Citibank 2010 Annual Report Download - page 228

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19. DEBT
Short-Term Borrowings
Short-term borrowings consist of commercial paper and other borrowings
with weighted average interest rates at December 31 as follows:
2010 2009
In millions of dollars Balance
Weighted
average Balance
Weighted
average
Commercial paper
Bank $14,987 0.39% $ — —%
Other non-bank 9,670 0.29 10,223 0.34
$24,657 $10,223
Other borrowings (1) 54,133 0.40% 58,656 0.66%
Total (2) $78,790 $68,879
(1) At December 31, 2010 and December 31, 2009, collateralized advances from the Federal Home Loan
Bank were $10 billion and $23 billion, respectively.
(2) December 31, 2010 includes $25.3 billion of short-term borrowings related to VIEs consolidated
effective January 1, 2010 with the adoption of SFAS 167.
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.
Citigroup Global Markets Holdings Inc. (CGMHI) 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 at
December 31,
In millions of dollars
Weighted
average
coupon Maturities 2010 2009
Citigroup parent company
Senior notes 4.30% 2011–2098 $146,280 $149,751
Subordinated notes 4.92 2011–2036 27,533 28,708
Junior subordinated notes
relating to trust preferred
securities 7.44 2031–2067 18,131 19,345
Bank (1)
Senior notes 2.03 2011–2048 110,732 78,413
Subordinated notes 5.12 2011–2064 2,502 444
Non-bank
Senior notes 3.43 2011–2097 73,472 84,742
Subordinated notes 1.29 2011–2037 2,533 2,616
Total (2)(3)(4)(5) $381,183 $364,019
Senior notes $330,484 $312,906
Subordinated notes 32,568 31,768
Junior subordinated notes
relating to trust preferred
securities 18,131 19,345
Total $381,183 $364,019
(1) At December 31, 2010 and December 31, 2009, collateralized advances from the Federal Home Loan
Bank were $18.2 billion and $24.1 billion, respectively.
(2) Includes $250 million of notes maturing in 2098.
(3) At December 31, 2010, includes $69.7 billion of long-term debt related to VIEs consolidated effective
January 1, 2010 with the adoption of SFAS 166/167.
(4) Of this amount, approximately $58.3 billion is guaranteed by the FDIC under the TLGP with
$20.3 billion maturing in 2011 and $38.0 billion maturing in 2012.
(5) Includes Principal-Protected Trust Securities (Safety First Trust Securities) with carrying values of
$364 million issued by Safety First Trust Series 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, 2010 and $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
at December 31, 2009. Citigroup Funding Inc. (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.