Obligation Citi Global Markets 10.5% ( US17327T5E24 ) en USD

Société émettrice Citi Global Markets
Prix sur le marché 100 %  ▲ 
Pays  Etas-Unis
Code ISIN  US17327T5E24 ( en USD )
Coupon 10.5% par an ( paiement semestriel )
Echéance 29/02/2024 - Obligation échue



Prospectus brochure de l'obligation Citigroup Global Markets Holdings US17327T5E24 en USD 10.5%, échue


Montant Minimal 1 000 USD
Montant de l'émission 5 328 000 USD
Cusip 17327T5E2
Notation Standard & Poor's ( S&P ) N/A
Notation Moody's N/A
Description détaillée Citigroup Global Markets Holdings est une filiale de Citigroup Inc. qui offre une gamme complète de services de marchés financiers, notamment des services de banque d'investissement, de courtage, de négociation de titres et de gestion des risques.

L'Obligation émise par Citi Global Markets ( Etas-Unis ) , en USD, avec le code ISIN US17327T5E24, paye un coupon de 10.5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 29/02/2024







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424B2 1 dp122596_424b2-us2088962.htm PRICING SUPPLEMENT

Filed Pursuant to Rule 424(b)(2)
Registration Statement Nos. 333-224495 and 333-224495-03
February 27, 2020
Medium-Term Senior Notes, Series N
Pricing Supplement No. 2020-USNCH3540 to Product Supplement No. EA-04-08
dated February 15, 2019, Underlying Supplement No. 8 dated February 21, 2019 and
Prospectus Supplement and Prospectus each dated May 14, 2018
Citigroup Global Markets Holdings Inc.
All Payments Due from Citigroup Global Markets Holdings Inc. Fully and Unconditionally Guaranteed by
Citigroup Inc.
Market Linked Securities--Auto-Callable with Contingent Coupon and
Contingent Downside
Principal at Risk Securities Linked to the Worst Performing of the S&P 500® Index, the Russell 2000® Index
and the EURO STOXX 50® Index due February 29, 2024
n Linked to the worst performing of the S&P 500® Index, the Russel 2000® Index and the EURO STOXX 50®
Index (each referred to as an "underlying")
n Unlike ordinary debt securities, the securities do not provide for fixed payments of interest, do not repay a fixed
amount of principal at maturity and are subject to potential automatic redemption prior to maturity upon the
terms described below. Whether the securities pay a contingent coupon, whether the securities are
automatical y redeemed prior to maturity and, if they are not automatical y redeemed, whether you are repaid
the stated principal amount of your securities at maturity wil depend in each case on the closing value of the
worst performing underlying on the relevant valuation date. The worst performing underlying on any valuation
date is the underlying that has the lowest underlying performance factor on that valuation date
n Contingent Coupon. The securities wil pay a contingent coupon on a quarterly basis until the earlier of maturity
or automatic redemption if, and only if, the closing value of the worst performing underlying on the relevant
valuation date is greater than or equal to its coupon barrier value. However, if the closing value of the worst
performing underlying on a valuation date is less than its coupon barrier value, you wil not receive any
contingent coupon on the relevant contingent coupon date. If the closing value of the worst performing
underlying is less than its coupon barrier value on every valuation date, you wil not receive any contingent
coupons throughout the entire term of the securities. The quarterly contingent coupon is equal to 2.625% of the
stated principal amount (equivalent to a contingent coupon rate of 10.50% per annum)
n Automatic Redemption. If the closing value of the worst performing underlying on any potential autocal date
from August 2020 to November 2023, inclusive, is greater than or equal to its initial underlying value, we wil
automatical y redeem the securities for the stated principal amount plus the related contingent coupon payment
n Potential Loss of Principal. If the securities are not automatical y redeemed prior to maturity, you wil receive
the stated principal amount at maturity if, and only if, the closing value of the worst performing underlying on
the final valuation date is greater than or equal to its final barrier value. If the closing value of the worst
performing underlying on the final valuation date is less than its final barrier value, you wil lose a significant
portion, and possibly al , of the stated principal amount of your securities
n The coupon barrier value and final barrier value for each underlying are each equal to 80% of its initial
underlying value
n If the securities are not automatical y redeemed prior to maturity, you wil have ful downside exposure to the
worst performing underlying from its initial underlying value if its closing value on the final valuation date is less
than its final barrier value, but you wil not participate in any appreciation of any underlying and wil not receive
any dividends on securities included in any underlying
n Your return on the securities wil depend solely on the performance of the underlying that is the worst
performing underlying on each valuation date. You wil not benefit in any way from the performance of any better
performing underlying. Therefore, you wil be adversely affected if any underlying performs poorly, even if any
other underlying performs favorably
n Al payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and
Citigroup Inc.; if Citigroup Global Markets Holdings Inc. and Citigroup Inc. default on their obligations, you could
lose some or al of your investment
n The securities wil not be listed on any securities exchange and, accordingly, may have limited or no liquidity.
You should not invest in the securities unless you are wil ing to hold them to maturity
The securities have complex features and investing in the securities involves risks not associated with an
investment in conventional debt securities. See "Summary Risk Factors" beginning on page PS-10 and "Risk
Factors Relating to the Securities" beginning on page EA-7 of the accompanying product supplement.
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 or the accompanying product supplement,
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underlying supplement, prospectus supplement and prospectus are truthful or complete. Any representation to the
contrary is a criminal offense.
The securities are unsecured debt obligations issued by Citigroup Global Markets Holdings Inc. and guaranteed by
Citigroup Inc. All payments due on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc.
and Citigroup Inc. None of Wells Fargo Securities, LLC ("Wells Fargo") or any of its affiliates will have any liability to the
purchasers of the securities in the event Citigroup Global Markets Holdings Inc. defaults on its obligations under the
securities and Citigroup Inc. defaults on its guarantee obligations. 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.

Per Security
Total
Public Offering Price(1)
$1,000
$5,328,000
Underwriting Discount and Commission(2)
$25
$133,200
Proceeds to Citigroup Global Markets Holdings Inc.
(2)
$975
$5,194,800
(1) On the date of this pricing supplement, the estimated value of the securities is $955.40 per security, which is less than the public
offering price. The estimated value of the securities is based on Citigroup Global Market Inc.'s ("CGMI") 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 any person may be willing 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., as the lead agent for the offering, has agreed to sell the securities to
Wells Fargo, as agent. Wells Fargo will receive an underwriting discount and commission of 2.50% ($25) for each security it sells.
Wells Fargo will pay selected dealers, which may include Wells Fargo Advisors ("WFA") (the trade name of the retail brokerage
business of its affiliates, Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC), a fixed selling
commission of 1.50% ($15) for each security they sell. In addition to the selling commission allowed to WFA, Wells Fargo will pay
$0.75 per security of the underwriting discount and commission to WFA as a distribution expense fee for each security sold by WFA.
The total underwriting discount and commission and proceeds to Citigroup Global Markets Holdings Inc. shown above give effect to
the actual underwriting discount and commission provided for the sale of the securities. See "Supplemental Plan of Distribution"
below and "Use of Proceeds and Hedging" in the accompanying prospectus for further information regarding how we have hedged
our obligations under the securities.
Citigroup Global Markets Inc.
Wells Fargo Securities

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Market Linked Securities--Auto-Callable with Contingent Coupon

and Contingent Downside

Principal at Risk Securities Linked to the Worst Performing of the S&P 500® Index, the Russell
2000® Index and the EURO STOXX 50® Index due February 29, 2024

Investment Description
The Principal at Risk Securities Linked to the Worst Performing of the S&P 500® Index, the Russell 2000® Index and the EURO
STOXX 50® Index due February 29, 2024 are unsecured debt securities issued by Citigroup Global Markets Holdings Inc. and
guaranteed by Citigroup Inc. Unlike conventional debt securities, the securities do not provide for fixed payments of interest, do
not repay a fixed amount of principal at maturity and are subject to potential automatic redemption upon the terms described in this
pricing supplement. Whether the securities pay a periodic contingent coupon, whether the securities are automatically redeemed
prior to maturity and, if they are not automatically redeemed, whether you are repaid the stated principal amount of your securities
at maturity will depend in each case upon the closing value of the worst performing of the S&P 500® Index, the Russell 2000®
Index and the EURO STOXX 50® Index (each, an "underlying") on the relevant valuation date. The worst performing underlying
on any valuation date is the underlying that has the lowest underlying performance factor on that valuation date. The securities
provide:

(i)
periodic contingent coupon payments until the earlier of maturity or automatic redemption if, and only if, the closing
value of the worst performing underlying on the applicable valuation date is greater than or equal to its coupon barrier
value;

(ii)
the possibility of an automatic early redemption of the securities for an amount equal to the stated principal amount
plus the related contingent coupon payment if the closing value of the worst performing underlying on any potential
autocall date is greater than or equal to its initial underlying value; and

(iii) if the securities are not automatically redeemed prior to maturity:

(a)
repayment of the stated principal amount if, and only if, the closing value of the worst performing underlying on
the final valuation date is greater than its final barrier value; and

(b) full exposure to the decline in the value of the worst performing underlying on the final valuation date from its
initial underlying value if the closing value of the worst performing underlying on the final valuation date is less
than its final barrier value.

If the closing value of the worst performing underlying on any valuation date is less than its coupon barrier value, you will
not receive any contingent coupon payment on the relevant contingent coupon payment date. If the securities are not
automatically redeemed prior to maturity and the closing value of the worst performing underlying on the final valuation
date is less than its final barrier value, you will lose a significant portion, and possibly all, of the stated principal amount of
your securities at maturity. Accordingly, you will not receive any protection if the closing value of the worst performing
underlying on the final valuation date is less than its final barrier value.

Any return on the securities will be limited to the sum of your contingent coupon payments, if any. You will not participate
in any appreciation of any underlying, but you will be fully exposed to the decline in the worst performing underlying on
the final valuation date if the securities are not automatically redeemed prior to maturity and the closing value of the worst
performing underlying on the final valuation date is less than its final barrier value.

All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.

Your return on the securities will depend solely on the performance of the underlying that is the worst performing
underlying on each valuation date. You will not benefit in any way from the performance of any better performing
underlying. Therefore, you will be adversely affected if any underlying performs poorly, even if any other underlying
performs favorably.

The securities are riskier than alternative investments linked to only one of the underlyings or linked to a basket composed
of each underlying. Unlike those alternative investments, the securities will be subject to the full risks of each underlying,
with no offsetting benefit from any better performing underlying. The securities are designed for investors who understand
and are willing to bear this additional risk in exchange for the potential contingent coupon payments that the securities
offer. Because the securities may be adversely affected by poor performance by any underlying, you should not invest in the
securities unless you understand and are willing to accept the full downside risks of each underlying.

PS-2
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Market Linked Securities--Auto-Callable with Contingent Coupon

and Contingent Downside

Principal at Risk Securities Linked to the Worst Performing of the S&P 500® Index, the Russell
2000® Index and the EURO STOXX 50® Index due February 29, 2024

The S&P 500® Index consists of the common stocks of 500 issuers selected to provide a performance benchmark for the large
capitalization segment of the U.S. equity markets.

The Russell 2000® Index is designed to track the performance of the small capitalization segment of the U.S. equity market. All
stocks included in the Russell 2000® Index are traded on a major U.S. exchange.

The EURO STOXX 50® Index is composed of 50 component stocks of market sector leaders from within the 19 EURO STOXX®
Supersector indices, which represent the Eurozone portion of the STOXX Europe 600® Supersector indices. The STOXX Europe
600® Supersector indices contain the 600 largest stocks traded on the major exchanges of 18 European countries.

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, underlying 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 the underlyings will be determined and other
specified events with respect to the underlyings. The accompanying underlying supplement contains information about the
underlyings 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.

When we refer to "we," "us" and "our" in this pricing supplement, we refer only to Citigroup Global Market Holdings Inc. and not
to any of its affiliates, including Citigroup Inc.

You may access the product supplement, underlying supplement and prospectus supplement and prospectus on the SEC website
www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

· Product Supplement No. EA-04-08 dated February 15, 2019:
https://www.sec.gov/Archives/edgar/data/200245/000095010319002058/dp102378_424b2-psea0408cb.htm

· Underlying Supplement No. 8 dated February 21, 2019:
https://www.sec.gov/Archives/edgar/data/200245/000095010319002215/dp102549_424b2-us8.htm

· Prospectus Supplement and Prospectus each dated May 14, 2018:
https://www.sec.gov/Archives/edgar/data/200245/000119312518162183/d583728d424b2.htm

PS-3
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Market Linked Securities--Auto-Callable with Contingent Coupon

and Contingent Downside

Principal at Risk Securities Linked to the Worst Performing of the S&P 500® Index, the Russell
2000® Index and the EURO STOXX 50® Index due February 29, 2024

Investor Considerations
We have designed the securities for investors who:

·
seek an investment with periodic contingent coupon payments equal to the amount indicated on the cover hereof until the
earlier of maturity or automatic redemption, if, and only if, the closing value of the worst performing underlying on the
relevant valuation date is greater than or equal to its coupon barrier value;

·
understand that if the closing value of the worst performing underlying on the final valuation date is less than its final
barrier value, they will be fully exposed to the decline in the worst performing underlying from its initial underlying value
and will receive significantly less than the stated principal amount, and possibly nothing, at maturity;

·
are willing to accept the risk that they may not receive any contingent coupon payment on one or more, or any, contingent
coupon payment dates over the term of the securities and may lose all of the stated principal amount per security at
maturity;

·
understand that the securities may be automatically redeemed prior to maturity and that the term of the securities may be
limited;

·
understand that the return on the securities will depend solely on the performance of the underlying that is the worst
performing underlying on each valuation date and that they will not benefit in any way from the performance of any better
performing underlying;

·
understand that the securities are riskier than alternative investments linked to only one of the underlyings or linked to a
basket composed of each underlying;

·
understand and are willing to accept the full downside risks of each underlying;

·
are willing to forgo participation in any appreciation of any underlying and dividends on securities included in the
underlyings; and

·
are willing to hold the securities to maturity.

The securities are not designed for, and may not be a suitable investment for, investors who:

·
seek a liquid investment or are unable or unwilling to hold the securities to maturity;

·
seek full return of the stated principal amount of the securities at maturity;

·
seek a security with a fixed term;

·
are unwilling to purchase securities with an estimated value as of the pricing date that is lower than the public offering
price and that may be as low as the amount set forth on the cover page;

·
are unwilling to accept the risk that the closing value of the worst performing underlying on the final valuation date may
be less than its final barrier value;

·
seek certainty of current income over the term of the securities;

·
seek exposure to the upside performance of any or each underlying;

·
seek exposure to a basket composed of each underlying or a similar investment in which the overall return is based on a
blend of the performances of the underlyings, rather than solely on the worst performing underlying;

·
are unwilling to accept the risk of exposure to the large- and small-capitalization segments of the United States equity
market and the Eurozone equity market;

·
are unwilling to accept the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.; or
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·
prefer the lower risk of conventional fixed income investments with comparable maturities issued by companies with
comparable credit ratings.

PS-4
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Market Linked Securities--Auto-Callable with Contingent Coupon

and Contingent Downside

Principal at Risk Securities Linked to the Worst Performing of the S&P 500® Index, the Russell
2000® Index and the EURO STOXX 50® Index due February 29, 2024

Terms of the Securities
Underlyings:
The S&P 500® Index, the Russell 2000® Index and the EURO STOXX 50® Index (each
referred to as an "underlying," and collectively as the "underlyings")
Issuer:
Citigroup Global Markets Holdings Inc., a wholly owned subsidiary of Citigroup Inc.
Guarantee:
All payments due on the securities are fully and unconditionally guaranteed by Citigroup Inc.
$1,000 per security. References in this pricing supplement to a "security" are to a security with
Stated Principal Amount:
a stated principal amount of $1,000.
Pricing Date:
February 27, 2020
Issue Date:
March 3, 2020
The 24th day of each February, May, August and November, beginning in May 2020 and
ending on February 26, 2024 (the "final valuation date"), each subject to postponement if such
Valuation Dates:
date is not a trading day or certain market disruption events occur. See "Additional Terms of
the Securities."
February 29, 2024. If the final valuation date is postponed, the stated maturity date will be the
Maturity Date:
later of (i) February 29, 2024 and (ii) three business days after the last final valuation date as
postponed. See "Additional Terms of the Securities."
The third business day after each valuation date (as each such valuation date may be
postponed), except that the contingent coupon payment date following the final valuation date
Contingent Coupon
will be the maturity date. If a valuation date is postponed with respect to one or more
Payment Dates:
underlyings, the related contingent coupon payment date will be three business days after the
last valuation date as postponed.
On each contingent coupon payment date, unless previously redeemed, the securities will pay a
contingent coupon equal to 2.625% of the stated principal amount of the securities (equivalent
to a contingent coupon rate of 10.50% per annum) if and only if the closing value of the worst
Contingent Coupon:
performing underlying on the immediately preceding valuation date is greater than or equal to
its coupon barrier value. If the closing value of the worst performing underlying on any
valuation date is less than its coupon barrier value, you will not receive any contingent
coupon payment on the immediately following contingent coupon payment date.
If the securities are not automatically redeemed prior to maturity, you will receive at maturity
for each security you then hold (in addition to the contingent coupon due at maturity, if any):
if the closing value of the worst performing underlying on the final valuation date is
greater than or equal to its final barrier value: $1,000; or
if the closing value of the worst performing underlying on the final valuation date is less
than its final barrier value:
Payment at Maturity:
$1,000 × the underlying performance factor of the worst performing underlying on the
final valuation date
If the closing value of the worst performing underlying on the final valuation date is less
than its final barrier value, you will receive significantly less than the stated principal
amount of your securities, and possibly nothing, at maturity, and you will not receive
any contingent coupon payment at maturity.
If, on any potential autocall date, the closing value of the worst performing underlying is greater
Automatic Early
than or equal to its initial underlying value, each security you then hold will be automatically
Redemption:
redeemed on the immediately following contingent coupon payment date for an amount in cash
equal to $1,000 plus the related contingent coupon payment.

PS-5
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Market Linked Securities--Auto-Callable with Contingent Coupon

and Contingent Downside

Principal at Risk Securities Linked to the Worst Performing of the S&P 500® Index, the Russell
2000® Index and the EURO STOXX 50® Index due February 29, 2024

Potential Autocall Dates:
Each valuation date beginning in August 2020 and ending in November 2023.
With respect to the S&P 500® Index: 2,978.76, its closing value on the pricing date.
Initial Underlying Value:
With respect to the Russell 2000® Index: 1,497.870, its closing value on the pricing date.
With respect to the EURO STOXX 50® Index: 3,455.92, its closing value on the pricing date.
With respect to the S&P 500® Index: 2,383.008, which is equal to 80% of its initial
underlying value.
Coupon Barrier
With respect to the Russell 2000® Index: 1,198.296, which is equal to 80% of its initial
Value:
underlying value.

With respect to the EURO STOXX 50® Index: 2,764.736, which is equal to 80% of its initial
underlying value.
With respect to the S&P 500® Index: 2,383.008, which is equal to 80% of its initial
underlying value.
Final Barrier
With respect to the Russell 2000® Index: 1,198.296, which is equal to 80% of its initial
Value:
underlying value.

With respect to the EURO STOXX 50® Index: 2,764.736, which is equal to 80% of its initial
underlying value.
Underlying Performance
For each underlying on any valuation date, its closing value on that valuation date divided by its
Factor:
initial underlying value
Worst Performing
For any valuation date, the underlying with the lowest underlying performance factor
Underlying:
determined as of that valuation date
Calculation Agent:
CGMI
Denominations:
$1,000 and any integral multiple of $1,000.
CUSIP / ISIN:
17327T5E2 / US17327T5E24

PS-6
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Market Linked Securities--Auto-Callable with Contingent Coupon

and Contingent Downside

Principal at Risk Securities Linked to the Worst Performing of the S&P 500® Index, the Russell
2000® Index and the EURO STOXX 50® Index due February 29, 2024

Determining Payment On A Contingent Coupon Payment Date and at Maturity
If the securities have not been previously automatically redeemed, on each contingent coupon payment date, you will either
receive a contingent coupon payment or you will not receive a contingent coupon payment, depending on the closing value of the
worst performing underlying on the related valuation date.

Step 1: Determine which underlying is the worst performing underlying on the relevant valuation date. The worst performing
underlying on any valuation date is the underlying with the lowest underlying performance factor on that valuation date. The
underlying performance factor of an underlying on a valuation date is its closing value on that valuation date divided by its initial
underlying value.

Step 2: Determine whether a contingent coupon is paid on the applicable contingent coupon payment date based on the closing
value of the worst performing underlying on the relevant valuation date, as follows:


If the relevant valuation date were also a potential autocall date and the closing value of the worst performing underlying on the
relevant valuation date were greater than or equal to its initial underlying value, the securities would be automatically redeemed on
the applicable contingent coupon payment date for an amount in cash equal to $1,000 plus the related contingent coupon payment.

On the maturity date, if the securities have not been automatically redeemed prior to the maturity date, you will receive (in addition
to the final contingent coupon payment, if any) a cash payment per security (the payment at maturity) calculated as follows:

Step 1: Determine which underlying is the worst performing underlying on the final valuation date. The worst performing
underlying on the final valuation date is the underlying with the lowest underlying performance factor on the final valuation date.
The underlying performance factor of an underlying on the final valuation date is its closing value on the final valuation date
divided by its initial underlying value.

Step 2: Calculate the payment at maturity based on the closing value of the worst performing underlying on the final valuation
date, as follows:

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PS-7
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