DEBT

6 Months Ended

Jun. 30, 2011

DEBT

DEBT

15.    DEBT

Short-Term Borrowings

        Short-term borrowings consist of commercial paper and other borrowings at June 30, 2011 and December 31, 2010 as follows:

In millions of dollars	June 30, 2011		December 31, 2010
Commercial paper
Bank	$	14,299	$	14,987
Non-bank		9,345		9,670
	$	23,644	$	24,657
Other borrowings(1)		49,245		54,133
Total	$	72,889	$	78,790

(1)

At June 30, 2011 and December 31, 2010, includes collateralized advances from the Federal Home Loan Banks of $8 billion and $10 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, N.A. Borrowings under these facilities must be secured in accordance with Section 23A of the Federal Reserve Act.

        Citigroup Global Markets Holdings Inc. (CGMHI) has substantial 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, 2011		December 31, 2010
Citigroup parent company	$	185,846	$	191,944
Bank(1)		95,751		113,234
Non-bank		70,861		76,005
Total(2)(3)	$	352,458	$	381,183

(1)

At June 30, 2011 and December 31, 2010, includes collateralized advances from the Federal Home Loan Banks of $16.0 billion and $18.2 billion, respectively.

(2)

Of this amount, approximately $50.5 billion is guaranteed by the FDIC under the TLGP with $12.5 billion maturing in 2011 and $38 billion maturing in 2012.

(3)

Includes Principal-Protected Trust Securities (Safety First Trust Securities) with carrying values of $302 million issued by Safety First Trust Series 2007-3, 2007-4, 2008-1, 2008-2, 2008-3, 2008-4, 2008-5, 2008-6, 2009-1, 2009-2, and 2009-3 at June 30, 2011 and $364 million issued by Safety First Trust Series 2007-2, 2007-3, 2007-4, 2008-1, 2008-2, 2008-3, 2008-4, 2008-5, 2008-6, 2009-1, 2009-2, and 2009-3 (collectively, the Safety First Trusts) at December 31, 2010. Citigroup Funding Inc. (CFI) 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. The Safety First Trusts' obligations under the Safety First Trust Securities are fully and unconditionally guaranteed by CFI, and CFI's guarantee obligations are fully and unconditionally guaranteed by Citigroup.

        CGMHI has committed long-term financing facilities with unaffiliated banks. At June 30, 2011, CGMHI had drawn down the full $600 million available under these facilities, of which $150 million is guaranteed by Citigroup. Generally, a bank can terminate these facilities by giving CGMHI one-year prior notice.

        Long-term debt at June 30, 2011 and December 31, 2010 includes $16,077 million and $18,131 million, respectively, of junior subordinated debt. The Company has formed statutory business trusts under the laws of the State of Delaware. The trusts exist for the exclusive purposes of (i) issuing trust securities representing undivided beneficial interests in the assets of the trust; (ii) investing the gross proceeds of the trust securities in junior subordinated deferrable interest debentures (subordinated debentures) of their parent; and (iii) engaging in only those activities necessary or incidental thereto. Citigroup owns all of the voting securities of these subsidiary trusts, and the subsidiary trusts' obligations are fully and unconditionally guaranteed by Citigroup. Subject to regulatory approval, Citigroup generally has the right to redeem the junior subordinated debentures, as set forth in the table below.

        The following table summarizes the trust securities and accompanying subordinated debentures at June 30, 2011:

												Junior subordinated debentures owned by trust
Trust securities with distributions guaranteed by Citigroup In millions of dollars, except share amounts	Issuance date		Securities issued		Liquidation value		Coupon rate			Common shares issued to parent		Amount(1)		Maturity		Redeemable by issuer beginning
Citigroup Capital III		Dec. 1996		194,053	$	194		7.625	%		6,003	$	200		Dec. 1, 2036		Not redeemable
Citigroup Capital VII		July 2001		35,885,898		897		7.125	%		1,109,874		925		July 31, 2031		July 31, 2006
Citigroup Capital VIII		Sept. 2001		43,651,597		1,091		6.950	%		1,350,050		1,125		Sept. 15, 2031		Sept. 17, 2006
Citigroup Capital IX		Feb. 2003		33,874,813		847		6.000	%		1,047,675		873		Feb. 14, 2033		Feb. 13, 2008
Citigroup Capital X		Sept. 2003		14,757,823		369		6.100	%		456,428		380		Sept. 30, 2033		Sept. 30, 2008
Citigroup Capital XI		Sept. 2004		18,387,128		460		6.000	%		568,675		474		Sept. 27, 2034		Sept. 27, 2009
Citigroup Capital XII		Mar. 2010		92,000,000		2,300		8.500	%		25		2,300		Mar. 30, 2040		Mar. 30, 2015
Citigroup Capital XIII		Sept. 2010		89,840,000		2,246		7.875	%		25		2,246		Oct. 30, 2040		Oct. 30, 2015
Citigroup Capital XIV		June 2006		12,227,281		306		6.875	%		40,000		307		June 30, 2066		June 30, 2011
Citigroup Capital XV		Sept. 2006		25,210,733		630		6.500	%		40,000		631		Sept. 15, 2066		Sept. 15, 2011
Citigroup Capital XVI		Nov. 2006		38,148,947		954		6.450	%		20,000		954		Dec. 31, 2066		Dec. 31, 2011
Citigroup Capital XVII		Mar. 2007		28,047,927		701		6.350	%		20,000		702		Mar. 15, 2067		Mar. 15, 2012
Citigroup Capital XVIII		June 2007		99,901		160		6.829	%		50		160		June 28, 2067		June 28, 2017
Citigroup Capital XIX		Aug. 2007		22,771,968		569		7.250	%		20,000		570		Aug. 15, 2067		Aug. 15, 2012
Citigroup Capital XX		Nov. 2007		17,709,814		443		7.875	%		20,000		443		Dec. 15, 2067		Dec. 15, 2012
Citigroup Capital XXI		Dec. 2007		2,345,801		2,346		8.300	%		500		2,346		Dec. 21, 2077		Dec. 21, 2037
Citigroup Capital XXXIII		July 2009		3,025,000		3,025		8.000	%		100		3,025		July 30, 2039		July 30, 2014
Adam Capital Trust III		Dec. 2002		17,500		18		3 mo. LIB +335 bp.			542		18		Jan. 7, 2033		Jan. 7, 2008
Adam Statutory Trust III		Dec. 2002		25,000		25		3 mo. LIB +325 bp.			774		26		Dec. 26, 2032		Dec. 26, 2007
Adam Statutory Trust IV		Sept. 2003		40,000		40		3 mo. LIB +295 bp.			1,238		41		Sept. 17, 2033		Sept. 17, 2008
Adam Statutory Trust V		Mar. 2004		35,000		35		3 mo. LIB +279 bp.			1,083		36		Mar. 17, 2034		Mar. 17, 2009
Total obligated					$	17,656						$	17,782

(1)

Represents the proceeds received from the Trust at the date of issuance.

        In each case, the coupon rate on the debentures is the same as that on the trust securities. Distributions on the trust securities and interest on the debentures are payable quarterly, except for Citigroup Capital III, Citigroup Capital XVIII and Citigroup Capital XXI on which distributions are payable semiannually.

        In connection with the fourth and final remarketing of trust securities held by the Abu Dhabi Investment Authority (ADIA), during the second quarter of 2011, Citigroup exchanged Citigroup Capital Trust XXXII for $1.875 billion of senior notes with a coupon of 3.953%, payable semiannually. The senior notes mature on June 15, 2016.