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Citigroup plans annual observation coupon notes linked to S&P 500
By Susanna Moon
Chicago, Oct. 4 - Citigroup Funding Inc. plans to price annual observation coupon notes due October 31, 2016 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will offer an annual interest payment at a rate that depends on whether the closing value of the index at the end of an annual observation period is greater than or equal to the closing value at the beginning of that period.
The coupon will be 7% to 8% if the index gains that year, with the exact rate to be set at pricing. Otherwise, the coupon will be 3%. Interest is payable annually.
If the index finishes at or above 80% of the initial level, the payout at maturity will be par.
Otherwise, investors will lose 1% for every 1% decline beyond 20%.
Citigroup Global Markets Inc. is the underwriter.
The notes will price on Oct. 26.
The Cusip number is 1730T0PK9.
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