Published on 8/24/2010 in the Prospect News Structured Products Daily.
New Issue: Citigroup sells $5 million 12.25% ELKS linked to Baidu ADSs
By Susanna Moon
Chicago, Aug. 24 - Citigroup Funding Inc. priced $5 million of 12.25% annualized Equity LinKed Securities due Feb. 25, 2011 based on the performance of Baidu, Inc. American Depository Shares, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable at maturity.
If Baidu ADSs fall to or below 67% of the initial ADS price on any day during the life of the notes, the payout at maturity will be a number of ADSs equal to par of $10 divided by the initial ADS price or, at each holder's option, a cash amount equal to the value of those ADSs. Otherwise, the payout will be par.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities
|
| Underlying stock: | Baidu, Inc. American Depository Shares (Nasdaq: BIDU)
|
| Amount: | $5 million
|
| Maturity: | Feb. 25, 2011
|
| Coupon: | 12.25%, payable at maturity
|
| Price: | Par of $10.00
|
| Payout at maturity: | If ADSs falls to or below downside threshold price during life of notes, 0.1217 Baidu ADSs or value thereof in cash; otherwise, par
|
| Initial ADS price: | $82.17
|
| Downside threshold price: | $55.05, or 67% of initial price
|
| Pricing date: | Aug. 20
|
| Settlement date: | Aug. 25
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 1.2%
|
| Cusip: | 17316G883
|
© 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.
