Published on 3/30/2011 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $69.49 million callable step-up range accrual notes on S&P 500, Libor
By Jennifer Chiou
New York, March 30 - Citigroup Funding Inc. priced $69.49 million of callable step-up range accrual notes due April 1, 2026 linked to the S&P 500 index and Libor-BBA, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 7% for the first five years. Beginning April 1, 2016, the interest rate will be the per-year rate multiplied by the proportion of days on which the S&P 500 closes at or above 900 and Libor-BBA is 6.5% or less. The initial per-year rate is 10%, and it will step up to 15% on April 1, 2021. Interest is payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning on April 1, 2012.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Funding Inc.
|
Issue: | Callable step-up range accrual notes
|
Underlying assets: | S&P 500 and Libor-BBA
|
Amount: | $69,489,000
|
Maturity: | April 1, 2026
|
Coupon: | 7% for first five years; beginning April 1, 2016, interest will be the per-year rate multiplied by the proportion of days on which the S&P 500 closes at or above 900 and Libor-BBA is 6.5% or less; initial per-year rate is 10%, stepping up to 15% on April 1, 2021; payable quarterly
|
Price: | Par
|
Payout at maturity: | Par
|
Call option: | At par on any interest payment date beginning on April 1, 2012
|
Pricing date: | March 28
|
Settlement date: | March 31
|
Underwriter: | Citigroup Global Markets Inc.
|
Fees: | 3.5%
|
Cusip: | 1730T0LZ0
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.