By Angela McDaniels
Tacoma, Wash., June 29 - Citigroup Funding Inc. priced $10.69 million of callable leveraged CMS spread notes due June 30, 2025 linked to the 10-year and two-year Constant Maturity Swap rates, according to an FWP filing with the Securities and Exchange Commission.
The interest rate is 10% for the first year. After that, the rate will be 4.5 times the spread of the 10-year CMS rate over the two-year CMS rate, subject to a floor of zero and a cap of 11% per year in each interest period. Interest is payable quarterly.
The payout at maturity will be par.
Beginning June 30, 2013, the notes will be callable at par on any interest payment date.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Callable leveraged CMS spread notes
|
| Amount: | $10,692,000
|
| Maturity: | June 30, 2025
|
| Coupon: | 10% for first year; after that, 4.5 times spread of 10-year CMS rate over two-year CMS rate, capped at 11% per year with floor of zero; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates from June 30, 2013 onward
|
| Pricing date: | June 25
|
| Settlement date: | June 30
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 3.5%
|
| Cusip: | 17308CPT7
|
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