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Citigroup to issue 0% notes linked to S&P 500
By Angela McDaniels
Seattle, Feb. 21 - Citigroup Funding Inc. plans to issue Stock Market Upturn Notes due 2007 linked to the S&P 500 Index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index increases, payout at maturity will be the percentage increase multiplied by the participation rate, which is talked at 200%. The return will be capped at between 7% and 8%, with the exact cap to be determined at pricing.
If the index declines, noteholders participate fully in the loss.
Citigroup Funding has applied to list the notes on the American Stock Exchange under the symbol "SMK."
Citigroup Global Markets Inc. will be underwriter for the offering.
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