Citigroup plans callable notes with contingent coupon tied to S&P 500

By Susanna Moon

Chicago, Oct. 21 - Citigroup Funding Inc. plans to price callable notes due Oct. 29, 2025 with a contingent coupon based on the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will accrue at 6.75% to 7% for each day that the S&P 500 closes above 850, payable quarterly. The exact rate will be set at pricing.

The notes are callable on any interest payment date beginning Oct. 29, 2013.

The payout at maturity will be par.

The notes (Cusip 1730T0KS7) are expected to settle in October.

Citigroup Global Markets Inc. is the underwriter.

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