Bond Citi Global Markets 0% ( US17327U6819 ) in USD

Issuer Citi Global Markets
Market price 100 %  ▲ 
Country  United States
ISIN code  US17327U6819 ( in USD )
Interest rate 0%
Maturity 03/03/2022 - Bond has expired



Prospectus brochure of the bond Citigroup Global Markets Holdings US17327U6819 in USD 0%, expired


Minimal amount 1 000 USD
Total amount 5 375 000 USD
Cusip 17327U681
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
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 US17327U6819, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 03/03/2022







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424B2 1 dp123017_424b2-us2091156.htm PRICING SUPPLEMENT

Citigroup Global Markets Holdings Inc.
February 28, 2020
Medium-Term Senior Notes, Series N
Pricing Supplement No. 2020-USNCH3655
Filed Pursuant to Rule 424(b)(2)
Registration Statement Nos. 333-224495 and 333-224495-
03
537,537 Trigger Jump Securities Based on the EURO STOXX 50® Index Due March 3, 2022
Principal at Risk Securities
Overview
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 EURO STOXX 50®
Index (the "underlying index") from the initial index level to the final index level.
The securities offer modified exposure to the performance of the underlying index, with the greater of (i) a fixed return at
maturity if the level of the underlying index remains the same or appreciates from the initial index level to the final index
level and (i ) 1-to-1 participation in any appreciation of the underlying index. The securities also offer contingent
downside protection against loss for a limited range of potential depreciation of the underlying index. In exchange for
those features, investors in the securities must be wil ing to forgo any dividends that may be paid on the stocks that
constitute the underlying index. In addition, investors in the securities must be wil ing to accept ful downside exposure to
the underlying index if the underlying index depreciates by more than 10.00%. If the underlying index depreciates by
more than 10.00% from the pricing date to the valuation date, you will lose 1% of the stated principal amount of
your securities for every 1% by which the final index level is less than the initial index level. There is no
minimum payment at maturity.
In order to obtain the modified exposure to the underlying index 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 index:
The EURO STOXX 50® Index (ticker symbol: "SX5E")
Aggregate stated
$5,375,370
principal amount:
Stated principal amount: $10.00 per security
Pricing date:
February 28, 2020
Issue date:
March 4, 2020. See "Supplemental Plan of Distribution" in this pricing supplement for
additional information.
Valuation date:
February 28, 2022, subject to postponement if such date is not a scheduled trading day or if
certain market disruption events occur
Maturity date:
March 3, 2022
Payment at maturity:
For each $10.00 stated principal amount security you hold at maturity:
If the final index level is greater than or equal to the initial index level:
$10.00 + the greater of (i) the fixed return amount and (i ) $10.00 × the index return
If the final index level is less than the initial index level but greater than or equal to the
trigger level:
$10.00
If the final index level is less than the trigger level:
$10.00 + ($10.00 × the index return)
If the final index level is less than the trigger level, your payment at maturity will be
less, and possibly significantly less, than $9.00 per security. You should not invest in
the securities unless you are willing and able to bear the risk of losing a significant
portion and up to all of your investment.
Initial index level:
3,329.49, the closing level of the underlying index on the pricing date
Final index level:
The closing level of the underlying index on the valuation date
Fixed return amount:
$2.60 per security (26.00% of the stated principal amount). You wil receive the fixed return
amount only if the final index level is greater than or equal to the initial index level.
Index return:
The final index level minus the initial index level, divided by the initial index level
Trigger level:
2,996.541, 90.00% of the initial index level
Listing:
The securities wil not be listed on any securities exchange
CUSIP / ISIN:
17327U681 / US17327U6819
Underwriter:
Citigroup Global Markets Inc. ("CGMI"), an affiliate of the issuer, acting as principal
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Underwriting fee and
Issue price(1)(2)
Underwriting fee
Proceeds to issuer
issue price:
Per security:
$10.00
$0.20(2)
$9.75


$0.05(3)

Total:
$5,375,370.00
$134,384.25
$5,240,985.75
(1) On the date of this pricing supplement, the estimated value of the securities is $9.671 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) CGMI, an affiliate of Citigroup Global Markets Holdings Inc. and the underwriter of the sale of the securities, is acting as
principal and wil receive an underwriting fee of $0.25 for each $10.00 security sold in this offering. Certain selected
dealers, including Morgan Stanley Wealth Management, and their financial advisors wil col ectively receive from CGMI a
fixed sel ing concession of $0.20 for each $10.00 security they sel . Additional y, it is possible that 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) Reflects a structuring fee payable to Morgan Stanley Wealth Management by CGMI of $0.05 for each security.
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 (the "SEC") 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, each of which can be accessed via the hyperlinks below:
Product Supplement No. EA-02-08 dated February 15,
Underlying Supplement No. 8 dated February 21, 2019
2019
Prospectus Supplement and Prospectus each dated May 14, 2018
The securities are not bank deposits and are not insured 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.
537,537 Trigger Jump Securities Based on the EURO STOXX 50® Index Due March 3, 2022
Principal at Risk Securities

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, certain events may
occur that could affect your payment at maturity. These events and their consequences are described in the accompanying
product supplement in the sections "Description of the Securities--Consequences of a Market Disruption Event;
Postponement of a Valuation Date" and "Description of the Securities--Certain Additional Terms for Securities Linked to an
Underlying Index--Discontinuance or Material Modification of an Underlying Index," and not in this pricing supplement. The
accompanying underlying supplement contains important disclosures regarding the underlying index that are 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 connection with your investment in the
securities. Certain terms used but not defined in this pricing supplement are defined in the accompanying product
supplement.

Investment Summary

The securities can be used:


As an alternative to direct exposure to the underlying index that provides a fixed return of 26.00% if the underlying
index has not depreciated as of the valuation date and offers an uncapped 1-to-1 participation in the appreciation of
the underlying index in excess of the fixed return;


To enhance returns and potential y outperform the underlying index in a moderately bul ish scenario; and


To obtain contingent protection against the loss of principal in the event of a decline of the underlying index as of the
valuation date, but only if the final index level is greater than or equal to the trigger level.

If the final index level is less than the trigger level, the securities are exposed on a 1-to-1 basis to the percentage decline of
the final index level from the initial index level. Accordingly, investors may lose their entire initial investment in the
securities.

Maturity:
Approximately 2 years
Fixed return amount:
$2.60 (26.00% of the stated principal amount)
Trigger level:
90.00% of the initial index level
Minimum payment at maturity:
None. Investors may lose their entire initial investment in the securities.
Interest:
None

Key Investment Rationale

This approximately 2-year investment does not pay interest but offers a fixed return of 26.00% at maturity if the underlying
index remains the same or appreciates from the initial index level to the final index level, an uncapped 1-to-1
participation in the appreciation of the underlying index in excess of the fixed return and contingent protection against
depreciation in the underlying index of up to 10.00% from the initial index level to the final index level. However, if the
underlying index depreciates by more than 10.00% from the initial index level to the final index level, the payment at
maturity wil be less than $9.00 per security, and could be zero. Investors may lose their entire initial investment in the
securities. Al payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and
Citigroup Inc.

Upside Scenario:
If the final index level is greater than or equal to the initial index level, the
payment at maturity for each security wil be equal to $10.00 plus the greater of (i)
the fixed return amount and (i ) $10.00 multiplied by the index return. There is no
maximum payment at maturity.
Par Scenario:
If the final index level is less than the initial index level but greater than or equal
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to the trigger level, which means that the underlying index has depreciated by no
more than 10.00% from the initial index level to the final index level, the payment
at maturity wil be $10.00 per security.
Downside Scenario:
If the final index level is less than the trigger level, which means that the
underlying index has depreciated by more than 10.00% from the initial index level
to the final index level, you wil lose 1% for every 1% decline in the value of the
underlying index from the initial index level to the final index level (e.g., a 50%
depreciation in the underlying index wil result in a payment at maturity of $5.00
per security). There is no minimum payment at maturity on the securities, and
investors may lose their entire initial investment.
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Citigroup Global Markets Holdings Inc.
537,537 Trigger Jump Securities Based on the EURO STOXX 50® Index Due March 3, 2022
Principal at Risk Securities

Hypothetical Examples

The diagram below il ustrates your payment at maturity for a range of hypothetical index returns.

Investors in the securities will not receive any dividends that may be paid on the stocks that constitute the
underlying index. The diagram and examples below do not show any effect of lost dividend yield over the term of
the securities. See "Summary Risk Factors--Investing in the securities is not equivalent to investing in the underlying
index or the stocks that constitute the underlying index" below.

Trigger Jump Securities
Payment at Maturity Diagram
n The Securitiesn The Underlying Index

Your actual payment at maturity per security wil depend on the actual initial index level, the actual trigger level and the
actual final index level. The examples below are intended to il ustrate how your payment at maturity wil depend on
whether the final index level is greater than or less than the initial index level and by how much. The examples are based
on a hypothetical initial index level of 3,800.00 and a hypothetical trigger level of 3,420.00.

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Citigroup Global Markets Holdings Inc.
537,537 Trigger Jump Securities Based on the EURO STOXX 50® Index Due March 3, 2022
Principal at Risk Securities

Example 1--Upside Scenario A. The hypothetical final index level is 3,990.00 (a 5.00% increase from the hypothetical
initial index level), which is greater than the hypothetical initial index level by less than the fixed return of 26.00%.

Payment at maturity per security = $10.00 + the greater of (i) fixed return amount and (i ) $10.00 × the index return

= $10.00 + the greater of (i) $2.60 and (i ) $10.00 × 5.00%

= $10.00 + $2.60

= $12.60

Because the underlying index appreciated from the hypothetical initial index level to the hypothetical final index level and
the fixed return is greater than the index return, your total return on the securities at maturity in this scenario would equal
the fixed return of 26.00%.

Example 2--Upside Scenario B. The hypothetical final index level is 6,460.00 (a 70.00% increase from the hypothetical
initial index level), which is greater than the hypothetical initial index level by more than the fixed return of 26.00%.

Payment at maturity per security = $10.00 + the greater of (i) fixed return amount and (i ) $10.00 × the index return

= $10.00 + the greater of (i) $2.60 and (i ) $10.00 × 70.00%

= $10.00 + $7.00

= $17.00

Because the underlying index appreciated from the hypothetical initial index level to the hypothetical final index level and
the index return is greater than the fixed return, your total return on the securities at maturity in this scenario would reflect
1-to-1 exposure to the appreciation of the underlying index.

Example 3--Par Scenario. The hypothetical final index level is 3,610.00 (a 5.00% decrease from the hypothetical initial
index level), which is less than the hypothetical initial index level but greater than the hypothetical trigger level.

Payment at maturity per security = $10.00

Because the underlying index did not depreciate from the hypothetical initial index level to the hypothetical final index level
by more than 10.00%, your payment at maturity in this scenario would be equal to the $10.00 stated principal amount per
security.

Example 4--Downside Scenario. The hypothetical final index level is 1,140.00 (a 70.00% decrease from the hypothetical
initial index level), which is less than the hypothetical trigger level.

Payment at maturity per security = $10.00 + ($10.00 × the index return)

= $10.00 + ($10.00 × -70.00%)

= $10.00 + -$7.00

= $3.00

Because the underlying index depreciated from the hypothetical initial index level to the hypothetical final index level by
more than 10.00%, your payment at maturity in this scenario would reflect 1-to-1 exposure to the negative performance of
the underlying index.

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Citigroup Global Markets Holdings Inc.
537,537 Trigger Jump Securities Based on the EURO STOXX 50® Index Due March 3, 2022
Principal at Risk Securities

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 that are 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 underlying index. 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 some or all 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
underlying index. If the final index level is less than the trigger level, you wil lose 1% of the stated principal amount of
the securities for every 1% by which the final index level is less than the initial index level. There is no minimum
payment at maturity on the securities, and you could lose your entire investment.


The trigger feature of the securities exposes you to particular risks. If the final index level is less than the trigger
level, the contingent downside protection against loss for a limited range of potential depreciation of the underlying
index offered by the securities wil not apply and you wil lose 1% of the stated principal amount of the securities for
every 1% by which the final index level is less than the initial index level. Unlike securities with a non-contingent
downside protection feature, the securities offer no protection at al if the underlying index depreciates by more than
10.00% from the initial index level to the final index level. As a result, you may lose your entire investment in 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.


Investing in the securities is not equivalent to investing in the underlying index or the stocks that constitute
the underlying index. You wil not have voting rights, rights to receive dividends or other distributions or any other
rights with respect to the stocks that constitute the underlying index. As of February 28, 2020, the average dividend
yield of the underlying index was approximately 3.688% per year. While it is impossible to know the future dividend
yield of the underlying index, if this average dividend yield were to remain constant for the term of the securities, you
would be forgoing an aggregate yield of approximately 7.37% (assuming no reinvestment of dividends) by investing in
the securities instead of investing directly in the stocks that constitute the underlying index or in another investment
linked to the underlying index that provides for a pass-through of dividends. The payment scenarios described in this
pricing supplement do not show any effect of lost dividend yield over the term of the securities.


Your payment at maturity depends on the closing level of the underlying index on a single day. Because your
payment at maturity depends on the closing level of the underlying index solely on the valuation date, you are subject
to the risk that the closing level of the underlying index 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 in another instrument linked to the
underlying index 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 levels of the underlying index, you might have achieved better returns.


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
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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

February 2020
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Citigroup Global Markets Holdings Inc.
537,537 Trigger Jump Securities Based on the EURO STOXX 50® Index Due March 3, 2022
Principal at Risk Securities

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) the sel ing
concessions and structuring 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
the underlying index, dividend yields on the stocks that constitute the underlying index 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 we wil pay to investors in
the securities, which do not bear interest.

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
wil 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 wil be based on our secondary market rate, which wil 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 wil 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 wil be less than
the issue price.

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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 wil fluctuate based on the level and volatility of the underlying index and a number of
other factors, including the price and volatility of the stocks that constitute the underlying index, the dividend yields on
the stocks that constitute the underlying index, interest rates general y, the volatility of the exchange rate between the
U.S. dol ar and the euro, the correlation between that exchange rate and the level of the underlying index, the time
remaining to maturity and our and/or Citigroup Inc.'s creditworthiness, as reflected in our secondary market rate.
Changes in the level of the underlying index 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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