Citigroup to price principal-protected notes linked to Asian currencies

By Angela McDaniels

Tacoma, Wash., Jan. 29 - Citigroup Funding Inc. plans to price zero-coupon principal-protected notes due February 2010 linked to a basket of currencies, according to an FWP filing with the Securities and Exchange Commission.

The basket will include equal weights of the Indian rupee, Indonesian rupiah, Singapore dollar and South Korean won.

The payout at maturity will be par plus any appreciation of the basket relative to the U.S. dollar multiplied by a participation rate that is expected to be 140% to 160%. The exact rate will be set at pricing. If the basket depreciates or remains flat relative to the U.S. dollar, the payout will be par.

The notes will price and settle in February.

Citigroup Global Markets Inc. will be the underwriter.

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