CITIGROUP INCC
CITIGROUP INC Debt Disclosure
DEBT
Short-Term Borrowings
| December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| In millions of dollars | Balance | Weighted average coupon | Balance | Weighted average coupon | ||||||||||
| Commercial paper | ||||||||||||||
Bank(1) | $ | 11,185 | $ | 9,026 | ||||||||||
Broker-dealer and other(2) | 14,345 | 6,992 | ||||||||||||
| Total commercial paper | $ | 25,530 | 4.29 | % | $ | 16,018 | 0.22 | % | ||||||
Other borrowings(3) | 21,566 | 4.23 | 11,955 | 0.91 | ||||||||||
| Total | $ | 47,096 | $ | 27,973 | ||||||||||
(1)Represents Citibank entities as well as other bank entities.
(2)Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company.
(3)Includes borrowings from Federal Home Loan Banks and other market participants. At December 31, 2022 and 2021, collateralized short-term advances from Federal Home Loan Banks were $12.0 billion and $0.0 billion, respectively.
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(1) | Maturities | 2022 | 2021 | ||||||||||
Citigroup Inc.(2) | ||||||||||||||
| Senior debt | 3.38 | % | 2023–2098 | $ | 141,893 | $ | 137,651 | |||||||
Subordinated debt(3) | 4.77 | 2023–2046 | 22,758 | 25,560 | ||||||||||
| Trust preferred securities | 10.53 | 2036–2040 | 1,606 | 1,734 | ||||||||||
Bank(4) | ||||||||||||||
| Senior debt | 3.98 | 2023–2039 | 21,113 | 23,567 | ||||||||||
Broker-dealer(5) | ||||||||||||||
| Senior debt | 3.95 | 2023–2070 | 84,236 | 65,862 | ||||||||||
| Total | 3.72 | % | $ | 271,606 | $ | 254,374 | ||||||||
| Senior debt | $ | 247,242 | $ | 227,080 | ||||||||||
Subordinated debt(3) | 22,758 | 25,560 | ||||||||||||
| Trust preferred securities | 1,606 | 1,734 | ||||||||||||
| Total | $ | 271,606 | $ | 254,374 | ||||||||||
(1)The weighted average coupon excludes structured notes accounted for at fair value.
(2)Represents the parent holding company.
(3)Includes notes that are subordinated within certain countries, regions or subsidiaries.
(4)Represents Citibank entities as well as other bank entities. At December 31, 2022 and 2021, collateralized long-term advances from Federal Home Loan Banks were $7.3 billion and $5.3 billion, respectively.
(5)Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. Certain Citigroup consolidated hedging activities are also included in this line. Balances primarily relates to senior debt.
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, 2022, the Company’s overall weighted average interest rate for long-term debt, excluding structured notes accounted for at fair value, was 3.72% on a contractual basis and 4.10% 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 | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | ||||||||||||||||
| Citigroup Inc. | $ | 6,887 | $ | 12,321 | $ | 19,124 | $ | 27,913 | $ | 12,601 | $ | 87,411 | $ | 166,257 | |||||||||
| Bank | 7,029 | 8,152 | 1,867 | 197 | 788 | 3,080 | 21,113 | ||||||||||||||||
| Broker-dealer | 18,543 | 20,043 | 11,758 | 4,680 | 7,383 | 21,829 | 84,236 | ||||||||||||||||
| Total | $ | 32,459 | $ | 40,516 | $ | 32,749 | $ | 32,790 | $ | 20,772 | $ | 112,320 | $ | 271,606 | |||||||||
The following table summarizes Citi’s outstanding trust preferred securities at December 31, 2022:
| Junior subordinated debentures owned by trust | ||||||||||||||||||||||||||
| Trust | Issuance date | Securities issued | Liquidation value(1) | Coupon rate(2) | Common shares issued to parent | Notional amount | Maturity | Redeemable by issuer beginning | ||||||||||||||||||
In millions of dollars, except securities and share amounts | ||||||||||||||||||||||||||
| Citigroup Capital III | Dec. 1996 | 194,053 | $ | 194 | 7.625 | % | 6,003 | $ | 200 | Dec. 1, 2036 | Not redeemable | |||||||||||||||
| Citigroup Capital XIII | Oct. 2010 | 89,840,000 | 2,246 | 3 mo LIBOR + 637 bps | 1,000 | 2,246 | Oct. 30, 2040 | Oct. 30, 2015 | ||||||||||||||||||
| Total obligated | $ | 2,440 | $ | 2,446 | ||||||||||||||||||||||
Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and quarterly for Citigroup Capital XIII.
(1)Represents the notional value received by outside investors from the trusts at the time of issuance. This differs from Citi’s balance sheet carrying value due primarily to unamortized discount and issuance costs.
(2)In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2022 | Feb 27, 2023 | Showing above |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.