Published on 9/28/2011 in the Prospect News Structured Products Daily.
New Issue: Citi prices $7.73 million range accrual notes tied to S&P 500, Libor
By Toni Weeks
San Diego, Sept. 28 - Citigroup Funding Inc. priced $7.73 million of callable index-linked range accrual notes due Sept. 29, 2016 linked to the S&P 500 index and Libor, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon is 7.75% for the first two years. After that, interest will accrue at 7.75% per year multiplied by the proportion of days on which Libor is 6.5% or less and the S&P 500 closes at or above 814.06. Interest is payable quarterly.
The payout at maturity will be par.
After two years, the notes will be callable at par on any interest payment date.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Funding Inc.
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Issue: | Callable range accrual notes
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Underlying components: | S&P 500 index, Libor
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Amount: | $7,727,000
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Maturity: | Sept. 29, 2016
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Coupon: | 7.75% for the first two years; beginning Sept. 29, 2013, 7.75% per year on each day that S&P 500 closes at or above 814.06 and Libor is 6.5% or less; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any interest payment date beginning Sept. 29, 2013
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Initial index level: | 1,162.95
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Index reference level: | 814.06, 70% of initial level
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Pricing date: | Sept. 26
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Settlement date: | Sept. 29
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 3.5%
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Cusip: | 1730T0NQ8
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