By Angela McDaniels
Tacoma, Wash., Sept. 26 - Citigroup Funding Inc. priced $4.5 million of buffered range accrual notes due Sept. 28, 2017 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 6.5% per year multiplied by the proportion of days on which the index closes above the downside reference level, which is 80% of the initial index level. Interest is payable monthly.
If the final index level is greater than or equal to the downside reference 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.
|
| Issue: | Buffered range accrual notes
|
| Underlying index: | S&P 500
|
| Amount: | $4.5 million
|
| Maturity: | Sept. 28, 2017
|
| Coupon: | 6.5% per year multiplied by proportion of days on which index closes above downside reference level; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if final index level is greater than or equal to downside reference level; otherwise, 1% loss for every 1% that index declines beyond 20%
|
| Initial index level: | 1,441.59
|
| Downside reference level: | 1,153.272, 80% of initial share price
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 28
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3%
|
| Cusip: | 1730T0YQ6
|
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