Citi's exit of the warrants and certificates business

Are my Citi warrants & certificates still tradable?

Bid prices are continuously provided for outstanding products so that a transaction can be guaranteed at the appropriate trading times under normal market conditions. However, the quotation on the offer side will no longer be available, which means that new or subsequent purchases will no longer be possible. The products can be sold either on the stock exchange (Frankfurt, Stuttgart) or off exchange.


Is there now an increased issuer risk?

The decision to exit the warrants & certificates business has no impact on the rating of Citigroup Global Markets Europe AG (“Issuer”). The rating A+/A1 is still unchanged. The issuer risk is therefore not increased.


Are Open End products cancelled early?

In case regular terminations of open ond products are planned, it it will be announced well in advance so that a sale is still possible.
The first terminations have now (end of April 2024) been announced and will be effective at several dates in June 2024. Visit the page "Aktuelles" (only available in German language) for further information.


Will the investor service continue for the remaining term of my products?

We will continue to process any of your concerns either by telephone (free hotline 069-1366 1540 every trading day from 8:00 a.m. to 6:00 p.m.) or by email (zertifikate@citi.com).


Does Citi's exit from the warrants & certificates business affect the current market price of my products?

The outstanding products will continue to be priced in line with the market. However, there is no longer any ask price, which makes subsequent purchases impossible. It will still be possible to sell the products you hold under normal market conditions.


How does the exit affect the liquidity of my products?

The issuer, in its capacity as a market maker, continues to provide continuous bid prices for the products it issues. Investors are still able to sell products at these prices. If there is no counterparty available on the exchange to execute an order, the exchange will still execute this order if the issuer's current price quotation allows execution based on the order details (such as a limit).


Does a product have to be held until maturity?

No. The issuer usually provides bid prices for all products within trading hours. Investors can sell a product again during the term at the current bid price.


Are there any costs for investors as a result of Citi's exit?

When selling warrants and certificates, investors incur the usual transaction costs of the custodian bank. These can be viewed in the price and service list of the respective bank. In addition, there are exchange-specific fees for an order that is to be executed via Frankfurt or Stuttgart exchange. The issuer does not incur any additional costs for a sale.