By Marisa Wong
Milwaukee, March 24 - Citigroup Funding Inc. priced $11.75 million of callable leveraged CMS spread principal-protected notes due March 26, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will be 12% for the first year. After that, the rate will be 4.5 times the modified CMS spread, which is the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate minus a spread of 25 basis points. The coupon is subject to a cap of 15% and a floor of 0%. Interest is payable quarterly.
The payout at maturity will be par.
The notes are callable at par on any interest payment date beginning March 26, 2011.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Callable leveraged CMS spread principal-protected notes
|
| Amount: | $11.75 million
|
| Maturity: | March 26, 2025
|
| Coupon: | 12% for first year; after that, 4.5 times the quantity of the spread of 30-year CMS rate over two-year CMS rate minus a spread of 25 basis points, capped at 15% with a floor of 0%; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on interest payment dates beginning March 26, 2011
|
| Pricing date: | March 23
|
| Settlement date: | March 26
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 4.84%
|
| Cusip: | 1730T0HJ1
|
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