DEBT

12 Months Ended

Dec. 31, 2020

Short-Term Borrowings


	December 31,
	2020				2019
In millions of dollars	Balance		Weighted average coupon		Balance		Weighted average coupon
Commercial paper
Bank(1)	$	10,022			$	10,155
Broker-dealer and other(2)	7,988				6,321
Total commercial paper	$	18,010	0.77	%	$	16,476	1.98	%
Other borrowings(3)	11,504		0.48		28,573		1.94
Total	$	29,514			$	45,049

(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, 2020 and 2019, collateralized short-term advances from Federal Home Loan Banks were $4.0 billion and $17.6 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	2020		2019
Citigroup Inc.(2)
Senior debt	2.82	%	2021-2098	$	142,197	$	123,292
Subordinated debt(3)	4.38		2022-2046	26,636		25,463
Trust preferred securities	6.26		2036-2067	1,730		1,722
Bank(4)
Senior debt	1.64		2021-2049	44,742		53,340
Broker-dealer(5)
Senior debt	0.72		2021-2070	55,896		44,817
Subordinated debt(3)	—		2022-2046	485		126
Total	2.66	%		$	271,686	$	248,760
Senior debt				$	242,835	$	221,449
Subordinated debt(3)				27,121		25,589
Trust preferred securities				1,730		1,722
Total				$	271,686	$	248,760

(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, 2020 and 2019, collateralized long-term advances from Federal Home Loan Banks were $10.9 billion and $5.5 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.

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, 2020, the Company’s overall weighted average interest rate for long-term debt, excluding structured notes accounted for at fair value, was 2.66% on a contractual basis and 2.64% 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	2021		2022		2023		2024		2025		Thereafter		Total
Citigroup Inc.	$	15,605	$	13,159	$	14,805	$	12,329	$	13,733	$	100,933	$	170,564
Bank	18,577		14,608		2,685		4,588		501		3,782		44,741
Broker-dealer	9,139		8,978		8,557		4,089		4,643		20,975		56,381
Total	$	43,321	$	36,745	$	26,047	$	21,006	$	18,877	$	125,690	$	271,686

The following table summarizes Citi’s outstanding trust preferred securities at December 31, 2020:


								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	137		3 mo Sterling LIBOR + 88.75 bps		50	137		June 28, 2067	June 28, 2017
Total obligated			$	2,577				$	2,583

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.