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DEBT
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
DEBT DEBT
Short-Term Borrowings

December 31,
20222021
In millions of dollarsBalanceWeighted average couponBalanceWeighted 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)
Maturities20222021
Citigroup Inc.(2)
Senior debt3.38 %
20232098
$141,893 $137,651 
Subordinated debt(3)
4.77 
20232046
22,758 25,560 
Trust preferred securities10.53 
20362040
1,606 1,734 
Bank(4)
Senior debt3.98 
20232039
21,113 23,567 
Broker-dealer(5)
Senior debt3.95 
20232070
84,236 65,862 
Total3.72 %$271,606 $254,374 
Senior debt$247,242 $227,080 
Subordinated debt(3)
22,758 25,560 
Trust preferred securities1,606 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 dollars20232024202520262027ThereafterTotal
Citigroup Inc.$6,887 $12,321 $19,124 $27,913 $12,601 $87,411 $166,257 
Bank7,029 8,152 1,867 197 788 3,080 21,113 
Broker-dealer18,543 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
TrustIssuance
date
Securities
issued
Liquidation
value(1)
Coupon
rate(2)
Common
shares
issued
to parent
Notional amountMaturityRedeemable
by issuer
beginning
 In millions of dollars, except securities and share amounts
Citigroup Capital IIIDec. 1996194,053 $194 7.625 %6,003 $200 Dec. 1, 2036Not redeemable
Citigroup Capital XIIIOct. 201089,840,000 2,246 
3 mo LIBOR + 637 bps
1,000 2,246 Oct. 30, 2040Oct. 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.