Citibank 2011 Annual Report Download - page 233

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CGMHI has committed long-term financing facilities with unaffiliated
banks. At December 31, 2011, CGMHI had drawn down the full $700 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.
The Company issues both fixed and variable rate debt in a range of
currencies. It uses derivative contracts, primarily interest rate swaps, to
effectively convert a portion of its fixed rate debt to variable rate debt and
variable rate debt to fixed rate debt. The maturity structure of the derivatives
generally corresponds to the maturity structure of the debt being hedged.
In addition, the Company uses other derivative contracts to manage the
foreign exchange impact of certain debt issuances. At December 31, 2011,
the Company’s overall weighted average interest rate for long-term debt was
3.62% on a contractual basis and 3.29% including the effects of derivative
contracts.
Aggregate annual maturities of long-term debt obligations (based on final maturity dates) including trust preferred securities are as follows:
In millions of dollars 2012 2013 2014 2015 2016 Thereafter Total
"ANK            
.ONBANK       
0ARENTæCOMPANY       
Total       $323,505
Long-term debt includes junior subordinated debt with a balance sheet
carrying value of $16,057 million and $18,131 million at December 31,
2011 and December 31, 2010, respectively. The Company formed statutory
business trusts under the laws of the State of Delaware. The trusts exist for
the exclusive purposes of (i) issuing trust securities representing undivided
beneficial interests in the assets of the trust; (ii) investing the gross proceeds
of the trust securities in junior subordinated deferrable interest debentures
(subordinated debentures) of its parent; and (iii) engaging in only those
activities necessary or incidental thereto. Upon approval from the Federal
Reserve Board, Citigroup has the right to redeem these securities.