Published on 12/21/2010 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $250,000 9.75% ELKS linked to Dow Chemical
By Angela McDaniels
Tacoma, Wash., Dec. 21 - Citigroup Funding Inc. priced $250,000 of Equity LinKed Securities due June 22, 2011 linked to the common stock of Dow Chemical Co., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes carry an annualized coupon of 9.75%. Interest is payable monthly.
The payout at maturity will be par of $10 unless Dow Chemical shares fall to or below 80% of the initial price during the life of the notes, in which case the payout will be a number of shares of Dow Chemical stock equal to $10 divided by the initial price or, at each holder's option, a cash amount equal to the value of those shares.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity Linked Securities
|
| Underlying stock: | Dow Chemical Co. (NYSE: DOW)
|
| Amount: | $250,000
|
| Maturity: | June 22, 2011
|
| Coupon: | 9.75%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Dow Chemical shares fall to or below downside threshold price during life of notes, 29.45508 Dow Chemical shares or cash amount equal to value thereof; otherwise, par
|
| Initial share price: | $33.95
|
| Downside threshold price: | $27.16, 80% of initial price
|
| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 22
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 0.75%
|
| Cusip: | 17316G552
|
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