Citibank 2009 Annual Report Download - page 199

189
20. DEBT
Short-Term Borrowings
Short-term borrowings consist of commercial paper and other borrowings
with weighted average interest rates as follows:
2009 2008
In millions of dollars
at December 31, Balance
Weighted
average Balance
Weighted
average
Commercial paper
Citigroup Funding Inc. $ 9,846 0.33% $ 28,654 1.66%
Other Citigroup subsidiaries 377 0.51 471 2.02
$10,223 $ 29,125
Other borrowings 58,656 0.66% 97,566 2.40%
Total $68,879 $126,691
Borrowings under bank lines of credit may be at interest rates based on
LIBOR, CD rates, the prime rate, or bids submitted by the banks. Citigroup
pays commitment fees for its lines of credit.
Some of Citigroup’s non-bank subsidiaries have credit facilities with
Citigroup’s subsidiary depository institutions, including Citibank, N.A.
Borrowings under these facilities must be secured in accordance with
Section 23A of the Federal Reserve Act.
CGMHI has committed financing with an unaffiliated bank. At
December 31, 2009, CGMHI had drawn down the full $125 million
available, which is guaranteed by Citigroup. It also has substantial
borrowing agreements consisting of facilities that CGMHI has been advised
are available, but where no contractual lending obligation exists. These
arrangements are reviewed on an ongoing basis to ensure flexibility in
meeting CGMHI’s short-term requirements.
Long-Term Debt
Balances
In millions of dollars
at December 31,
Weighted
average
coupon Maturities 2009 2008
Citigroup parent company
Senior notes (1) 4.11% 2010-2098 $149,751 $138,014
Subordinated notes 5.25 2010-2036 28,708 30,216
Junior subordinated notes
relating to trust preferred
securities 7.19 2031-2067 19,345 24,060
Other Citigroup subsidiaries
Senior notes (2) 2.12 2010-2043 93,909 105,620
Subsidiary
subordinated notes 1.63 2010-2038 3,060 3,395
Secured debt 1.79 2010-2017 325 290
Citigroup Global Markets
Holdings Inc.
Senior notes 1.94 2010-2097 13,422 20,619
Subordinated notes —4
Citigroup Funding Inc. (3)
Senior notes 3.21 2010-2051 55,499 37,375
Total $364,019 $359,593
Senior notes $312,581 $301,628
Subordinated notes 31,768 33,615
Junior subordinated notes
relating to trust preferred
securities 19,345 24,060
Other 325 290
Total $364,019 $359,593
(1) Includes $250 million of notes maturing in 2098.
(2) At December 31, 2009 and 2008, collateralized advances from the Federal Home Loan Bank are
$24.1 billion and $67.4 billion, respectively.
(3) Includes Principal-Protected Trust Securities (Safety First Trust Securities) with carrying values of $528
million issued by Safety First Trust Series 2006-1, 2007-1, 2007-2, 2007-3, 2007-4, 2008-1, 2008-2,
2008-3, 2008-4, 2008-5, 2008-6, 2009-1, 2009-2, and 2009-3 (collectively, the “Safety First Trusts”)
at December 31, 2009 and $452 million issued by Safety First Trust Series 2006-1, 2007-1, 2007-2,
2007-3, 2007-4, 2008-1, 2008-2, 2008-3, 2008-4, 2008-5 and 2008-6 at December 31, 2008.
CFI owns all of the voting securities of the Safety First Trusts. The Safety First Trusts have no assets,
operations, revenues or cash flows other than those related to the issuance, administration, and
repayment of the Safety First Trust Securities and the Safety First Trusts’ common securities. The Safety
First Trusts’ obligations under the Safety First Trust Securities are fully and unconditionally guaranteed by
CFI, and CFI’s guarantee obligations are fully and unconditionally guaranteed by Citigroup.
CGMHI has a syndicated five-year committed uncollateralized revolving
line of credit facility with unaffiliated banks totaling $3.0 billion, which
was undrawn at December 31, 2009 and matures in 2011. CGMHI also
has committed long-term financing facilities with unaffiliated banks. At
December 31, 2009, CGMHI had drawn down the full $900 million available
under these facilities, of which $150 million is guaranteed by Citigroup.
Generally, a bank can terminate these facilities by giving CGMHI one year
prior notice.