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Citigroup plans six-month 8%-12% ELKS linked to American Express
By Jennifer Chiou
New York, Feb. 26 - Citigroup Funding Inc. plans to price 13-month 8% to 12% annualized Equity LinKed Securities linked to the common stock of American Express Co., according to an FWP with the Securities and Exchange Commission.
Interest is payable at maturity.
The payout at maturity will be par of $10 unless American Express stock falls below the trigger price - 80% of the initial price - during the life of the notes, in which case investors will receive a number of American Express shares equal to $10 divided by the initial price or, at the holder's option, the value of those shares in cash.
The ELKS will price in March and settle three days later.
Citigroup Global Markets, Inc. is the underwriter.
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