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Citigroup plans 0% buffer notes due 2010 linked to S&P 500
By Laura Lutz
Des Moines, Jan. 31 - Citigroup Funding Inc. plans to price 0% buffer notes due 2010 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are expected to mature in about two years.
If the final index level is at least the initial level, the payout at maturity will be par plus 300% of any index gain, subject to a maximum payout that will be between 120% and 123% of par.
The exact cap will be set at pricing.
If the index declines by up to 10%, the payout will be par. Investors will lose 1% for each 1% that the index declines beyond 10%.
Citigroup said it will apply to list the notes the American Stock Exchange under the symbol "BLM."
Citigroup Global Markets Inc. is the agent.
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