Published on 11/30/2011 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $931,000 annual observation coupon notes on S&P 500
By Jennifer Chiou
New York, Nov. 30 - Citigroup Funding Inc. priced $931,000 of annual observation coupon notes due Nov. 28, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable annually. If the annual index return is greater than or equal to zero, the coupon will be 8%. If the annual index return is negative, the coupon will be 2%. The annual index return will be measured from the prior annual observation date in November of each year.
If the final index level is at least 80% of the initial index level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the index declines beyond 20%.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Funding Inc.
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Issue: | Annual observation coupon notes
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Underlying index: | S&P 500
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Amount: | $931,000
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Maturity: | Nov. 28, 2014
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Coupon: | If annual index return is greater than or equal to zero, 8%; if annual index return is negative, 2%; payable annually
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Price: | Par
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Payout at maturity: | If final index level is at least 80% of initial index level, par; otherwise, 1% loss for every 1% that index declines beyond 20%
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Initial index level: | 1,192.55
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Pricing date: | Nov. 28
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Settlement date: | Nov. 30
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2.7%
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Cusip: | 1730T0PT0
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