Citibank 2012 Annual Report Download - page 251

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Credit Card Securitizations—Citicorp
The following table summarizes selected cash flow information related to
Citicorp’s credit card securitizations for the years ended December 31, 2012,
2011 and 2010:
In billions of dollars 2012 2011 2010
Proceeds from new securitizations $ 2.4 $ 3.9 $ 5.5
Pay down of maturing notes (21.7) (20.5) (40.3)
Credit Card Securitizations—Citi Holdings
The proceeds from Citi Holdings’ credit card securitizations were $0.4 billion
for the year ended December 31, 2012.
Managed Loans
After securitization of credit card receivables, the Company continues to
maintain credit card customer account relationships and provides servicing
for receivables transferred to the trusts. As a result, the Company considers
the securitized credit card receivables to be part of the business it manages.
As Citigroup consolidates the credit card trusts, all managed securitized card
receivables are on-balance sheet.
Funding, Liquidity Facilities and Subordinated Interests
As noted above, Citigroup securitizes credit card receivables through two
securitization trusts—Master Trust, which is part of Citicorp, and Omni
Trust, which is also substantially part of Citicorp. The liabilities of the trusts
are included in the Consolidated Balance Sheet, excluding those retained
by Citigroup.
Master Trust issues fixed- and floating-rate term notes. Some of the term
notes are issued to multi-seller commercial paper conduits. The weighted
average maturity of the term notes issued by the Master Trust was 3.8 years as
of December 31, 2012 and 3.1 years as of December 31, 2011.
Master Trust Liabilities (at par value)
In billions of dollars
December 31,
2012
December 31,
2011
Term notes issued to multi-seller
commercial paper conduits $ — $ —
Term notes issued to third parties 18.6 30.4
Term notes retained by Citigroup affiliates 4.8 7.7
Total Master Trust liabilities $23.4 $38.1
The Omni Trust issues fixed- and floating-rate term notes, some of which
are purchased by multi-seller commercial paper conduits. The weighted
average maturity of the third-party term notes issued by the Omni Trust was
1.7 years as of December 31, 2012 and 1.5 years as of December 31, 2011.
Omni Trust Liabilities (at par value)
In billions of dollars
December 31,
2012
December 31,
2011
Term notes issued to multi-seller
commercial paper conduits $ — $ 3.4
Term notes issued to third parties 4.4 9.2
Term notes retained by Citigroup affiliates 7.1 7.1
Total Omni Trust liabilities $11.5 $19.7