Preliminary Pricing Supplement No. 18,938
Registration Statement Nos. 333-293641; 333-293641-01
Dated September 22, 2026
Filed pursuant to Rule 424(b)(2)
Morgan Stanley Finance LLC
Structured Investments
Enhanced Buffered Jump Securities with Downside Factor due October 14, 2027
Based on the... (continue reading...)
Filed Pursuant to Rule 424(b)(2)
Registration Statement Nos. 333-293732 and 333-293732-02
Citigroup Global Markets Holdings Inc.
$7,582,000
Buffered Digital S&P 500® Index-Linked Notes due December 20, 2028
All Payments Due from Citigroup Global Markets Holdings Inc.
Fully and Unconditionally Guaranteed by Citigroup Inc.
Unlike... (continue reading...)
This pricing supplement, which is not complete and may be changed, relates to an effective Registration Statement under the Securities Act of 1933. This pricing supplement and the accompanying product supplement, prospectus supplement and prospectus are not an offer to sell these notes in any country or jurisdiction where such an offer would not be permitted.
SUBJECT TO COMPLETION, DATED September 22, 2026
... (continue reading...)
Preliminary Term Sheet
(To the Prospectus dated May 15, 2025, the Prospectus Supplement dated May 15, 2025 and Product Supplement EQUITY SUN-1 dated January 2, 2026)
Subject to Completion Dated September 22, 2026Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-287303
Units $10 principal amount per unit CUSIP No. Pricing Date* Settlement Date* Maturity Date*
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