By Angela McDaniels
Tacoma, Wash., Dec. 22 - Citigroup Funding Inc. priced $10 million of callable leveraged CMS spread notes due Dec. 23, 2030 linked to the 30-year and two-year Constant Maturity Swap rates, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 11% for the first year. After that, the rate will be four times the spread of the 30-year CMS rate over the two-year CMS rate minus 50 basis points, up to a maximum of 11% per year in each interest period. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Beginning Dec. 23, 2011, 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 million
|
| Maturity: | Dec. 23, 2030
|
| Coupon: | 11% for first year; after that, four times spread of 30-year CMS rate over two-year CMS rate minus 50 bps, 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 Dec. 23, 2011 onward
|
| Pricing date: | Dec. 20
|
| Settlement date: | Dec. 23
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 5%
|
| Cusip: | 1730T0LH0
|
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