Citigroup Inc. has taken a significant step in the financial markets by filing a preliminary pricing supplement for its Medium-Term Senior Notes, which are linked to the performance of the S&P 500 Index. This filing, dated November 4, 2026, underscores the company's commitment to providing innovative investment products that cater to the evolving needs of investors.

The issuance of these notes is particularly noteworthy as it reflects Citigroup's strategy to enhance its offerings in a competitive environment characterized by rapid changes in investor preferences. By linking the notes to a major market index, Citigroup aims to attract a diverse range of investors seeking exposure to equity market performance.

Background

Citigroup Inc., incorporated in Delaware, operates as a national commercial bank under the Standard Industrial Classification (SIC) code 6021. The company is publicly traded on the New York Stock Exchange under the ticker symbol

Key Terms and Features

The Medium-Term Senior Notes, Series N, are structured as unsecured debt securities issued by Citigroup Global Markets Holdings Inc. and are fully guaranteed by Citigroup Inc. These notes do not pay periodic interest and instead provide a payment at maturity that is contingent upon the performance of the S&P 500 Index. The stated principal amount for each security is $1,000.

Investors should note that the securities will not be listed on any securities exchange, which may affect their liquidity. The pricing date for these notes is set for November 27, 2026, with the issue date following shortly on December 2, 2026. The maturity date is established as May 31, 2028.

Investment Risks

Investing in these securities involves risks that differ from those associated with traditional debt securities. Notably, if the underlying index depreciates beyond a specified buffer percentage, investors may incur losses proportional to the extent of that depreciation. Specifically, for every 1% depreciation exceeding the buffer percentage, investors will lose 1% of the stated principal amount at maturity.

The maximum return at maturity is projected to fall between $142.50 and $152.50 per security, translating to a maximum return of 14.25% to 15.25% of the stated principal amount. Additionally, the upside participation rate is set at 150%, allowing for limited appreciation based on the performance of the S&P 500 Index.

Underwriting and Fees

The underwriter for this offering is Citigroup Global Markets Inc., which acts as principal. The underwriting fee is noted to be $22.50 per security, resulting in proceeds to the issuer of $977.50 per security. This fee structure indicates the costs associated with the issuance of these notes and highlights the financial considerations for potential investors.