DEBT

Short-Term Borrowings



In millions of dollars	June 30, 2014		December 31, 2013
Commercial paper
Significant Citibank Entities⁽¹⁾	$	14,623	$	17,677
Parent⁽²⁾	230		201
Total Commercial paper	$	14,853	$	17,878
Other borrowings ⁽³⁾	44,681		41,066
Total	$	59,534	$	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)	At both June 30, 2014 and December 31, 2013, collateralized short-term advances from the Federal Home Loan Banks were $11 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



In millions of dollars	June 30, 2014		December 31, 2013
Citigroup Inc.⁽¹⁾	$	154,945	$	156,804
Bank⁽²⁾	64,072		56,457
Broker-dealer⁽³⁾	7,967		7,855
Total⁽⁴⁾	$	226,984	$	221,116


(1)	Parent holding company, Citigroup Inc.


(2)	Represents the Significant Citibank Entities as well as other Citibank and Banamex entities. At June 30, 2014 and December 31, 2013, collateralized long-term advances from the Federal Home Loan Banks were $19.1 billion and $14.0 billion, respectively.


(3)	Represents broker-dealer subsidiaries that are consolidated into Citigroup Inc., the parent holding company.

(4)

Includes senior notes with carrying values of $8 million issued to outstanding Safety First Trusts at June 30, 2014 and $87 million issued to these trusts at December 31, 2013. Citigroup owns all of the voting securities of the Safety First Trusts. The Safety First Trusts have no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Safety First Trust securities and the Safety First Trusts’ common securities.

Long-term debt outstanding includes trust preferred securities with a balance sheet carrying value of $1.8 billion and $3.9 billion at June 30, 2014 and December 31, 2013, respectively. In issuing these trust preferred securities, Citi formed statutory business trusts under the laws of the State of Delaware. The trusts exist for the exclusive purposes of (i) issuing trust preferred securities representing undivided beneficial interests in the assets of the trust; (ii) investing the gross proceeds of the trust preferred securities in junior subordinated deferrable interest debentures (subordinated debentures) of its parent; and (iii) engaging in only those activities necessary or incidental thereto. Generally, upon receipt of certain regulatory approvals, Citigroup has the right, but not the obligation, to redeem these securities upon the date specified in the respective security. The respective common securities issued by each trust and held by Citigroup are redeemed concurrently with the redemption of the applicable trust preferred securities.

The following table summarizes the Company’s outstanding trust preferred securities at June 30, 2014:



							Junior subordinated debentures owned by trust
Trust	Issuance date	Securities issued	Liquidation value⁽¹⁾		Coupon rate	Common shares issued to parent	Amount		Maturity	Redeemable by issuer beginning
In millions of dollars, except share amounts
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		7.875%	1,000	2,246		Oct. 30, 2040	Oct. 30, 2015
Citigroup Capital XVIII	Jun. 2007	99,901	171		6.829%	50	171		June 28, 2067	June 28, 2017
Adam Capital Trust III⁽²⁾	Dec. 2002	17,500	18		3 mo. LIB +335 bp.	542	18		Jan. 7, 2033	Jan. 7, 2008
Total obligated			$	2,629			$	2,635


(1)	Represents the notional value received by investors from the trusts at the time of issuance.


(2)	Redeemed in full on July 7, 2014.

In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities. 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 and Adam Capital Trust III.