DEBT

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

DEBT

DEBT

For additional information regarding Citi’s short-term borrowings and long-term debt, see Note 18 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K.

Short-Term Borrowings

In millions of dollars	September 30, 2023		December 31, 2022
Commercial paper
Bank(1)	$	11,124	$	11,185
Broker-dealer and other(2)	11,719		14,345
Total commercial paper	$	22,843	$	25,530
Other borrowings(3)	20,323		21,566
Total	$	43,166	$	47,096

(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 September 30, 2023 and December 31, 2022, collateralized short-term advances from Federal Home Loan Banks were $9.0 billion and $12.0 billion, respectively. At September 30, 2023, Other borrowings include $1.5 billion associated with the Series A preferred stock redemption announced on September 29, 2023, which was settled on October 30, 2023.

Long-Term Debt

In millions of dollars	September 30, 2023		December 31, 2022
Citigroup Inc.(1)	$	160,571	$	166,257
Bank(2)	24,560		21,113
Broker-dealer and other(3)	90,629		84,236
Total	$	275,760	$	271,606

(1)Represents the parent holding company.

(2)Represents Citibank entities as well as other bank entities. At September 30, 2023 and December 31, 2022, collateralized long-term advances from the Federal Home Loan Banks were $8.5 billion and $7.3 billion, respectively.

(3)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.

Long-term debt outstanding includes trust preferred securities with a balance sheet carrying value of $1.6 billion at September 30, 2023 and December 31, 2022.

The following table summarizes Citi’s outstanding trust preferred securities at September 30, 2023:

								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. SOFR +663.161 bps(3)		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.

(3)The spread incorporates the contractual LIBOR-based spread and a 26.161 bps tenor spread adjustment.