DEBT

12 Months Ended

Dec. 31, 2019

Short-Term Borrowings



	December 31,
	2019				2018
In millions of dollars	Balance		Weighted average coupon		Balance		Weighted average coupon
Commercial paper
Bank⁽¹⁾	$	10,155			$	13,238
Broker-dealer and other⁽²⁾	6,321				—
Total commercial paper	$	16,476	1.98	%	$	13,238	1.95	%
Other borrowings⁽³⁾	28,573		2.57		19,108		2.99
Total	$	45,049			$	32,346


(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 the Federal Home Loan Banks and other market participants. At December 31, 2019 and 2018, collateralized short-term advances from the Federal Home Loan Banks were $17.6 billion and $9.5 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



				Balances at December 31,
In millions of dollars	Weighted average coupon⁽¹⁾		Maturities	2019		2018
Citigroup Inc.⁽²⁾
Senior debt	3.11	%	2020-2098	$	123,292	$	117,511
Subordinated debt⁽³⁾	5.59		2022-2046	25,463		24,545
Trust preferred securities	8.15		2036-2067	1,722		1,711
Bank⁽⁴⁾
Senior debt	2.51		2020-2038	53,340		61,237
Broker-dealer⁽⁵⁾
Senior debt	2.43		2020-2098	44,817		26,947
Subordinated debt⁽³⁾	2.37		2022-2046	126		48
Total	3.28	%		$	248,760	$	231,999
Senior debt				$	221,449	$	205,695
Subordinated debt⁽³⁾				25,589		24,593
Trust preferred securities				1,722		1,711
Total				$	248,760	$	231,999


(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, 2019 and 2018, collateralized long-term advances from the Federal Home Loan Banks were $5.5 billion and $10.5 billion, respectively.


(5)	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, 2019, the Company’s overall weighted average interest rate for long-term debt, excluding structured notes accounted for at fair value, was 3.28% on a contractual basis and 3.54% 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	2020		2021		2022		2023		2024		Thereafter		Total
Citigroup Inc.	$	7,033	$	15,208	$	13,061	$	14,202	$	8,247	$	92,726	$	150,477
Bank	20,654		14,023		8,471		2,634		4,417		3,141		53,340
Broker-dealer	9,570		8,852		5,558		3,292		3,359		14,312		44,943
Total	$	37,257	$	38,083	$	27,090	$	20,128	$	16,023	$	110,179	$	248,760

The following table summarizes Citi’s outstanding trust preferred securities at December 31, 2019:



								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 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	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	132		3 mo LIBOR + 88.75 bps		50	132		June 28, 2067	June 28, 2017
Total obligated			$	2,572				$	2,578

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 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.