return on the securities. They could
also result in substantial returns for us or our affiliates while the value of the securities declines. In addition, in the course
of this business, we or our affiliates may acquire non-public information, which will not be disclosed to you.
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The calculation agent, which is an affiliate of ours, will make important determinations with respect to the securities.
If certain events occur during the term of the securities, such as market disruption events and other events with respect to an
underlying, CGMI,
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as calculation agent, will be required
to make discretionary judgments that could significantly affect your return on the securities. 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 securities. See “Risk
Factors Relating to the Securities—Risk Factors Relating to All Securities—The calculation agent, which is an affiliate
of ours, will make important determinations with respect to the securities” in the accompanying product supplement.
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Changes that affect the underlyings may affect the value of your securities. The sponsors of the underlyings may at
any time make methodological changes or other changes in the manner in which they operate that could affect the values of the underlyings.
We are not affiliated with any such underlying sponsor and, accordingly, we have no control over any changes any such sponsor may
make. Such changes could adversely affect the performance of the underlyings and the value of and your return on the securities.
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The U.S. federal tax consequences of an investment in the securities are unclear. There is no direct legal authority
regarding the proper U.S. federal tax treatment of the securities, and we do not plan to request a ruling from the Internal Revenue
Service (the “IRS”). Consequently, significant aspects of the tax treatment of the securities are uncertain, and the
IRS or a court might not agree with the treatment of the securities as prepaid forward contracts. If the IRS were successful in
asserting an alternative treatment of the securities, the tax consequences of the ownership and disposition of the securities might
be materially and adversely affected. In particular, if a security were treated as a debt instrument for U.S. federal income tax
purposes rather than as a prepaid forward contract, (i) you would generally be required to recognize income over the term of the
security and (ii) any gain recognized with respect to the security would generally be treated as ordinary income and not as capital
gain. Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect the U.S. federal tax treatment
of the securities, possibly retroactively.
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If you are a non-U.S. investor, you
should review the discussion of withholding tax issues in “United States Federal Tax Considerations—Non-U.S. Holders”
below.
You should read carefully the discussion
under “United States Federal Tax Considerations” and “Risk Factors Relating to the Securities” in the accompanying
product supplement and “United States Federal Tax Considerations” in this pricing supplement. You should also consult
your tax adviser regarding the U.S. federal tax consequences of an investment in the securities, as well as tax consequences arising
under the laws of any state, local or non-U.S. taxing jurisdiction.
Citigroup Global Markets Holdings Inc.
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Hypothetical Historical Information About the
Basket
Because the basket exists solely for purposes of these securities,
historical information on the performance of the basket does not exist for dates prior to the pricing date for these securities.
The graph below sets forth the hypothetical historical daily values of the basket for the period from January 5, 2009 to November
26, 2019, assuming that the basket was created on January 5, 2009 with the same underlyings and corresponding weights in the basket
and with a value of 100 on that date. The hypothetical performance of the basket is based on the actual closing values of the underlyings
on the applicable dates. We obtained these closing values from Bloomberg L.P., without independent verification. Any historical
trend in the value of the basket during the period shown below is not an indication of the performance of the basket during the
term of the securities.
Hypothetical Historical Basket Performance
January 5, 2009 to November 26, 2019
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Information About 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. The EURO STOXX 50® Index is calculated
and maintained by STOXX Limited.
Please refer to the section “Equity Index Descriptions—
The EURO STOXX 50® Index” in the accompanying underlying supplement for additional information.
We have derived all information regarding the EURO STOXX 50®
Index from publicly available information and have not independently verified any information regarding the EURO STOXX 50®
Index. This pricing supplement relates only to the securities and not to the EURO STOXX 50® Index. We make no representation
as to the performance of the EURO STOXX 50® Index over the term of the securities.
The securities represent obligations of Citigroup Global Markets
Holdings Inc. (guaranteed by Citigroup Inc.) only. The sponsor of the EURO STOXX 50® Index is not involved in any
way in this offering and has no obligation relating to the securities or to holders of the securities.
Historical Information
The closing value of the EURO STOXX 50® Index
on November 26, 2019 was 3,705.55.
The graph below shows the closing value of the EURO STOXX 50®
Index for each day such value was available from January 2, 2009 to November 26, 2019. We obtained the closing values from Bloomberg
L.P., without independent verification. You should not take historical closing values as an indication of future performance.
EURO STOXX 50® Index – Historical Closing Values
January 2, 2009 to November 26, 2019
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Information About the TOPIX® Index
The TOPIX® Index tracks the Tokyo Stock Exchange
and is a commonly used statistical indicator of trends in the Japanese stock market. It comprises all domestic common stocks listed
on the TSE First Section. Stocks listed on the TSE First Section are generally large companies with longer established and more
actively traded issues. The TOPIX® Index is calculated and maintained by the Tokyo Stock Exchange. The TOPIX®
Index is reported by Bloomberg L.P. under the ticker symbol “TPX.”
The TOPIX® Trademarks, including “TOPIX®”
and “TOPIX® Index,” are subject to the intellectual property rights owned by the Tokyo Stock Exchange,
Inc., and have been licensed for use by Citigroup Global Markets Inc. and its affiliates.
For more information, see “Equity Index Descriptions—TOPIX®
Index—License Agreement with the TSE” in the accompanying underlying supplement.
Please refer to the section “Equity Index Descriptions—
The TOPIX® Index” in the accompanying underlying supplement for additional information.
We have derived all information regarding the TOPIX®
Index from publicly available information and have not independently verified any information regarding the TOPIX®
Index. This pricing supplement relates only to the securities and not to the TOPIX® Index. We make no representation
as to the performance of the TOPIX® Index over the term of the securities.
The securities represent obligations of Citigroup Global Markets
Holdings Inc. (guaranteed by Citigroup Inc.) only. The sponsor of the TOPIX® Index is not involved in any way in
this offering and has no obligation relating to the securities or to holders of the securities.
Historical Information
The closing value of the TOPIX® Index on November
26, 2019 was 1,705.71.
The graph below shows the closing value of the TOPIX®
Index for each day such value was available from January 5, 2009 to November 26, 2019. We obtained the closing values from Bloomberg
L.P., without independent verification. You should not take historical closing values as an indication of future performance.
TOPIX® Index – Historical Closing Values
January 5, 2009 to November 26, 2019
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Information About the FTSE® 100
Index
The FTSE® 100 Index measures the composite price
performance of stocks of the largest 100 companies (determined on the basis of market capitalization) traded on the London Stock
Exchange. The FTSE® 100 Index is reported by Bloomberg L.P. under the ticker symbol “UKX.”
FTSE International Limited (“FTSE”) and its licensors
and CGMI have entered into a non-exclusive license agreement providing for the license to Citigroup Inc. and its affiliates, in
exchange for a fee, of the right to use the FTSE® 100 Index, which is owned and published by FTSE, in connection
with certain financial instruments, including the notes.
For more information, see “Equity Index Descriptions—The
FTSE® 100 Index—License Agreement” in the accompanying underlying supplement.
Please refer to the section “Equity Index Descriptions—
The FTSE® 100 Index” in the accompanying underlying supplement for additional information.
We have derived all information regarding the FTSE®
100 Index from publicly available information and have not independently verified any information regarding the FTSE®
100 Index. This pricing supplement relates only to the securities and not to the FTSE® 100 Index. We make no representation
as to the performance of the FTSE® 100 Index over the term of the securities.
The securities represent obligations of Citigroup Global Markets
Holdings Inc. (guaranteed by Citigroup Inc.) only. The sponsor of the FTSE® 100 Index is not involved in any way
in this offering and has no obligation relating to the securities or to holders of the securities.
Historical Information
The closing value of the FTSE® 100 Index on November
26, 2019 was 7,403.14.
The graph below shows the closing value of the FTSE®
100 Index for each day such value was available from January 2, 2009 to November 26, 2019. We obtained the closing values from
Bloomberg L.P., without independent verification. You should not take historical closing values as an indication of future performance.
FTSE® 100 Index – Historical Closing Values
January 2, 2009 to November 26, 2019
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Information About the S&P 500®
Index
The S&P 500® Index consists of the common
stocks of 500 issuers selected to provide a performance benchmark for the large capitalization segment of the U.S. equity markets.
It is calculated and maintained by S&P Dow Jones Indices LLC.
Please refer to the section “Equity Index Descriptions—
The S&P U.S. Indices” in the accompanying underlying supplement for additional information.
We have derived all information regarding the S&P 500®
Index from publicly available information and have not independently verified any information regarding the S&P 500®
Index. This pricing supplement relates only to the securities and not to the S&P 500® Index. We make no representation
as to the performance of the S&P 500® Index over the term of the securities.
The securities represent obligations of Citigroup Global Markets
Holdings Inc. (guaranteed by Citigroup Inc.) only. The sponsor of the S&P 500® Index is not involved in any
way in this offering and has no obligation relating to the securities or to holders of the securities.
Historical Information
The closing value of the S&P 500® Index on
November 26, 2019 was 3,140.52.
The graph below shows the closing value of the S&P 500®
Index for each day such value was available from January 2, 2009 to November 26, 2019. We obtained the closing values from Bloomberg
L.P., without independent verification. You should not take historical closing values as an indication of future performance.
S&P 500® Index – Historical Closing Values
January 2, 2009 to November 26, 2019
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Information About the Swiss Market Index®
The Swiss Market Index is an index of the largest and most liquid
stocks traded on the Geneva, Zurich, and Basel Stock Exchanges. The index has a base level of 1500 as of June 1988.
Please refer to the section “Equity Index Descriptions—
The Swiss Market Index” in the accompanying underlying supplement for additional information.
We have derived all information regarding the Swiss Market Index®
from publicly available information and have not independently verified any information regarding the Swiss Market Index®.
This pricing supplement relates only to the securities and not to the Swiss Market Index®. We make no representation
as to the performance of the Swiss Market Index® over the term of the securities.
The securities represent obligations of Citigroup Global Markets
Holdings Inc. (guaranteed by Citigroup Inc.) only. The sponsor of the Swiss Market Index® is not involved in any
way in this offering and has no obligation relating to the securities or to holders of the securities.
Historical Information
The closing value of the Swiss Market Index® on
November 26, 2019 was 10,506.93.
The graph below shows the closing value of the Swiss Market Index®
for each day such value was available from January 5, 2009 to November 26, 2019. We obtained the closing values from Bloomberg
L.P., without independent verification. You should not take historical closing values as an indication of future performance.
Swiss Market Index® – Historical Closing Values
January 5, 2009 to November 26, 2019
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Information About the S&P / ASX 200 Index
The S&P/ASX 200 Index measures the performance of the 200
largest index-eligible stocks listed on the Australian Securities Exchange (the “ASX”) by float-adjusted market capitalization,
and is widely considered Australia’s benchmark index. The index is float-adjusted, covering approximately 80% of Australian
equity market capitalization. The A&P/ASX 200 Index is reported by Bloomberg L.P. under the ticker symbol “AS51.”
S&P Dow Jones and Citigroup Global Markets Inc. have entered
into a non-exclusive license agreement providing for the license to Citigroup Inc. and its other affiliates, in exchange for a
fee, of the right to use indices owned and published by S&P Dow Jones in connection with certain financial products, including
the notes.
For more information, see “Equity Index Descriptions—The
S&P/ASX 200 Index—License Agreement” in the accompanying underlying supplement.
Please refer to the section “Equity Index Descriptions—
The S&P/ASX 200 Index” in the accompanying underlying supplement for additional information.
We have derived all information regarding the S&P / ASX 200
Index from publicly available information and have not independently verified any information regarding the S&P / ASX 200 Index.
This pricing supplement relates only to the securities and not to the S&P / ASX 200 Index. We make no representation as to
the performance of the S&P / ASX 200 Index over the term of the securities.
The securities represent obligations of Citigroup Global Markets
Holdings Inc. (guaranteed by Citigroup Inc.) only. The sponsor of the S&P / ASX 200 Index is not involved in any way in this
offering and has no obligation relating to the securities or to holders of the securities.
Historical Information
The closing value of the S&P / ASX 200 Index on November
26, 2019 was 6,787.53.
The graph below shows the closing value of the S&P / ASX
200 Index for each day such value was available from January 2, 2009 to November 26, 2019. We obtained the closing values from
Bloomberg L.P., without independent verification. You should not take historical closing values as an indication of future performance.
S&P / ASX 200 Index – Historical Closing Values
January 2, 2009 to November 26, 2019
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United States Federal Tax Considerations
You should read carefully the discussion under “United
States Federal Tax Considerations” and “Risk Factors Relating to the Securities” in the accompanying product
supplement and “Summary Risk Factors” in this pricing supplement.
There are no statutory, judicial or administrative authorities
that address the U.S. federal income tax treatment of the securities or instruments that are similar to the securities. In the
opinion of our counsel, Davis Polk & Wardwell LLP, which is based on current market conditions, it is more likely than not
that a security will be treated as a prepaid forward contract for U.S. federal income tax purposes. By purchasing a security, you
agree (in the absence of an administrative determination or judicial ruling to the contrary) to this treatment. There is uncertainty
regarding this treatment, and the IRS or a court might not agree with it. In particular, if a security were treated as a debt instrument
for U.S. federal income tax purposes rather than as a prepaid forward contract, (i) you would generally be required to recognize
income over the term of the security and (ii) any gain recognized with respect to the security would generally be treated as ordinary
income and not as capital gain. Except where stated otherwise, the remaining discussion is based on the treatment of a security
as a prepaid forward contract.
Subject to the discussion in “United States Federal Tax
Considerations” in the accompanying product supplement, the following U.S. federal income tax consequences should result
under current law:
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You should not recognize taxable income over the term of the securities prior to maturity, other than pursuant to a sale or
exchange.
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Upon a sale or exchange of a security (including retirement at maturity), you should recognize capital gain or loss equal to
the difference between the amount realized and your tax basis in the security. Such gain or loss should be long-term capital gain
or loss if you held the security for more than one year.
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We do not plan to request a ruling from the IRS regarding the
treatment of the securities. An alternative characterization of the securities could materially and adversely affect the tax consequences
of ownership and disposition of the securities, including the timing and character of income recognized. In addition, the U.S.
Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of “prepaid
forward contracts” and similar financial instruments and have indicated that such transactions may be the subject of future
regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative
contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially
and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. You should consult
your tax adviser regarding possible alternative tax treatments of the securities and potential changes in applicable law.
Non-U.S. Holders. Subject to the discussions below and
in “United States Federal Tax Considerations” in the accompanying product supplement, if you are a Non-U.S. Holder
(as defined in the accompanying product supplement) of the securities, you generally should not be subject to U.S. federal withholding
or income tax in respect of any amount paid to you with respect to the securities, provided that (i) income in respect of the securities
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.
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 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. However, the regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2021
that do not have a “delta” of one. Based on the terms of the securities and representations provided by us, our counsel
is of the opinion that the securities 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 subject to withholding tax under Section
871(m).
A determination that the securities are not subject to Section
871(m) is not binding on the IRS, and the IRS may disagree with this treatment. Moreover, Section 871(m) is complex and its application
may depend on your particular circumstances, including your other transactions. You should consult your tax adviser regarding the
potential application of Section 871(m) to the securities.
If withholding tax applies to the securities, 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 securities.
You should also consult your tax adviser regarding all aspects
of the U.S. federal income and estate tax consequences of an investment in the securities 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 underwriter of the sale of the securities, is acting as principal and will receive an underwriting fee of up to $10.00
for each security sold in this offering. The actual underwriting fee will be equal to the selling concession provided to selected
dealers, as described in this paragraph. From this underwriting fee, CGMI will pay selected dealers not affiliated with CGMI a
variable selling concession of up to $10.00 for each security they sell.
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.
Citigroup Global Markets Holdings Inc.
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Valuation of the Securities
CGMI calculated the estimated value of the securities 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 securities by estimating the value of a hypothetical package of financial instruments that would replicate
the payout on the securities, which consists of a fixed-income bond (the “bond component”) and one or more derivative
instruments underlying the economic terms of the securities (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 securities 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.
For a period of approximately three months following issuance
of the securities, the price, if any, at which CGMI would be willing to buy the securities from investors, and the value that will
be indicated for the securities 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 securities. The amount of this temporary upward adjustment will decline
to zero on a straight-line basis over the three-month temporary adjustment period. However, CGMI is not obligated to buy the securities
from investors at any time. See “Summary Risk Factors—The securities will not be listed on any securities exchange
and you may not be able to sell them prior to maturity.”
Certain Selling Restrictions
Hong Kong Special Administrative Region
The contents of this pricing supplement and the accompanying
product supplement, underlying supplement, 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 product supplement, underlying supplement, prospectus supplement and prospectus, they should obtain independent
professional advice.
The securities 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 securities 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 securities are not insured by any
governmental agency. These securities are not bank deposits and are not covered by the Hong Kong Deposit Protection Scheme.
Singapore
This pricing supplement and the accompanying product supplement,
underlying supplement, prospectus supplement and prospectus have not been registered as a prospectus with the Monetary Authority
of Singapore, and the securities will be offered pursuant to exemptions under the Securities and Futures Act, Chapter 289 of Singapore
(the “Securities and Futures Act”). Accordingly, the securities 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 securities 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 securities 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
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Citigroup Global Markets Holdings Inc.
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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 securities referred to herein may not be registered with
any regulator, regulatory body or similar organization or institution in any jurisdiction.
The securities 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 securities are not insured by any
governmental agency. These securities are not bank deposits. These securities 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.
Contact
Clients may contact their local brokerage representative. Third-party
distributors may contact Citi Structured Investment Sales at (212) 723-7005.
© 2019 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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