PREFERRED STOCK |
PREFERRED STOCK The following table summarizes the Company’s preferred stock outstanding: | | | | | | | | | | | | | | | | | | | | | Redemption price per | | Carrying value in millions of dollars | | Issuance date | Redeemable by issuer beginning | Dividend rate | depositary share/preference share | Number of depositary shares | December 31, 2016 | December 31, 2015 | Series AA(1) | January 25, 2008 | February 15, 2018 | 8.125 | % | $ | 25 |
| 3,870,330 |
| $ | 97 |
| $ | 97 |
| Series E(2) | April 28, 2008 | April 30, 2018 | 8.400 |
| 1,000 |
| 121,254 |
| 121 |
| 121 |
| Series A(3) | October 29, 2012 | January 30, 2023 | 5.950 |
| 1,000 |
| 1,500,000 |
| 1,500 |
| 1,500 |
| Series B(4) | December 13, 2012 | February 15, 2023 | 5.900 |
| 1,000 |
| 750,000 |
| 750 |
| 750 |
| Series C(5) | March 26, 2013 | April 22, 2018 | 5.800 |
| 25 |
| 23,000,000 |
| 575 |
| 575 |
| Series D(6) | April 30, 2013 | May 15, 2023 | 5.350 |
| 1,000 |
| 1,250,000 |
| 1,250 |
| 1,250 |
| Series J(7) | September 19, 2013 | September 30, 2023 | 7.125 |
| 25 |
| 38,000,000 |
| 950 |
| 950 |
| Series K(8) | October 31, 2013 | November 15, 2023 | 6.875 |
| 25 |
| 59,800,000 |
| 1,495 |
| 1,495 |
| Series L(9) | February 12, 2014 | February 12, 2019 | 6.875 |
| 25 |
| 19,200,000 |
| 480 |
| 480 |
| Series M(10) | April 30, 2014 | May 15, 2024 | 6.300 |
| 1,000 |
| 1,750,000 |
| 1,750 |
| 1,750 |
| Series N(11) | October 29, 2014 | November 15, 2019 | 5.800 |
| 1,000 |
| 1,500,000 |
| 1,500 |
| 1,500 |
| Series O(12) | March 20, 2015 | March 27, 2020 | 5.875 |
| 1,000 |
| 1,500,000 |
| 1,500 |
| 1,500 |
| Series P(13) | April 24, 2015 | May 15, 2025 | 5.950 |
| 1,000 |
| 2,000,000 |
| 2,000 |
| 2,000 |
| Series Q(14) | August 12, 2015 | August 15, 2020 | 5.950 |
| 1,000 |
| 1,250,000 |
| 1,250 |
| 1,250 |
| Series R(15) | November 13, 2015 | November 15, 2020 | 6.125 |
| 1,000 |
| 1,500,000 |
| 1,500 |
| 1,500 |
| Series S(16) | February 2, 2016 | February 12, 2021 | 6.300 |
| 25 |
| 41,400,000 |
| 1,035 |
| — |
| Series T(17) | April 25, 2016 | August 15, 2026 | 6.250 |
| 1,000 |
| 1,500,000 |
| 1,500 |
| — |
| | | | |
| |
| |
| $ | 19,253 |
| $ | 16,718 |
|
| | (1) | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15, in each case when, as and if declared by the Citi Board of Directors. |
| | (2) | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on April 30 and October 30 at a fixed rate until April 30, 2018, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
| | (3) | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on January 30 and July 30 at a fixed rate until January 30, 2023, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
| | (4) | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on February 15 and August 15 at a fixed rate until February 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
| | (5) | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on January 22, April 22, July 22 and October 22 when, as and if declared by the Citi Board of Directors. |
| | (6) | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
| | (7) | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 30, June 30, September 30 and December 30 at a fixed rate until September 30, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
| | (8) | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until November 15, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
| | (9) | Issued as depositary shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 12, May 12, August 12 and November 12 at a fixed rate, in each case when, as and if declared by the Citi Board of Directors. |
| | (10) | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until May 15, 2024, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
| | (11) | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until, but excluding, November 15, 2019, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
| | (12) | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on March 27 and September 27 at a fixed rate until, but excluding, March 27, 2020, and thereafter payable quarterly on March 27, June 27, September 27 and December 27 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
| | (13) | Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rate until, but excluding, May 15, 2025, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
| | (14) | Issued as depository shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on February 15 and August 15 at a fixed rated until, but excluding, August 15, 2020, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
| | (15) | Issued as depository shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on May 15 and November 15 at a fixed rated until, but excluding, November 15, 2020, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
| | (16) | Issued as depository shares, each representing a 1/1,000th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 12, May 12, August 12 and November 12 at a fixed rate, in each case when, as and if declared by the Citi Board of Directors. |
| | (17) | Issued as depository shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semi-annually on February 15 and August 15 at a fixed rate until August 15, 2026, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
During 2016, Citi distributed $1,077 million in dividends on its outstanding preferred stock. Based on its preferred stock outstanding as of December 31, 2016, Citi estimates it will distribute preferred dividends of approximately $1,213 million during 2017, in each case assuming such dividends are declared by the Citi Board of Directors.
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