Citibank 2014 Annual Report Download - page 234

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217
18. DEBT
Short-Term Borrowings
2014 2013
In millions of dollars Balance
Weighted
average
coupon Balance
Weighted
average
coupon
Commercial paper
Significant Citibank entities (1) $16,085 0.22% $17,677 0.25%
Parent (2) 70 0.95 201 1.11
Total Commercial paper $16,155 0.23% $17,878 0.26%
Other borrowings (3) $42,180 0.53% $41,066 0.87%
Total $58,335 $58,944
(1) Significant Citibank Entities consist of Citibank, N.A. units domiciled in the U.S., Western Europe, Hong
Kong and Singapore.
(2) Parent includes the parent holding company (Citigroup Inc.) and Citi’s broker-dealer subsidiaries that
are consolidated into Citigroup.
(3) Includes borrowings from the Federal Home Loan Banks and other market participants. At both
December 31, 2014 and December 31, 2013, collateralized short-term advances from the Federal
Home Loan Banks were $11.2 billion.
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 are secured in accordance with Section 23A
of the Federal Reserve Act.
Citigroup Global Markets Holdings Inc. (CGMHI) has 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 2014 2013
Citigroup Inc. (1)
Senior debt 3.85% 2015-2098 $122,323 $124,857
Subordinated debt (2) 4.48 2015-2044 25,464 28,039
Trust preferred securities 6.90 2036-2067 1,725 3,908
Bank (3)
Senior debt 1.74 2015-2038 65,146 56,039
Subordinated debt (2) 418
Broker-dealer (4)
Senior debt 4.06 2015-2039 8,399 7,831
Subordinated debt (2) 2.07 2016-2037 23 24
Total (5) 3.34% $223,080 $221,116
Senior debt $195,868 $188,727
Subordinated debt (2) 25,487 28,481
Trust preferred securities 1,725 3,908
Total $223,080 $221,116
(1) Parent holding company, Citigroup Inc.
(2) Includes notes that are subordinated within certain countries, regions or subsidiaries.
(3) Represents the Significant Citibank Entities as well as other Citibank and Banamex entities. At
December 31, 2014 and December 31, 2013, collateralized long-term advances from the Federal
Home Loan Banks were $19.8 billion and $14.0 billion, respectively.
(4) Represents broker-dealer subsidiaries that are consolidated into Citigroup Inc., the parent
holding company.
(5) Includes senior notes with carrying values of $87 million issued to outstanding Safety First Trusts at
December 31, 2013. As of December 31, 2014, no amounts were outstanding to these trusts.
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,
2014, the Company’s overall weighted average interest rate for long-term
debt was 3.34% on a contractual basis and 2.48% including the effects of
derivative contracts.