Citibank 2015 Annual Report Download - page 233

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18. DEBT
Short-Term Borrowings
2015 2014
In millions of dollars Balance
Weighted
average
coupon Balance
Weighted
average
coupon
Commercial paper
Citibank, N.A. $ 9,995 0.22% $16,085 0.22%
Non-bank and other (1) — — 70 0.95
Total commercial paper $ 9,995 0.22% $16,155 0.23%
Other borrowings (2) 11,084 1.50 42,180 0.53
Total $21,079 $58,335
(1) Includes parent holding company (Citigroup Inc.), Citi’s broker-dealer subsidiaries and other
non-bank subsidiaries that are consolidated into Citigroup Inc., as well as Banamex and Citibank
(Switzerland) AG.
(2) Includes borrowings from the Federal Home Loan Banks and other market participants. At
December 31, 2014, collateralized short-term advances from the Federal Home Loan Banks were
$11.2 billion. At December 31, 2015, no amounts were outstanding.
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. 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 2015 2014
Citigroup Inc. (1)
Senior debt 3.84% 2016-2098 $113,569 $122,323
Subordinated debt (2) 4.48 2016-2044 26,875 25,464
Trust preferred securities 6.90 2036-2067 1,713 1,725
Bank (3)
Senior debt 1.58 2016-2038 55,131 65,146
Broker-dealer (4)
Senior debt 3.25 2016-2042 3,968 8,399
Subordinated debt (2) 1.18 2016-2037 19 23
Total 3.32% $201,275 $223,080
Senior debt $172,668 $195,868
Subordinated debt (2) 26,894 25,487
Trust preferred securities 1,713 1,725
Total $201,275 $223,080
(1) Parent holding company, Citigroup Inc.
(2) Includes notes that are subordinated within certain countries, regions or subsidiaries.
(3) Represents Citibank entities as well as other bank entities. At December 31, 2015 and December 31,
2014, collateralized long-term advances from the Federal Home Loan Banks were $17.8 billion and
$19.8 billion, respectively.
(4) Represents broker-dealer subsidiaries that are consolidated into Citigroup Inc., the parent
holding company.
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,
2015, the Company’s overall weighted average interest rate for long-term
debt was 3.32% on a contractual basis and 2.55% including the effects of
derivative contracts.