By Angela McDaniels
Tacoma, Wash., Nov. 3 - Citigroup Funding Inc. priced $10 million of callable leveraged CMS spread notes due Nov. 9, 2030, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 11.5% for the first two years. After that, the rate will be 4.25 times the spread of the 10-year Constant Maturity Swap rate over the two-year CMS rate minus 0.35%, subject to a maximum of 10% per year in each interest period. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning Nov. 9, 2012.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Callable leveraged CMS spread notes
|
| Amount: | $10 million
|
| Maturity: | Nov. 9, 2030
|
| Coupon: | 11.5% for first two years; after that, 4.25 times spread of 10-year CMS rate over two-year CMS rate minus 0.35%, capped at 10% per year with floor of zero; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates from Nov. 9, 2012 onward
|
| Pricing date: | Nov. 1
|
| Settlement date: | Nov. 9
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | None
|
| Cusip: | 1730T0KZ1
|
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