Published on 6/28/2011 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $12.68 million six-month 7% ELKS linked to Ford
By Toni Weeks
San Diego, June 28 - Citigroup Funding Inc. priced $12.68 million of 7% annualized Equity LinKed Securities due Dec. 21, 2011 linked to Ford Motor Co. shares, 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 Ford shares fall 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 equal to $10 divided by the initial price 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 stock: | Ford Motor Co. (NYSE: F)
|
| Amount: | $12,680,000
|
| Maturity: | Dec. 21, 2011
|
| Coupon: | 7%, payable monthly
|
| Price: | Par of $10
|
| Payout at maturity: | Par in cash unless Ford shares fall to or below 80% of initial price, in which case 0.75529 Ford Motor shares per $10 note
|
| Initial price: | $13.24
|
| Protection price: | $10.59, 80% of initial price
|
| Pricing date: | June 24
|
| Settlement date: | June 29
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 1.5%
|
| Cusip: | 17317U782
|
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