Bond Citi Global Markets 0% ( US17327T6S01 ) in USD

Issuer Citi Global Markets
Market price 100 %  ▼ 
Country  United States
ISIN code  US17327T6S01 ( in USD )
Interest rate 0%
Maturity 31/01/2025 - Bond has expired



Prospectus brochure of the bond Citigroup Global Markets Holdings US17327T6S01 in USD 0%, expired


Minimal amount 1 000 USD
Total amount 277 000 USD
Cusip 17327T6S0
Standard & Poor's ( S&P ) rating N/A
Moody's rating NR
Detailed description Citigroup Global Markets Holdings Inc. is a subsidiary of Citigroup Inc. providing a wide range of financial services, including securities brokerage, investment banking, and trading across various asset classes globally.

The Bond issued by Citi Global Markets ( United States ) , in USD, with the ISIN code US17327T6S01, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 31/01/2025

The Bond issued by Citi Global Markets ( United States ) , in USD, with the ISIN code US17327T6S01, was rated NR by Moody's credit rating agency.







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424B2 1 dp120131_424b2-us2086784.htm PRICING SUPPLEMENT

Citigroup Global Markets Holdings
January 28, 2020
Medium-Term Senior Notes, Series N
Inc.
Pricing Supplement No. 2020-USNCH3432
Filed Pursuant to Rule 424(b)(2)
Registration Statement Nos. 333-224495 and 333-224495-
03
Dual Directional Buffer Securities Linked to the Worst Performing of the S&P 500® Index and the Dow Jones
Industrial AverageTM Due January 31, 2025
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 the worst performing
of the underlyings specified below from its initial underlying value to its final underlying value.
The securities offer modified exposure to the performance of the worst performing underlying, with (i) the opportunity to
participate at the upside participation rate specified below in the potential appreciation of the worst performing
underlying, (i ) the opportunity for a positive return at maturity if the worst performing underlying depreciates within a
limited range (not more than the buffer percentage specified below) based on the absolute value of that depreciation and
(i i) a limited buffer against any depreciation of the worst performing underlying in excess of the buffer percentage. In
exchange for these features, investors in the securities must be wil ing to forgo any dividends with respect to the
underlyings and any positive participation in the absolute value of any depreciation of the worst performing underlying if
the worst performing underlying depreciates by more than the buffer percentage. In addition, investors in the securities
must be wil ing to accept downside exposure to any depreciation of the worst performing underlying in excess of the
buffer percentage. If the worst performing underlying depreciates by more than the buffer percentage from its
initial underlying value to its final underlying value, you will lose 1% of the stated principal amount of your
securities for every 1% by which that depreciation exceeds the buffer percentage.
You wil be subject to risks associated with each of the underlyings and wil be negatively affected by adverse
movements in any one of the underlyings.
To obtain the modified exposure to the worst performing underlying that the securities provide, investors must be wil ing
to accept (i) an investment that may have limited or no liquidity and (i ) 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.
KEY TERMS

Issuer:
Citigroup Global Markets Holdings Inc., a whol y owned subsidiary of Citigroup Inc.
Guarantee:
Al payments due on the securities are ful y and unconditional y guaranteed by Citigroup Inc.
Underlying:
Underlying
Initial underlying value*
Final buffer value**

S&P 500® Index
3,276.24
2,620.992

Dow Jones Industrial AverageTM
28,722.85
22,978.280

*For each underlying, its closing value on the pricing date

**For each underlying, 80% of its initial underlying value
Stated principal amount: $1,000 per security
Pricing date:
January 28, 2020
Issue date:
January 31, 2020
Valuation date:
January 28, 2025, subject to postponement if such date is not a scheduled trading day or
certain market disruption events occur
Maturity date:
January 31, 2025
Payment at maturity:
You wil receive at maturity for each security you then hold:

If the final underlying value of the worst performing underlying is greater than its initial
underlying value:
$1,000 + the upside return amount

If the final underlying value of the worst performing underlying is less than or equal to its
initial underlying value but greater than or equal to its final buffer value:
$1,000 + the absolute return amount

If the final underlying value of the worst performing underlying is less than its final buffer
value:
$1,000 + [$1,000 × (the underlying return of the worst performing underlying + the buffer
percentage)]

If the final underlying value of the worst performing underlying is less than its final
buffer value, you will receive less, and possibly significantly less, than the stated
principal amount of your securities at maturity.
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Final underlying value:
For each underlying, its closing value on the valuation date
Worst performing
The underlying with the lowest underlying return
underlying:
Upside return amount:
$1,000 × the underlying return of the worst performing underlying × the upside participation
rate
Absolute return amount: $1,000 × the absolute value of the underlying return of the worst performing underlying
Underlying return:
For each underlying, (i) its final underlying value minus its initial underlying value, divided by
(i ) its initial underlying value
Upside participation rate: 100%
Buffer percentage:
20%
Listing:
The securities wil not be listed on any securities exchange
CUSIP / ISIN:
17327T6S0 / US17327T6S01
Underwriter:
Citigroup Global Markets Inc. ("CGMI"), an affiliate of the issuer, acting as principal
Underwriting fee and
Issue price(1)(2)
Underwriting fee(3)
Proceeds to issuer(4)
issue price:
Per security:
$1,000
$35
$965
Total:
$277,000
$9,695
$267,305
(1) On the date of this pricing supplement, the estimated value of the securities is $955.10 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 wil ing to buy the securities from you at any time after
issuance. See "Valuation of the Securities" in this pricing supplement.
(2) The issue price for investors purchasing the securities in fee-based advisory accounts wil be $965 per security. See "Supplemental Plan of
Distribution" in this pricing supplement.
(3)CGMI wil receive an underwriting fee of up to $35 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.
(4) 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:

Product Supplement No. EA-02-08 dated February 15, 2019 Underlying Supplement No. 8 dated February 21,
2019
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.


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Citigroup Global Markets Holdings Inc.


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 wil 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 il ustrates your payment at maturity for a range of hypothetical underlying returns of the worst
performing underlying.

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 wil not receive dividends or have any other rights with respect to the underlyings" below.

Payout Diagram
n The Securities n The Worst Performing Underlying


PS-2
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Citigroup Global Markets Holdings Inc.



Hypothetical Examples

The table below indicates what your payment at maturity and total return on the securities would be for various
hypothetical underlying returns of the worst performing underlying. Your actual payment at maturity and total return on the
securities wil depend on the actual final underlying value of the worst performing underlying.

Hypothetical Underlying Return of
Hypothetical Payment at Maturity per
Hypothetical Total Return on
the Worst Performing Underlying
Security
Securities at Maturity(1)
100.00%
$2,000.00
100.00%
75.00%
$1,750.00
75.00%
50.00%
$1,500.00
50.00%
40.00%
$1,400.00
40.00%
30.00%
$1,300.00
30.00%
20.00%
$1,200.00
20.00%
10.00%
$1,100.00
10.00%
0.00%
$1,000.00
0.00%
-10.00%
$1,100.00
10.00%
-20.00%
$1,200.00
20.00%
-20.01%
$999.90
-0.01%
-30.00%
$900.00
-10.00%
-40.00%
$800.00
-20.00%
-50.00%
$700.00
-30.00%
-75.00%
$450.00
-55.00%
-100.00%
$200.00
-80.00%
(1) Hypothetical total return on securities at maturity = (i) hypothetical payment at maturity per security minus $1,000 stated
principal amount per security, divided by (i ) $1,000 stated principal amount per security

The examples below il ustrate how to determine the payment at maturity on the securities, assuming the various
hypothetical final underlying values indicated below. The examples are solely for il ustrative purposes, do not show al
possible outcomes and are not a prediction of what the actual payment at maturity on the securities wil be. The actual
payment at maturity wil depend on the actual final underlying value of the worst performing underlying.

The examples below are based on the fol owing hypothetical values and do not reflect the actual initial underlying values or
final buffer values of the underlyings. For the actual initial underlying value and final buffer 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 wil be calculated based on the actual initial underlying value and final buffer value of
each underlying, and not the hypothetical values indicated below.

Underlying
Hypothetical initial underlying
Hypothetical final buffer value
value
S&P 500® Index
100
80 (80% of its hypothetical initial
underlying value)
Dow Jones Industrial AverageTM
100
80 (80% of its hypothetical initial
underlying value)

Example 1--Upside Scenario A. The final underlying value of the worst performing underlying is 110, resulting in a 10%
underlying return for the worst performing underlying. In this example, the final underlying value of the worst performing
underlying is greater than its initial underlying value.

Underlying
Hypothetical final underlying
Hypothetical underlying return
value
S&P 500® Index*
110
10%
Dow Jones Industrial AverageTM
150
50%
*Worst performing underlying
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Payment at maturity per security = $1,000 + the upside return amount

= $1,000 + ($1,000 × the underlying return of the worst performing underlying × the upside participation rate)

= $1,000 + ($1,000 × 10% × 100%)


PS-3
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Citigroup Global Markets Holdings Inc.



= $1,000 + $100

= $1,100

In this scenario, the worst performing underlying has appreciated from its initial underlying value to its final underlying
value, and your total return at maturity would equal the underlying return of the worst performing underlying multiplied by
the upside participation rate.

Example 2--Upside Scenario B. The final underlying value of the worst performing underlying is 90, resulting in a -10%
underlying return for the worst performing underlying. In this example, the final underlying value of the worst performing
underlying is less than its initial underlying value but greater than its final buffer value.

Underlying
Hypothetical final underlying
Hypothetical underlying return
value
S&P 500® Index*
90
-10%
Dow Jones Industrial AverageTM
120
20%
* Worst performing underlying

Payment at maturity per security = $1,000 + the absolute return amount

= $1,000 + ($1,000 × the absolute value of the underlying return of the worst performing underlying)

= $1,000 + ($1,000 × |-10%|)

= $1,000 + $100

= $1,100

In this scenario, the worst performing underlying has depreciated from its initial underlying value to its final underlying
value, but not by more than the buffer percentage. As a result, your total return at maturity in this scenario would reflect 1-
to-1 positive exposure to the absolute value of the negative performance of the worst performing underlying.

Example 3--Downside Scenario. The final underlying value of the worst performing underlying is 30, resulting in a -70%
underlying return for the worst performing underlying. In this example, the final underlying value of the worst performing
underlying is less than its final buffer value.

Underlying
Hypothetical final underlying
Hypothetical underlying return
value
S&P 500® Index
120
20%
Dow Jones Industrial AverageTM*
30
-70%
* Worst performing underlying

Payment at maturity per security = $1,000 + [$1,000 × (the underlying return of the worst performing underlying + the
buffer percentage)]

= $1,000 + [$1,000 × (-70% + 20%)]

= $1,000 + [$1,000 × -50%]

= $1,000 + -$500

= $500

In this scenario, the worst performing underlying has depreciated from its initial underlying value to its final underlying
value by more than the buffer percentage. As a result, your total return at maturity in this scenario would be negative and
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would reflect 1-to-1 exposure to the negative performance of the worst performing underlying beyond the buffer
percentage.


PS-4
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Citigroup Global Markets Holdings Inc.



Summary Risk Factors

An investment in the securities is significantly riskier than an investment in conventional debt securities. The securities are
subject to al 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 each underlying. 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 fol owing 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
careful y 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 general y.


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 wil depend on the performance of the
worst performing underlying. If the worst performing underlying depreciates by more than the buffer percentage from
its initial underlying value to its final underlying value, the absolute return feature wil no longer be available and you
wil lose 1% of the stated principal amount of your securities for every 1% by which that depreciation exceeds the
buffer percentage.


Your potential for positive return from depreciation of the worst performing underlying is limited. The return
potential of the securities in the event that the final underlying value of the worst performing underlying is less than its
initial underlying value is limited to the buffer percentage. Any decline in the final underlying value of the worst
performing underlying from its initial underlying value by more than the buffer percentage wil result in a loss, rather
than a positive return, on the securities.


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.


The securities are subject to heightened risk because they have multiple underlyings. The securities are more
risky than similar investments that may be available with only one underlying. With multiple underlyings, there is a
greater chance that any one underlying wil perform poorly, adversely affecting your return on the securities.


The securities are subject to the risks of each of the underlyings and will be negatively affected if any one
underlying performs poorly. You are subject to risks associated with each of the underlyings. If any one underlying
performs poorly, you wil be negatively affected. The securities are not linked to a basket composed of the underlyings,
where the blended performance of the underlyings would be better than the performance of the worst performing
underlying alone. Instead, you are subject to the ful risks of whichever of the underlyings is the worst performing
underlying.


You will not benefit in any way from the performance of any better performing underlying. The return on the
securities depends solely on the performance of the worst performing underlying, and you wil not benefit in any way
from the performance of any better performing underlying.


You will be subject to risks relating to the relationship between the underlyings. It is preferable from your
perspective for the underlyings to be correlated with each other, in the sense that they tend to increase or decrease at
similar times and by similar magnitudes. By investing in the securities, you assume the risk that the underlyings wil not
exhibit this relationship. The less correlated the underlyings, the more likely it is that any one of the underlyings wil
perform poorly over the term of the securities. Al that is necessary for the securities to perform poorly is for one of the
underlyings to perform poorly. It is impossible to predict what the relationship between the underlyings wil be over the
term of the securities. The underlyings differ in significant ways and, therefore, may not be correlated with each other.


You will not receive dividends or have any other rights with respect to the underlyings. You wil 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 lost dividend yield over the term
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of the securities. In addition, you wil not have voting rights or any other rights with respect to the underlyings or the
stocks included in the underlyings.


Your payment at maturity depends on the closing value of the worst performing underlying on a single day.
Because your payment at maturity depends on the closing value of the worst performing underlying solely on the
valuation date, you are subject to the risk that the closing value of the worst performing underlying 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 worst performing underlying that you could
sel for ful value at a time selected by you, or if the payment at maturity were based on an average of closing values of
the worst performing underlying, you might have achieved better returns.


PS-5
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Citigroup Global Markets Holdings Inc.




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.


The securities will not be listed on any securities exchange and you may not be able to sell them prior to
maturity. The securities wil 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 wil be determined in CGMI's sole discretion, taking into account prevailing market conditions and other relevant
factors, and wil not be a representation by CGMI that the securities can be sold at that price, or at al . 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 al for the securities
because it is likely that CGMI wil be the only broker-dealer that is wil ing to buy your securities prior to maturity.
Accordingly, an investor must be prepared to hold the securities until maturity.


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
sel ing, structuring and hedging the securities that are included in the issue price. These costs include (i) any sel ing
concessions or other fees paid in connection with the offering of the securities, (i ) hedging and other costs incurred by
us and our affiliates in connection with the offering of the securities and (i i) 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.


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 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 wil ing to hold the securities to maturity irrespective of the
initial estimated value.


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 wil ing to borrow funds through the issuance of the securities. Our internal
funding rate is general y lower than our secondary market rate, which is the rate that CGMI wil 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 general y 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.

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 al 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.


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
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