Published on 12/19/2012 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $5 million callable range accrual notes linked to Libor, Russell 2000
By Toni Weeks
San Diego, Dec. 19 - Citigroup Funding Inc. prices $5 million of callable Libor and Russell 2000 index-linked range accrual notes due Dec. 20, 2032, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at an annualized rate for each day that Libor is 6% or less and the index closes at or above 626.25, 75% of the initial level. The rate will be 6% initially, stepping up to 7% on Dec. 20, 2017, to 8% on Dec. 20, 2022 and to 9% on Dec. 20, 2027. Interest is payable quarterly.
The notes are callable at par plus accrued interest, if any, on any quarterly interest payment date beginning on Dec. 20, 2014.
The payout at maturity will be par.
Citigroup Global Markets Inc. is the agent.
Issuer: | Citigroup Funding Inc.
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Issue: | Callable Libor and Russell 2000 index-linked range accrual notes
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Amount: | $5 million
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Maturity: | Dec. 20, 2032
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Coupon: | A base rate multiplied by proportion of days on which the index is at or above trigger level and Libor is 6% or less; the base rate is initially 6%, stepping up to 7% on Dec. 20, 2017, to 8% on Dec. 20, 2022 and to 9% on Dec. 20, 2027; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any interest payment date beginning Dec. 20, 2014
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Initial index level: | 835.00
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Trigger level: | 626.25, 75% of initial level
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Pricing date: | Dec. 17
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Settlement date: | Dec. 20
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Agent: | Citigroup Global Markets Inc.
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Fees: | 5%
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Cusip: | 1730T0ZV4
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