Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., filed a free writing prospectus on November 2, 2026, setting out preliminary terms for 1.5-year market-linked securities tied to the Citi Dynamic Asset Selector 5 Excess Return Index (ticker: CIISDA5N), with a pricing date of November 30, 2026.

Key Highlights

  • Stated principal amount: $1,000 per security, with maturity on June 2, 2028.
  • Upside participation rate: At least 200.00%, with the final rate to be determined on the pricing date of November 30, 2026.
  • Principal protection: If the final index level is less than or equal to the initial index level, investors receive only the $1,000 stated principal amount, with no return.
  • No interest payments: According to the filing, "the securities do not pay interest."
  • CUSIP / ISIN: 17334D4F6 / US17334D4F65, as stated in the preliminary terms.
  • Index fee: 0.85% per annum, deducted daily from index performance.
  • Not exchange-listed: The filing states the securities will not be listed on any securities exchange.

Preliminary Terms for CIISDA5N-Linked Securities Issued by Citigroup Global Markets Holdings

According to the free writing prospectus, the securities are issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup Inc. The underlying index is the Citi Dynamic Asset Selector 5 Excess Return Index (CIISDA5N), a rules-based, trend-following index created by Citigroup Global Markets Limited and launched on June 13, 2016. The index tracks a hypothetical investment methodology that allocates exposure between two constituents: the S&P 500 Futures Excess Return Index and the S&P 10-Year U.S. Treasury Note Futures Excess Return Index, depending on identified market conditions.

The filing describes four possible "Market Regimes" determined by a Trend Signal and a Volatility Signal, each calculated on every Index Business Day. The Trend Signal uses a 21 Index Business Day look-back period measured by linear regression, while the Volatility Signal uses a 63 Index Business Day look-back period. Depending on the regime, the index tracks one of three portfolios: an Equity-Focused Portfolio (66.66% equity, 33.33% treasury), an Intermediate Portfolio (33.33% equity, 66.66% treasury), or a Treasury Portfolio (100% treasury). A "volatility target" feature may reduce index exposure to the selected portfolio to maintain a 21-day realized volatility at or below 5%, with any remaining allocation hypothetically assigned to cash accruing no interest.

The filing discloses several risk considerations. It notes that the estimated value of the securities on the pricing date will be less than the issue price. All payments are subject to the credit risk of both Citigroup Global Markets Holdings Inc. and Citigroup Inc. The filing also states that sale of the securities prior to maturity may result in a loss of principal, and that the value of the securities prior to maturity will fluctuate based on many unpredictable factors. The hypothetical payment at maturity examples in the filing assume the upside participation rate is set at the lowest value indicated, which is 200.00%.

What Was Disclosed

Citigroup Global Markets Holdings Inc. filed a free writing prospectus disclosing preliminary terms for 1.5-year market-linked securities linked to the CIISDA5N index, including a minimum 200.00% upside participation rate, $1,000 stated principal, a June 2, 2028 maturity date, and associated risk considerations.