Published on 5/20/2008 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $13.29 million 11.5% ELKS linked to Cemex
By Susanna Moon
Chicago, May 20 - Citigroup Funding Inc. priced $13.29 million 11.5% annualized Equity LinKed Securities (ELKS) due Nov. 20, 2008 linked to American Depositary Receipts of Cemex, SAB de CV, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable at maturity.
Payout at maturity, in addition to interest, will be par of $10 unless Cemex ADRs fall below the trigger price - 75% of the initial price - during the life of the notes, in which case investors will receive a number of ADRs equal to $10 divided by the initial share price or, at the holder's option, the equivalent value in cash.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Funding Inc.
|
| Issue: | Equity LinKed Securities (ELKS)
|
| Underlying security: | American Depositary Receipts of Cemex, SAB de CV (NYSE: CX)
|
| Amount: | $13.29 million
|
| Maturity: | Nov. 20, 2008
|
| Coupon: | 11.5%, payable at maturity
|
| Price: | Par of $10
|
| Payout at maturity: | If the stock dips below its trigger price during the life of the ELKS, 0.32489 Cemex ADRs or the cash value; otherwise, par
|
| Initial price | : | $30.78
|
| Trigger price: | $23.09, or 75% of initial price
|
| Pricing date: | May 16
|
| Settlement date: | May 21
|
| Agent: | Citigroup Global Markets Inc.
|
| Fees: | 1.25%
|
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