Published on 6/14/2010 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $17.83 million 8.5% ELKS linked to Chevron
New York, June 14 - Citigroup Funding Inc. priced $17.83 million of 8.5% Equity LinKed Securities due Dec. 22, 2010 linked to Chevron Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Chevron shares fall below the protection price of $59.34, 80% of the initial price of $74.17, during the life of the notes and finish below the initial price in which case the payout will be 0.13483 shares of Chevron stock.
Citigroup Global Markets Inc. is the agent.
Issuer: | Citigroup Funding Inc.
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Issue: | Equity LinKed Securities
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Underlying stock: | Chevron Corp. (Symbol: CVX)
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Amount: | $17.83 million
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Maturity: | Dec. 22, 2010
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Coupon: | 8.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Chevron shares fall below the protection price of $59.34, 80% of the initial price, and finish below the initial price, in which case 0.13483 shares of Chevron stock
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Initial price: | $74.17
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Protection price: | $59.34, 80% of $74.17
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Exchange ratio: | 0.13483
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Pricing date: | June 10
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Settlement date: | June 15
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Agent: | Citigroup Global Markets Inc.
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Fees: | 1.5%
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Cusip: | 17314V221
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