C: SEC Form FWP filed by Citigroup Inc.
Citi structured note on SPX futures index: 5-yr buffer security, 20% buffer, upside participation at least 180%, pricing Nov 30 2026…
What this filing says
Citigroup Global Markets Holdings Inc. filed preliminary terms for a 5-year note linked to the S&P 500 Futures Excess Return Index, with pricing set for November 30, 2026 and maturity on December 4, 2031. Holders are protected against the first 20% of index decline, but can lose 1% of principal for every 1% the index falls beyond that buffer. Upside participation is at least 180%, with the final rate set on the pricing date, and payments depend on the credit of Citigroup.
Key figures
- Upside participation rate
- At least 180.00%
- Buffer percentage
- 20.00%
- Stated principal amount
- $1,000 per security
- Final buffer value
- 80.00% of the initial underlying value
- Maturity date
- December 4, 2031
Positive for shareholders
- Principal is protected against the first 20% decline in the index at maturity.
- Returns above the initial level are multiplied by at least 180%.
Negative for shareholders
- Losses apply once the index falls more than 20%, and the principal can drop to as little as $200 per security.
- Payments depend on the credit of Citigroup Global Markets Holdings Inc. and Citigroup Inc.
- The actual upside participation rate is not yet set and will be determined on the pricing date.
Written by Quantisnow AI from this filing. Not financial advice.
Key terms
- Buffer:
- A limited amount of index decline that the investor absorbs without losing principal.
- Excess return index:
- An index that tracks price changes in futures contracts rather than the full return of the underlying stocks.
- Upside participation rate:
- The percentage of the index gain paid to the investor at maturity.
- Preliminary pricing supplement:
- A draft document with the note's terms that is finalized once pricing occurs.
FAQ
How much can Citigroup Global Markets Holdings Inc. investors lose on this note?
If the index falls more than 20% from its initial value, you lose 1% of principal for every 1% of decline beyond the buffer, so losses can reach 80%, leaving $200 per $1,000 security.
When will the upside participation rate be known?
The filing states that the actual upside participation rate will be determined on the pricing date, November 30, 2026.
Historical context for C
Across the 25 sessions after earlier C headlines, the stock closed higher 10 times and lower 15 times, with a median move of 0.8% in either direction. This shows timing only: many things move a stock in a session, and these figures do not show that any headline caused a move.
| Session | Earlier headline | C | SPY |
|---|---|---|---|
| Nov 2, 2026 | Citibank Announces $2 Billion Redemption of 5.488% Notes Due 2026 and $500 Million Redemption of Floating Rate Notes Due 2026 | +0.4% | -0.5% |
| Oct 20, 2026 | Citigroup Declares Common Stock Dividend | +0.7% | +0.3% |
| Oct 13, 2026 | Citigroup Reports Third Quarter 2026 Results | -5.6% | -0.0% |
| Oct 8, 2026 | TD Cowen resumed coverage on Citigroup with a new price target | +0.6% | -0.4% |
| Sep 29, 2026 | Citi Becomes First Bank to Launch Multi-Market Instant Payments on the Swift Payments Schemeand 2 other headlines that session | -0.4% | -0.2% |
| Sep 28, 2026 | HSBC Securities resumed coverage on Citigroup with a new price target | -2.2% | -0.7% |
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