Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., filed a free writing prospectus on October 28, 2026, disclosing preliminary terms for 2-year autocallable buffer securities linked to the worst of the Russell 2000 Index and the S&P 500 Index, with a pricing date of November 10, 2026.

Key Highlights

  • Underlyings: The securities are linked to the worst performer of the Russell 2000 Index (RTY) and the S&P 500 Index (SPX), according to the filing.
  • Upside participation: The filing discloses an upside participation rate of 200.00%, applied to the underlying return of the worst performer.
  • Autocall feature: If the worst performer's closing value on November 12, 2027 equals or exceeds its initial underlying value, the securities are automatically redeemed at $1,128.00 per security, reflecting a 12.80% per annum premium.
  • Buffer protection: A 15.00% buffer is provided at maturity; the final buffer value is set at 85.00% of each underlying's initial value.
  • Principal at risk: The filing states investors lose 1% of stated principal for every 1% by which depreciation of the worst performer exceeds the 15.00% buffer percentage.
  • Maturity date: November 15, 2028, with a final valuation date of November 10, 2028, as disclosed in the filing.
  • CUSIP / ISIN: 17334DQ47 / US17334DQ475, per the filing.

Preliminary Terms for Citigroup Global Markets Holdings 2-Year Worst-of Buffer Securities

According to the free writing prospectus filed October 28, 2026, Citigroup Global Markets Holdings Inc. is the issuer of these structured notes, with Citigroup Inc. acting as guarantor. The securities carry a stated principal amount of $1,000 per security and do not pay periodic interest. All payments are subject to the credit risk of both Citigroup Global Markets Holdings Inc. and Citigroup Inc.

The filing describes an automatic early redemption mechanism: if, on the interim valuation date of November 12, 2027, the closing value of the worst performer is greater than or equal to its initial underlying value, the securities are redeemed early at a hypothetical redemption amount of $1,128.00 per security, reflecting the 12.80% per annum premium. If the autocall condition is not met, the securities proceed to maturity on November 15, 2028. At maturity, if the worst performer's final underlying value exceeds its initial underlying value, the investor receives $1,000 plus a return amount equal to $1,000 multiplied by the worst performer's underlying return and the 200.00% upside participation rate. If the worst performer finishes flat or down but no more than 15.00%, the investor receives $1,000. If the worst performer declines by more than 15.00%, principal losses apply on a 1-for-1 basis beyond the buffer.

The filing identifies several risk considerations, including that "the return on the securities depends solely on the performance of the worst performer," that the securities are subject to the credit risk of both the issuer and guarantor, that the securities will not be listed on any securities exchange, and that the estimated value on the pricing date will be less than the issue price. The filing also notes that the U.S. federal tax consequences of an investment in the securities are described as unclear. The preliminary pricing supplement is referenced for additional detail, filed under registration statement file numbers 333-293732 and 333-293732-02.

What Was Disclosed

Citigroup Global Markets Holdings Inc. disclosed preliminary terms for 2-year autocallable buffer securities linked to the worst of RTY and SPX, including a 200.00% upside participation rate, a 15.00% buffer, a 12.80% per annum autocall premium, and a maturity date of November 15, 2028.