Citibank 2010 Annual Report Download - page 230

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The following table summarizes the financial structure of each of the Company’s subsidiary trusts at December 31, 2010:
Trust securities
with distributions
guaranteed by
Citigroup
Issuance
date
Securities
issued
Liquidation
value (1)
Coupon
rate
Common
shares
issued
to parent
Junior subordinated debentures owned by trust
Amount Maturity
Redeemable
by issuer
beginning
In millions of dollars, except share amounts
Citigroup Capital III Dec. 1996 194,053 $ 194 7.625% 6,003 $ 200 Dec. 1, 2036 Not redeemable
Citigroup Capital VII July 2001 35,885,898 897 7.125% 1,109,874 925 July 31, 2031 July 31, 2006
Citigroup Capital VIII Sept. 2001 43,651,597 1,091 6.950% 1,350,050 1,125 Sept. 15, 2031 Sept. 17, 2006
Citigroup Capital IX Feb. 2003 33,874,813 847 6.000% 1,047,675 873 Feb. 14, 2033 Feb. 13, 2008
Citigroup Capital X Sept. 2003 14,757,823 369 6.100% 456,428 380 Sept. 30, 2033 Sept. 30, 2008
Citigroup Capital XI Sept. 2004 18,387,128 460 6.000% 568,675 474 Sept. 27, 2034 Sept. 27, 2009
Citigroup Capital XII Mar. 2010 92,000,000 2,300 8.500% 25 2,300 Mar. 30, 2040 Mar. 30, 2015
Citigroup Capital XIII Sept. 2010 89,840,000 2,246 7.875% 25 2,246 Oct. 30, 2040 Oct. 30, 2015
Citigroup Capital XIV June 2006 12,227,281 306 6.875% 40,000 307 June 30, 2066 June 30, 2011
Citigroup Capital XV Sept. 2006 25,210,733 630 6.500% 40,000 631 Sept. 15, 2066 Sept. 15, 2011
Citigroup Capital XVI Nov. 2006 38,148,947 954 6.450% 20,000 954 Dec. 31, 2066 Dec. 31, 2011
Citigroup Capital XVII Mar. 2007 28,047,927 701 6.350% 20,000 702 Mar. 15, 2067 Mar. 15, 2012
Citigroup Capital XVIII June 2007 99,901 155 6.829% 50 156 June 28, 2067 June 28, 2017
Citigroup Capital XIX Aug. 2007 22,771,968 569 7.250% 20,000 570 Aug. 15, 2067 Aug. 15, 2012
Citigroup Capital XX Nov. 2007 17,709,814 443 7.875% 20,000 443 Dec. 15, 2067 Dec. 15, 2012
Citigroup Capital XXI Dec. 2007 2,345,801 2,346 8.300% 500 2,346 Dec. 21, 2077 Dec. 21, 2037
Citigroup Capital XXXII Nov. 2007 1,875,000 1,875 6.935% 10 1,875 Sept. 15, 2042 Sept. 15, 2014
Citigroup Capital XXXIII July 2009 3,025,000 3,025 8.000% 100 3,025 July 30, 2039 July 30, 2014
Adam Capital Trust III Dec. 2002 17,500 18
3 mo. LIB
+335 bp. 542 18 Jan. 7, 2033 Jan. 7, 2008
Adam Statutory Trust III Dec. 2002 25,000 25
3 mo. LIB
+325 bp. 774 26 Dec. 26, 2032 Dec. 26, 2007
Adam Statutory Trust IV Sept. 2003 40,000 40
3 mo. LIB
+295 bp. 1,238 41 Sept. 17, 2033 Sept. 17, 2008
Adam Statutory Trust V Mar. 2004 35,000 35
3 mo. LIB
+279 bp. 1,083 36 Mar. 17, 2034 Mar. 17, 2009
Total obligated $19,526 $19,653
(1) Represents the notional value received by investors from the trusts at the time of issuance.
In each case, the coupon rate on the debentures is the same as that on
the trust securities. Distributions on the trust securities and interest on the
debentures are payable quarterly, except for Citigroup Capital III, Citigroup
Capital XVIII and Citigroup Capital XXI on which distributions are payable
semi-annually.
During the second quarter of 2010 Citigroup exchanged Citigroup
Capital Trust XXX for $1.875 billion of senior notes with a coupon of 6%
payable semi-annually. The senior notes mature on December 13, 2013.
On September 29, 2010, Citigroup modified Citigroup Capital Trust XXXIII
by redeeming $2.234 billion of those securities that were owned by the U.S.
Treasury Department. Citigroup Inc. replaced those securities with Citigroup
Capital Trust XIII in the amount of $2.246 billion with a coupon of 7.875%,
payable quarterly. The U.S. Treasury Department then sold all of such
securities of Citigroup Capital Trust XIII to the public.
During the fourth quarter of 2010 Citigroup exchanged Citigroup Capital
Trust XXXI for $1.875 billion of senior notes with a coupon of 4.587%,
payable semi-annually. The senior notes mature on December 15, 2015.