By Toni Weeks
San Diego, Nov. 28 - Citigroup Funding Inc. priced $1.5 million of callable barrier range accrual notes due Dec. 1, 2022 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will accrue interest at an annualized rate of 8.25% for each day that the index closes above 70% of its initial level. Interest will be payable monthly.
The payout at maturity will be par unless the index finishes below the 50% barrier level, in which case investors will share fully in losses.
The notes will be callable at par on any interest payment date beginning Dec. 2, 2014.
Citigroup Global Markets Inc. is the agent.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Callable barrier range accrual notes
|
| Underlying index: | Russell 2000
|
| Amount: | $1.5 million
|
| Maturity: | Dec. 1, 2022
|
| Coupon: | 8.25% per year multiplied by proportion of days on which the index is above 70% of initial level; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if final index level is at least 50% of initial level; otherwise, full exposure to losses
|
| Call option: | At par on any interest payment date beginning Dec. 2, 2014
|
| Initial index level: | 809.02
|
| Barrier level: | 404.51, 50% of initial level
|
| Pricing date: | Nov. 26
|
| Settlement date: | Nov. 29
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 5%
|
| Cusip: | 1730T0ZR3
|
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