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Citigroup plans 16%-16.5% ELKS on American Depository Shares of Sina
By Jennifer Chiou
New York, May 16 - Citigroup Funding Inc. plans to price 16% to 16.5% annualized Equity LinKed Securities due Sept. 22, 2011 linked to the American Depository Shares of Sina Corp., according to an FWP with the Securities and Exchange Commission.
Interest will be payable at maturity, and the exact rate will be set at pricing.
The payout at maturity will be par of $10 unless Sina ADSs fall to or below 65% of the initial price during the life of the notes, in which case the payout will be a number of Sina ADSs equal to $10 divided by the initial price or, at the investor's option, a cash amount equal to the value of those ADSs.
The notes (Cusip: 17317U303) are expected to price on May 17.
Citigroup Global Markets Inc. is the underwriter.
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