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Citigroup plans buffer notes tied to basket of exchange-traded funds
By Toni Weeks
San Diego, July 19 - Citigroup Funding Inc. plans to price 0% buffer notes due April 25, 2013 linked to a weighted basket of exchange-traded funds, according to a 424B2 filing with the Securities and Exchange Commission.
The basket is comprised of the Industrial Select Sector SPDR fund with a 25% weight, the SPDR S&P MidCap 400 ETF Trust with a 30% weight, the iShares Russell 1000 Growth index fund with a 30% weight and the iShares FTSE China 25 index fund with a 15% weight.
If the basket return is positive, the payout at maturity will be par plus 110% of the basket return, subject to a maximum return of 20% to 24% that will be set at pricing.
Investors will receive par if the basket declines by up to 10% and will be exposed to losses beyond 10%.
The notes (Cusip: 1730T0MY2) are expected to price July 21 and settle in July.
Citigroup Global Markets Inc. will be the underwriter.
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