DEBT |
DEBT Short-Term Borrowings | | | | | | | | | | | | | December 31, |
| 2017 | 2016 | In millions of dollars | Balance | Weighted average coupon | Balance | Weighted average coupon | Commercial paper | $ | 9,940 |
| 1.28 | % | $ | 9,989 |
| 0.79 | % | Other borrowings(1) | 34,512 |
| 1.62 |
| 20,712 |
| 1.39 |
| Total | $ | 44,452 |
| | $ | 30,701 |
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| | (1) | Includes borrowings from the Federal Home Loan Banks and other market participants. At December 31, 2017 and December 31, 2016, collateralized short-term advances from the Federal Home Loan Banks were $23.8 billion and $12.0 billion, respectively. |
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 | | | | | | | | | | |
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| Balances at December 31, | In millions of dollars | Weighted average coupon | Maturities | 2017 | 2016 | Citigroup Inc.(1) |
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| Senior debt | 4.15 | % | 2018-2098 | $ | 123,488 |
| $ | 118,881 |
| Subordinated debt(2) | 4.48 |
| 2018-2046 | 26,963 |
| 26,758 |
| Trust preferred securities | 6.90 |
| 2036-2067 | 1,712 |
| 1,694 |
| Bank(3) | | | | | Senior debt | 2.06 |
| 2018-2049 | 65,856 |
| 49,454 |
| Broker-dealer(4) | | | | | Senior debt | 3.44 |
| 2018-2057 | 18,666 |
| 9,387 |
| Subordinated debt(2) | 5.37 |
| 2021-2037 | 24 |
| 4 |
| Total | 3.57 | % | | $ | 236,709 |
| $ | 206,178 |
| Senior debt | | | $ | 208,010 |
| $ | 177,722 |
| Subordinated debt(2) | | | 26,987 |
| 26,762 |
| Trust preferred securities | | | 1,712 |
| 1,694 |
| Total | | | $ | 236,709 |
| $ | 206,178 |
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| | (1) | Represents the parent holding company. |
| | (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, 2017 and December 31, 2016, collateralized long-term advances from the Federal Home Loan Banks were $19.3 billion and $21.6 billion, respectively. |
| | (4) | Represents broker-dealer and other non-bank 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. 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, 2017, the Company’s overall weighted average interest rate for long-term debt was 3.57% on a contractual basis and 2.70% 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 | 2018 |
| 2019 |
| 2020 |
| 2021 |
| 2022 |
| Thereafter |
| Total |
| Citigroup Inc. | $ | 20,050 |
| $ | 16,656 |
| $ | 9,565 |
| $ | 15,499 |
| $ | 9,627 |
| $ | 80,766 |
| $ | 152,163 |
| Bank | 29,270 |
| 17,245 |
| 10,302 |
| 4,077 |
| 1,471 |
| 3,491 |
| 65,856 |
| Broker-dealer | 4,158 |
| 2,388 |
| 3,321 |
| 1,443 |
| 1,266 |
| 6,114 |
| 18,690 |
| Total | $ | 53,478 |
| $ | 36,289 |
| $ | 23,188 |
| $ | 21,019 |
| $ | 12,364 |
| $ | 90,371 |
| $ | 236,709 |
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The following table summarizes the Company’s outstanding trust preferred securities at December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | Junior subordinated debentures owned by trust | Trust | Issuance date | Securities issued | Liquidation value(1) | Coupon rate(2) | Common shares issued to parent | Amount | Maturity | Redeemable by issuer beginning | In millions of dollars, except share amounts |
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| Citigroup Capital III | Dec. 1996 | 194,053 |
| $ | 194 |
| 7.625 | % | 6,003 |
| $ | 200 |
| Dec. 1, 2036 | Not redeemable | Citigroup Capital XIII | Sept. 2010 | 89,840,000 |
| 2,246 |
| 3 mo LIBOR + 637 bps |
| 1,000 |
| 2,246 |
| Oct. 30, 2040 | Oct. 30, 2015 | Citigroup Capital XVIII | June 2007 | 99,901 |
| 135 |
| 3 mo LIBOR + 88.75 bps |
| 50 |
| 135 |
| June 28, 2067 | June 28, 2017 | Total obligated | | |
| $ | 2,575 |
| | | $ | 2,581 |
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Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and Citigroup Capital XVIII and quarterly for Citigroup Capital XIII. | | (1) | Represents the notional value received by investors from the trusts at the time of issuance. |
| | (2) | In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities. |
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