Published on 6/28/2011 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $51.5 million 7.5% ELKS linked to Dow Chemical
New York, June 28 - Citigroup Funding Inc. priced $51.5 million of 7.5% Equity LinKed Securities due Dec. 21, 2011 linked to Dow Chemical Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Dow Chemical shares fall below the protection price of $28.18, 80% of the initial price of $35.23, during the life of the notes and finish below the initial price in which case the payout will be 0.28385 shares of Dow Chemical stock.
Citigroup Global Markets Inc. is the agent.
Issuer: | Citigroup Funding Inc.
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Issue: | Equity LinKed Securities
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Underlying stock: | Dow Chemical Co. (Symbol: DOW)
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Amount: | $51.5 million
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Maturity: | Dec. 21, 2011
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Coupon: | 7.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Dow Chemical shares fall below the protection price of $28.18, 80% of the initial price, and finish below the initial price, in which case 0.28385 shares of Dow Chemical stock
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Initial price: | $35.23
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Protection price: | $28.18, 80% of $35.23
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Exchange ratio: | 0.28385
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Pricing date: | June 24
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Settlement date: | June 29
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Agent: | Citigroup Global Markets Inc.
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Fees: | 1.5%
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Cusip: | 17317U865
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