Published on 8/25/2008 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $7.38 million contingent upside participation notes linked to S&P 500
By Susanna Moon
Chicago, Aug. 25 - Citigroup Funding Inc. priced $7.38 million of zero-coupon contingent upside participation principal-protected notes due Aug. 26, 2010 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index stays at or below about 130% of its initial index level during the life of the notes, the payout at maturity will be par plus any gain.
Otherwise, the payout will be par plus a fixed return of 6%.
Citigroup Global Markets Inc. is the underwriter.
Issuer: | Citigroup Funding Inc.
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Issue: | Contingent upside participation principal-protected notes
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Underlying index: | S&P 500
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Amount: | $7,381,000
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Maturity: | Aug. 26, 2010
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index remains at or below the trigger level, par plus any index gain; otherwise, par plus fixed return of 6%
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Initial index level: | 1,277.72
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Trigger level: | 1,661.03, or 130% of initial level
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Pricing date: | Aug. 21
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Settlement date: | Aug. 26
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Underwriter: | Citigroup Global Markets Inc.
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Fees: | 2.25%
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