Published on 2/27/2013 in the Prospect News Structured Products Daily.
New Issue: Citi prices $10 million callable range accrual notes on Libor, Russell
By Susanna Moon
Chicago, Feb. 27 - Citigroup Funding Inc. priced $10 million of callable Libor and Russell 2000 index-linked range accrual notes due Feb. 28, 2033, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at the contingent interest rate for each day that Libor is 6% or less and the index closes at or above 75% of its initial level. The contingent interest rate is 6.1% for the first five years and steps up to 7% on Feb. 28, 2018, to 8% on Feb. 28, 2023 and to 9% on Feb. 28, 2028. Interest is payable quarterly.
The notes are callable at par on any quarterly interest payment date after two years.
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: | $10 million
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Maturity: | Feb. 28, 2033
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Coupon: | For each day that Libor is 6% or less and the index closes at or above trigger level, contingent interest of 6.1% initially, stepping up to 7% on Feb. 28, 2018, to 8% on Feb. 28, 2023 and to 9% on Feb. 28, 2028; 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 Feb. 28, 2015
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Trigger level: | 671.88, 75% of initial level
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Pricing date: | Feb. 25
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Settlement date: | Feb. 28
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Agent: | Citigroup Global Markets Inc.
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Fees: | 5%
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Cusip: | 1730T0RJ0
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