New Issue: Citigroup prices $45.44 million contingent participation notes linked to Financial Select SPDR

By Susanna Moon

Chicago, July 29 - Citigroup Funding Inc. priced $45.44 million of zero-coupon contingent participation principal-protected notes due Aug. 5, 2010 linked to the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the fund stays at or below about 140% of the initial price during the life of the notes, the payout at maturity will be par of $10 plus any gain. There is a floor of par.

Otherwise, the payout will be par plus a fixed return of 7.5%.

Citigroup Global Markets Inc. is the underwriter.

Issuer:	Citigroup Funding Inc.
Issue:	Contingent participation principal-protected notes
Underlying fund:	Financial Select Sector SPDR fund
Amount:	$45.44 million
Maturity:	Aug. 5, 2010
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	If fund is at or below trigger level during the life of the notes, par plus any gain, floor of par; otherwise, par plus fixed return of 7.5%
Initial fund price:	$20.87
Trigger level:	$29.22, or 140% of initial level
Pricing date:	July 21
Settlement date:	July 24
Underwriter:	Citigroup Global Markets Inc.
Fees:	2.25%

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