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Citigroup to price 9%-11% ELKS linked to SPDR S&P 500
By Susanna Moon
Chicago, Sept. 30 - Citigroup Funding Inc. plans to price six-month Equity LinKed Securities linked to the SPDR S&P 500 exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
The 9% to 11% annualized coupon will be paid at maturity. The exact coupon will be set at pricing.
Payout at maturity will be par of $10 unless the fund's shares fall by 15% or more during the life of the notes, in which case the payout will be a number of fund shares equal to par divided by the initial share price or, at the holder's option, the equivalent cash value.
The notes are expected to price in October and settle three days later.
Citigroup Global Markets Inc. is the underwriter.
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