Published on 3/17/2011 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $13.58 million nine-month 8.5% ELKS on Ford and Nokia
By Susanna Moon
Chicago, March 17 - Citigroup Funding Inc. priced $13.58 million of 8.5% annualized Equity LinKed Securities due Dec. 12, 2011 linked to a basket of Ford Motor Co. shares and Nokia Corp. American Depositary Receipts, equally weighted, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par of $10 unless the basket falls to or below 80% of the initial price during the life of the notes, in which case the payout will be a number of shares of Ford stock and ADRs of Nokia equal to $10 divided by the initial prices or, at the investor's option, an equivalent cash amount.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities
|
| Underlying stocks: | Ford Motor Co. (NYSE: F), Nokia Corp. (NYSE: NOK)
|
| Amount: | $13,577,000
|
| Maturity: | Dec. 12, 2011
|
| Coupon: | 8.5%, payable monthly
|
| Price: | Par of $10
|
| Payout at maturity: | Par in cash unless basket falls below the protection price and finishes below the initial level, in which case a number of Ford Motor shares and Nokia ADRs equal to $10 divided by initial share prices
|
| Initial prices: | $14.67 for Ford, $8.06 for Nokia
|
| Protection price: | 80% of initial price
|
| Pricing date: | March 15
|
| Settlement date: | March 18
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 1.625%
|
| Cusip: | 17316G222
|
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